NIOCAN REFILES NI 43-101 TECHNICAL REPORT ON MINERAL RESOURCES FOR ITS OKA NIOBIUM PROPERTY

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Posted on November 03, 2011

FOR ITS OKA NIOBIUM PROPERTY

MONTREAL, QC November 3ts 2011 – Niocan Inc. (TSX:NIO) today announced the refiling of its report on the mineral resources at its niobium property located in the Ste-Sophie range of Oka as per National Instrument 43-101 (“NI 43-101”) and the CIM mineral resources classifications. The report was prepared by Mr. Jean-Claude Caron P.Eng and Mr Serge Lavoie. Geological engineer and qualified person (QP) according to NI 43-101 rules. Mr. Caron (process engineer) and Mr. Lavoie (geologist) both worked at the former St. Lawrence Columbium property in Oka when it was in operation.
Following a comment letter received in July 2011, from the Autorité des Marchés Financiers regarding compliance with NI 43-101, modifications were made to the technical report entitled: “Modèle géologique et estimation des resources de niobium de la zone S-60, Oka, Québec”.

These are as follow:
The word ‘gisement’ was replaced by ‘Zone S-60’
The word ‘minerai’ was replaced by ‘minéralisation, ou carottes minéralisées’
Everytime that historical resources were mentioned it was spedified :These mineral resources are historical in nature and have not been validated by the independent qualified person. These mineral resources are not compliant with NI 43-101 and should not be relied upon.’

The report and the modifications were prepared by Mr. Serge Lavoie, geological engineer and qualified person (QP) according to NI 43-101 rules. Mr. Lavoie was a geologist at the former St. Lawrence Columbium property in Oka when it was in operation.

Additional drilling of the main deposit at Oka, the S-60 zone, was made by Niocan in 1995-1997 with 59 DDH, for a total of 21,976 meters. The steeply dipping cylindrical shaped deposit defined in the drilling campaign has an approximate dimension of 100m by 80m and extends 500 meters below surface. The deposit is still open at depth.

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Published in 2011