Niocan Provides an Update on its Activities

MONTREAL, QUEBEC--(Marketwire - Dec. 10, 2012) - Niocan Inc. ("Niocan" or the "Company") (TSX:NIO) announced today an update on its activities.

The Company's work program for its Great Whale Iron Property ("GWIP"), which was announced on November 1, 2012, is currently under way. A regional airborne magnetics survey is being conducted in the vicinity of the GWIP and this work will be followed by a detailed airborne MAG-EM survey on the primary targets. An analysis of the new data collected through these surveys will help Niocan delineate targets of greater interest for ground and field based follow-up.

The Company also announced today that on March 31, 2013, it plans to convert the Secured Debentures Series 2011-I dated August 29, 2011 as amended on August 29, 2012 (the "Debentures"), into common shares in the capital of Niocan, subject to the terms of the Debentures and any applicable regulatory or stock exchange approval. The Debentures bear a principal amount of $3,005,000.

About Niocan

Niocan's mission is to become a ferroniobium producer as soon as possible, following the issuance of a Certificate of Authorization from the Ministry of Sustainable Development, Environment and Parks for its Oka niobium property. Mining assets include mining rights in two (2) properties: 49 claims covering 1604 acres as well as surface rights on 231 acres at Oka, Quebec; and 460 claims covering 56,166 acres (22,741 hectares) at the Hudson Bay Great Whale Iron Property in Northern Quebec.

FORWARD LOOKING STATEMENTS

Certain statements contained in this press release are forward-looking and are subject to numerous risks and uncertainties, know and unknown. For information identifying known risks and uncertainties, relating to the issuance by the Ministry of Environment of the Certificate of Authorization to build the mine in Oka, financial resources, market prices, exchange rates, politico-social conflicts, competition, regulatory approvals, the purchase of the old St-Lawrence Columbium mine site from the Municipality of Oka should the Certificate of Authorization be issued, and other important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk and Uncertainties Section of the Corporation's most recent Management's Discussion and Analysis, which may be found at www.sedar.com. Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.