Niocan Announces Work Program and Additional Claims for its Great Whale Iron Property
For immediate release
Montreal, Quebec, November 1st, 2012. Niocan Inc. (“Niocan” or the “Company”) (TSX-NIO) announced today developments with respect to its Great Whale Iron Property (“GWIP”).
A total of 320 additional claims have been staked around the three primary targets of the Company’s GWIP, bringing this project’s total claims to 460.
The Company’s Board of Directors has also approved a new work program for its GWIP. A regional airborne magnetics survey will be conducted in the vicinity of the GWIP in mid-November and this work will be followed by a detailed airborne MAG-EM survey on the primary targets in early December 2012. The Company anticipates the final reports in January 2013. An analysis of this new data will help Niocan delineate targets of greater interest for ground and field based follow-up. The total estimated cost of this work program is $880,000.
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:
Interim Chairman, President and Chief Executive Officer