NIOCAN’S GREAT WHALE IRON PROPERTY – TECHNICAL REPORT BY MET-CHEM

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Posted on November 15, 2006

NIOCAN’S GREAT WHALE IRON PROPERTY –TECHNICAL REPORT BY MET-CHEM

Niocan Inc. (Niocan) is an exploration company based in Montreal, Quebec, Canada and is listed on the Toronto Stock Exchange (TSX). Great Whale Iron Property (GWIP) is wholly owned by Niocan and is located at about 80 kilometers from the mouth of the Great Whale River on the Hudson Bay, Quebec.

Met-Chem Canada Inc. has recently completed a Technical Report on GWIP,as per NI 43-101.

The GWIP includes three (3) deposits that were visited by geologists from Met-Chem and Niocan in July and August of 2006.
The original core storage areas were located, but showed extensive damage with unidentifiable core boxes. The core is therefore unusable for further testing or verification. Several historic drill set-ups were observed. A series of twin holes will be required in subsequent drill programs to a) further assess and confirm historic drilling results for lithology and testing, b) to complete the historic grid, c) to investigate additional potential at depth and lateral extension and d) to develop information for process mill design. Met-Chem is of the opinion that historical data regarding drilling, sampling, mapping and surveying are of good quality and were carried out by experienced professionals.

The three (3) deposits were drilled in 1958, 1959 and 1960. Deposit A was drilled with 58 diamond drill holes totalling 35,924 ft., Deposit D was drilled with 17 diamond drill holes totalling 10,223 ft and Deposit E was drilled with 17 diamond drill holes totalling 11,110 ft.. In 1978, infrastructures and transportation studies were produced for the GWIP.

The historic “mineral resource” estimates were prepared by L.M. Scofield for Great Whale Iron Mines Limited in 1960. They were referred to as “tonnage and grade” and are summarized below in Dry Long Tons.

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Published in 2006