Niocan Provides an Update on its Activities

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Posted on décembre 10, 2012

Niocan Provides an Update on its Activities

For immediate release
Montreal, Quebec, December 10, 2012. Niocan Inc. (“Niocan” or the “Company”) (TSX-NIO) announced today an update on its activities.

The Company’s work program for its Great Whale Iron Property (“GWIP”), which was announced on November 1, 2012, is currently under way. A regional airborne magnetics survey is being conducted in the vicinity of the GWIP and this work will be followed by a detailed airborne MAG-EM survey on the primary targets. An analysis of the new data collected through these surveys will help Niocan delineate targets of greater interest for ground and field based follow-up.

The Company also announced today that on March 31, 2013, it plans to convert the Secured Debentures Series 2011-I dated August 29, 2011 as amended on August 29, 2012 (the “Debentures”), into common shares in the capital of Niocan, subject to the terms of the Debentures and any applicable regulatory or stock exchange approval. The Debentures bear a principal amount of $3,005,000.

About Niocan
Niocan’s mission is to become a ferroniobium producer as soon as possible, following the issuance of a Certificate of Authorization from the Ministry of Sustainable Development, Environment and Parks for its Oka niobium property. Mining assets include mining rights in two (2) properties: 49 claims covering 1604 acres as well as surface rights on 231 acres at Oka, Quebec; and 460 claims covering 56,166 acres (22,741 hectares) at the Hudson Bay Great Whale Iron Property in Northern Quebec.

For more information, please contact:
Hubert Marleau
Chairman, President and Chief Executive Officer
514-288-8506
514-843-4809 (fax)
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Read 3029 times Last modified on jeudi, 25 juillet 2013 22:07
Published in 2013