NioCorp’s Elk Creek Superalloy Project Advances to Detailed Engineering for its Underground Mine Plan and Infrastructure
February 07 2018 - 5:15PM
NioCorp Awards Contract to The Nordmin Group for Detailed
Engineeering of the Elk Creek Underground Mine
NioCorp Developments Ltd. (“
NioCorp” or the
“
Company”) (TSX:NB) (OTCQX:NIOBF) (FSE:BR3) and
the Nordmin Group of Companies (“
Nordmin”) are
pleased to jointly announce the signing of an agreement for Nordmin
to complete the detailed engineering for the mining infrastructure
at Niocorp’s Elk Creek Superalloys Project (the “Project”).
Completing the detailed engineering for the Project’s underground
mine infrastructure will mark a major new phase for the
Nebraska-based project.
As one of several independent engineering firms involved in the
development of NioCorp’s Revised Elk Creek Feasibility Study issued
in December 2017 (“Revised Feasibility Study”), Nordmin intends to
review and update the Project’s mining method and extraction
infrastructure concepts with an eye toward further design and
optimization.
For example, Nordmin will explore alternative water control
technologies that could reduce or eliminate the need for 15-18
months of active dewatering prior to the start of the mine shaft
sinking operations. Nordmin believes that these innovations
could potentially result in these benefits to the Project:
- Reduction in the amount of bedrock water produced by the mine,
and a commensurate reduction in the size of any waterline from the
Project to the Missouri River;
- Increased efficiencies in mining operations, including
scheduling the production of higher grade ore earlier in the
Project’s operational life than was previously planned;
- Shortening of the mine’s current estimated timeline to
commercial production; and
- Reduction of both upfront capital expenditures (“CAPEX”) as
well as sustaining CAPEX and operating expenditures (“OPEX”) over
the life of the Project.
These options will be evaluated by Nordmin through a series of
trade-off studies as part of the feasibility review and
optimization process. Nordmin will confirm any saving in cost
or schedule as a part of the review and optimization process.
NioCorp and Nordmin also have entered into a non-binding letter
of intent to sign an Engineering, Procurement, and Construction
(“EPC”) contract to complete the construction of the underground
mine portion of the Project via Nordmin Constructors, subject to
satisfactory completion of the detailed engineering and final
agreement between the parties.
Nordmin also will explore potential project financing assistance
for the Project through the Export Development Canada program.
“We are pleased to be advancing our underground mine to the
detailed engineering phase with the Nordmin Group,” said Mark A.
Smith, CEO and Executive Chairman of NioCorp. “This effort
underscores the NioCorp team’s continuing commitment to bring the
Elk Creek Superalloys Project to commercial reality as rapidly as
possible and to do so efficiently and with environmental
excellence.”
“The Nordmin Group is very pleased to be invited to be part of
this great undertaking. The Elk Creek Superalloys Project
will establish North America as a global leader in the production
of critical and strategic superalloy metals, and Nordmin is
committed to bringing this project to fruition for our partners at
NioCorp,” said Chris Dougherty, P.Eng., Chairman of the Nordmin
Group of Companies.
Source: NioCorp Developments Ltd. and the
Nordmin Group of Companies @NioCorp $NB $NIOBF $BR3 #Niobium
#Scandium #ElkCreek
For More Information:
NioCorp Jim Sims, VP of External Affairs,
NioCorp Developments Ltd., 303-503-6203, jim.sims@niocorp.com
Nordmin Chris Dougherty, P.Eng., President,
Phone: (807) 683-1731, nordmin@nordmin.com
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. Visit the Company’s
website at www.niocorp.com
About Nordmin
The Nordmin Group of Companies is a full-service EPCO company,
providing engineering, procurement, construction, construction
management and operations management services for mining and
industrial clients. The group includes Nordmin Engineering
Ltd., Nordmin Constructors Inc. and Nordmin Operators Ltd., and is
based in Thunder Bay, Ontario with offices in Sudbury, Ontario,
Kamloops, British Columbia and Salt Lake City, Utah. Visit
the Company’s website at www.nordmin.com.
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 potential increased
efficiencies in mining operations; the potential to reduce brackish
bedrock water; the potential to shorten the timeline to commercial
production; the potential to reduce capital and operating
expenditures; 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,
anticipated costs of production at the Elk Creek Project being
competitive; the potential financing of the Project, and
anticipated competitive advantages. 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.
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