Nebraska-Sourced Scandium May Be The First Scandium Material Produced From a Domestic U.S. In-Situ Mineral Resource in Decades
CENTENNIAL, Colo. (July 13, 2016) – NioCorp Developments Ltd. (“NioCorp” or the “Company”) (TSX: NB, OTCQX: NIOBF, FSE: BR3) announces that the first sample of scandium material has been produced from its Elk Creek, Nebraska resource. The sample was produced recently during the on-going bench testing and optimization program of the company’s scandium recovery operations at SGS in Lakefield, Ontario.
The scandium precipitate was produced through a process that is a precursor to the commercial process that will make higher-purity commercial grade scandium trioxide at NioCorp’s Elk Creek, Nebraska mine and processing facility.
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Scandium precipitate produced from the Elk Creek, Nebraska resource. |
“This may very well be the first scandium material made from a U.S. domestic in-situ mineral resource in decades,” said Mark A. Smith, Executive Chairman and CEO of NioCorp. “While this is not the final commercial-grade product we intend to make, this production marks a major milestone for the Elk Creek project. We have moved one step closer to bringing this project to commercial viability, and we look forward to emerging as one of the largest producers of scandium in the world.”
“The coming scandium revolution has major positive implications for the State of Nebraska, for a multitude of industries, and for global efforts to reduce mass, increase fuel efficiency, and cut air emissions from surface transportation, aerospace, and mega-infrastructure systems,” Mr. Smith added. “NioCorp looks forward to playing a leading role in driving this revolution forward.”
Scott Honan, President of Elk Creek Resources Corp, the NioCorp subsidiary that is developing the Elk Creek Project, said: ”The development team is very proud of this accomplishment, and it complements the results we achieved last year when we produced ferroniobium from our Elk Creek resource. We will continue to aggressively pursue the additional work necessary to complete the development of the scandium recovery process with the objective of producing commercial grade scandium materials during the upcoming piloting of the scandium recovery operation.”
On Behalf of the Board of Directors
“Mark Smith”
Mark Smith
Executive Chairman, CEO, and Director
Qualified Persons: Eric Larochelle, B.Eng of SMH Process Innovation, a Qualified Person as defined by National Instrument 43-101, is responsible for the Elk Creek hydrometallurgical program and has read and approved the technical information contained in this news release.
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Source: NioCorp Developments Ltd.
@NioCorp $NB $NIOBF $BR3 #Niobium #Scandium #ElkCreek
For More Information: Contact Jim Sims, VP of External Affairs, NioCorp Developments Ltd., 720-639-4650, [email protected]
About NioCorp
NioCorp is developing a superalloy materials project in Southeast Nebraska that will produce niobium, scandium, and titanium. Niobium is used to produce superalloys as well as High Strength, Low Alloy (“HSLA”) steel, which is a lighter, stronger steel used in automotive, structural, and pipeline applications. Scandium is a superalloy material that can be combined with Aluminum to make alloys with increased strength and improved corrosion resistance. Scandium also is a critical component of advanced solid oxide fuel cells. Titanium is used in various superalloys and is a key component of pigments used in paper, paint and plastics and is also used for aerospace applications, armor and medical implants.
Cautionary Statements:
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 labor 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.
The Company filed a technical report on SEDAR dated October 16, 2015 entitled “Amended NI 43-101 Technical Report – Updated Preliminary Economic Assessment – Elk Creek Niobium Project – Nebraska” (October 15, 2015 PEA”). This preliminary economic assessment is preliminary in nature and it includes a level of engineering precision and assumptions which are currently considered too speculative to have the economic considerations applied to them that would enable Mineral Resources to be categorized as Mineral Reserves. There is no certainty that the preliminary economic assessment will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Niocorp has classified NI 43-101 Inferred Mineral Resources and Indicated Mineral Resources at Elk Creek that are disclosed within the Preliminary Economic Assessment; however, Inferred Mineral Resources are not included in the mine plan for the October 15, 2015 PEA. The pricing of scandium is a significant portion of the Project revenue, and achieving the revenue projected in the October 2015 PEA is subject to market growth in scandium, which is a developing market with a risk of oversupply and/or undersupply disrupting pricing.