VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 24, 2014) - NioCorp Developments Ltd. ("NioCorp" or the "Company") (TSX VENTURE:NB)(OTCQX:NIOBF)(FRANKFURT:BR3) is pleased to provide a shareholder update concerning the Elk Creek niobium project.
Following the successful raise of over $5.5 million through two private placements concluded in the past four months, members of management have performed a thorough review of past work on the project, and through the use of outside, accredited consultants, are now finalizing plan specifics designed to fast track the necessary work to better realize the value contained in the niobium deposit. Included in the review will be an overall plan to develop Elk Creek, including on-site and off-site work, and reviewing personnel needs required to fulfill the objectives.
As part of this review, SRK Consulting ("SRK") of Lakewood, Colorado have been contracted to perform a complete review of all drilling data on the project with the aim of producing a scope of work for upcoming operations. Included in this report will be recommendations for an upcoming drill program designed to enhance the classification of the deposit. The target will be to produce an updated NI 43-101 report showing a sufficient quantity of material in the Measured and Indicated category to satisfy managements' desire for use in future corporate financing needs.
Management has been provided with initial, preliminary findings from this report, with specific recommendations anticipated shortly. Following receipt of the detailed recommendations, the Company will commence a tendering and contract awarding process in order to commence drilling as soon as equipment can be mobilized. Drill permits remain in place from previous drilling activities performed by the Company.
The Company has also entered into contracts with both SGS Canada Inc., of Mississauga, Ontario, and Hazen Research Inc., of Golden, Colorado to perform metallurgical processing studies on sample material from the Elk Creek site. The goal of these programs will be to establish detailed procedures for a mineral processing flow show, modernizing and following up on the historic mineralogical recovery procedures established by Molycorp in the 1980's.
Additional work on the project is also anticipated to commence over the coming months, with specific scope of work details to be announced as determined.
About the Company: NioCorp are developing the only primary niobium deposit known to be under development in the U.S., and the highest grade undeveloped niobium deposit in North America, located near Elk Creek, Nebraska. The Company has published an NI 43-101 resource of 19.3 Million tonnes grading 0.67% Indicated, containing over 129,182 tonnes of Nb2O5, and 83.3 Mt grading 0.63% Inferred, containing over 523,844 tonnes of Nb2O5). Niobium is mainly used in the form of Ferro-Niobium to produce HSLA (High Strength, Low Alloy) steel, to produce lighter, stronger steel for use in automotive, structural and pipeline industries. The U.S. imports 100% of its niobium needs.
ON BEHALF OF THE BOARD
Peter Dickie, Director, President and Corporate Secretary
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release may constitute forward-looking statements. Such forward-looking statements are based upon NioCorp's reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause NioCorp's plans or prospects to change include changes in demand for and price of commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of NioCorp's projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of mineral exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. NioCorp disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.