NioCorp to Commence Drilling
May 20, 2014 (Source: Marketwired) — NioCorp Developments Ltd. (“NioCorp” or the “Company“) (TSX VENTURE:NB)(OTCQX:NIOBF)(FRANKFURT:BR3) is pleased to announce commencement of drilling activities at the Elk Creek Niobium project in southeast Nebraska.
Following an extensive review process involving the Company’s key advisors, SRK Consulting (“SRK”) of Lakewood, Colorado, and Dahrouge Geological Consulting Ltd. of Edmonton, Alberta, the Company has selected West-Core Drilling of Elko, NV to commence drilling operations at Elk Creek. The first of three phases of this program will consist of approximately 4,200 meters of core drilling, with all three phases totalling 12,000 meters if necessary to fulfill desired corporate outcomes.
The drill program is a key part of the company’s overall development program that has been designed to enhance the classification of the deposit for use in an updated NI43-101 resource report, as well as simultaneously providing geotechnical, hydrological, environmental, metallurgical and other data necessary to advance the project to the feasibility stage. The initial phase of drilling will provide the data necessary for an updated NI 43-101 report showing a sufficient quantity of material in the Measured and Indicated category to facilitate future corporate financing activities.
Drilling is expected to commence with one drill during the week of May 19th, with a second drill rig being mobilized to the project site in the week following. Results will be announced as received.
“This is a very exciting time for NioCorp as we get back on the ground with very meaningful development work,” commented Scott Honan, M.Sc., Vice President, Business Development, who is overseeing development activities.
Mark Smith, CEO of NioCorp states, “I am very impressed with the experienced team of resource development professionals that have been assembled to dramatically improve and enhance our knowledge of this deposit, as we move the project rapidly towards feasibility.”
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Additional news concerning development aspects will be released as they occur.
The Company also wishes to announce the granting of incentive stock options to its directors, officers, consultants and employees, under its Stock Option Plan, for the purchase of up to 50,000 common shares of the Company for a period of 3 years at a price of $0.65 per share.
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.
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>