Loading, Please Wait...
CENTENNIAL, Colo., Aug. 27, 2018 (GLOBE NEWSWIRE) -- NioCorp Developments Ltd. (“NioCorp” or the "Company”) (TSX: NB, OTCQX: NIOBF, FSE: BR3) is pleased to announce receipt of a new proposed design for the underground portion of its Elk Creek Critical Minerals Project (the “Project”) by the Nordmin Group of Companies (“Nordmin”). The new mine design confirms the technical feasibility of several innovative approaches to mining Elk Creek’s critical minerals which, if accepted by NioCorp, could further streamline the process of moving the Project to initial construction.
“Completing this phase of the design engineering for the Elk Creek underground mine marks a major milestone for the Project,” said Mark A. Smith, CEO and Executive Chairman of NioCorp. “I was especially pleased to see that Nordmin clearly focused its efforts on proposing a mine design that maximizes value and minimizes environmental impacts. As a result, this design approach should result in a significant reduction in the government permits that the Elk Creek Project will need to secure while also potentially improving key aspects of the Project.”
The mine design recommendations submitted to NioCorp by Nordmin are now being analyzed by NioCorp. If approved, they will then be integrated into the Elk Creek Project plan and overall impacts to the economics of the Project can be assessed.
In its mine design, Nordmin’s top-level recommendations to NioCorp include the following:
As NioCorp has previously announced, the total upfront capital costs (CAPEX) of the waterline and the mine dewatering infrastructure, including contingency costs, were $127.1 million in the 2017 Revised Project Feasibility Study. However, NioCorp and Nordmin cautioned that a variety of factors beyond underground mining operations may impact the overall economics of the Elk Creek Project, and these factors may involve higher or lower upfront CAPEX than was previously estimated in the 2017 Revised Elk Creek Feasibility Study. Nordmin’s proposal for the development of an underground mine at Elk Creek includes additional incremental project capital, such as the artificial ground freezing technology, that were not included in previous capital cost estimates for the project. Therefore, no final conclusions can yet be drawn about possible material changes, if any, that Nordmin’s mine plan may make to the top-level economics of the Project.
NioCorp’s immediate plans involve fully evaluating Nordmin’s designs for the underground mine, and initiating detailed engineering for the surface portions of the project as funds become available.
Qualified Persons: Scott Honan, M.Sc., SME-RM, of NioCorp Developments Ltd., a Qualified Person as defined by National Instrument 43-101, has read and approved the technical information contained in this news release.
For More Information: Contact Jim Sims, VP of External Affairs, NioCorp Developments Ltd., 303-503-6203, email@example.com
Source: NioCorp Developments Ltd.
@NioCorp $NB $NIOBF $BR3 #Niobium #Scandium #ElkCreek
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 Note Regarding Forward-Looking 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 document. Certain statements contained in this document may constitute forward-looking statements, including but not limited to the final results of detailed engineering work being conducted on the Project, the success of ground freezing techniques that may be used in the Elk Creek Project including time savings, minimizing water inflows and safety improvements, the amount of bedrock water encountered during mining operations, the need for a waterline to the Missouri River, the shortening of the timeframe to bring Niobium, Scandium and Titanium to market and the time required to bring the mine into commercial operation, potential future production at the Elk Creek Project, anticipated products to be produced at the Elk Creek Project, the future critical and strategic nature of niobium and scandium, and the expected closing of the Lind financing. 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 risks related to the Company's ability to operate as a going concern; risks related to the Company's requirement of significant additional capital; changes in demand for and price of commodities (such as fuel and electricity) and currencies; changes in economic valuations of the Project, such as Net Present Value calculations, 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 and the risks set forth in the Company’s filings with the SEC at www.sec.gov.. 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.