NioCorp Announces Management Changes
April 2, 2015 (Source: Marketwired) — NioCorp Developments Ltd. (“NioCorp” or the “Company“) (TSX:NB)(OTCQX:NIOBF)(FRANKFURT:BR3) is pleased to announce an update concerning senior management.
Effective immediately, Mr. Neal Shah has been appointed to the position of Interim Chief Financial Officer. Neal is a graduate of the University of Colorado’s Mechanical Engineering program (BSME) and Purdue University’s Krannert School of Management (MBA). With nearly 20 years of experience in various industries as diverse as high-tech to rare earths, his recent experience includes the positions of Senior Manager of Corporate Development and M&A and more recently the Director of Strategy and Business Planning at Molycorp’s corporate offices in Greenwood Village, CO. Neal has been with NioCorp since September 2014, fulfilling the role of Vice President of Finance.
In addition, Mr. John Ashburn has been appointed Vice President, General Counsel and Corporate Secretary. Mr. Ashburn is an attorney with 35 years of experience, including 25 years in extractive industries. Most recently, Mr. Ashburn acted as Vice President, Chief Legal Officer and a member of the Board of Directors of Simbol, Inc., a privately held development stage Lithium production company. He previously served as Executive Vice President and General Counsel of Molycorp, Inc. and prior to that held senior legal positions with Chevron and Unocal Corporation. Mr. Ashburn holds a Juris Doctorate from Northern Illinois University, School of Law.
“With his educational background, diverse historical experience and recent time spent at NioCorp, Neal is an excellent person to take over the role of Interim CFO and help guide the Company forward as we work diligently towards feasibility,” stated Mark Smith, Executive Chairman. “As another key addition to the team, John’s business acumen, ‘can do’ attitude and legal experience will ensure our ability to move forward in developing the Elk Creek project and optimizing shareholder value.”
In order to accommodate these changes, the Company has accepted the resignation of Mr. Casey Forward, who is stepping down as CFO after many years of service to the Company. Casey will remain with the Company during a transition period. Niocorp recognizes Casey’s valuable contributions and wishes him well in his future endeavors. In addition, Mr. Peter Dickie has resigned his role as Corporate Secretary, which the board has accepted. He remains in the position of President.
About the Company: NioCorp is 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 is announcing an NI43-101 compliant resource with an effective date of February 20, 2015 reporting an Indicated Resource of 80.5 million tonnes grading 0.71% Nb2O5, 2.68% TiO2 and 72 ppm Sc and an Inferred Resource of 99.6 million tonnes grading 0.56% Nb2O5, 2.31% TiO2 and 63 ppm Sc (at a 0.3% Nb2O5 cutoff grade). Niobium is mainly used in the form of Ferro-Niobium to produce HSLA (High Strength, Low Alloy) steel, which is a lighter, stronger steel used in automotive, structural and pipeline applications. The U.S. imports 100% of its niobium needs. Titanium in the form of an oxide is used extensively as a pigment in paints, plastics and papers. As a metal, titanium is used in aerospace applications, armor, chemical processing applications, marine hardware applications, medical implants, power generation and in sporting goods. Scandium is used in solid oxide fuel cells (SOFCs) and aluminum-scandium alloys, as well as in ceramics, electronics, lasers and lighting applications.
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ON BEHALF OF THE BOARD
Peter Dickie, Director, President
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) 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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>