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   Gold/Mining/EnergyRare Earth Elements and Exotic Metals


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To: LoneClone who wrote (15818)4/16/2019 11:22:48 AM
From: LoneClone
   of 17057
 
[Cobalt] UEX: Fourth Tranche of West Bear Co-Ni Samples Received

ca.finance.yahoo.com

GlobeNewswireApril 15, 2019

SASKATOON, Saskatchewan, April 15, 2019 (GLOBE NEWSWIRE) -- UEX Corporation (UEX:TSX) (“UEX” or the “Company”) is pleased to announce the fourth tranche of assay results have been received for twenty-three additional holes from the winter drilling program expanding the West Bear Cobalt-Nickel Deposit (the “Deposit”) on the 100% owned West Bear Property, located in the eastern Athabasca Basin of northern Saskatchewan.

The drilling program commenced in early January and field activities concluded for the spring thaw at the end of March. The Company completed 126 holes totaling 11,412.5 metres during the winter drill program. To date, assay results have been received for seventy-nine drill holes. UEX announced assay results from the first fifty-six holes in the Company’s news releases dated February 7, 2019, March 18, 2019 and April 1, 2019, available at www.sedar.com or UEX’s website at www.uex-corporation.com.

Assay results from twenty-one of the twenty-three holes received in the fourth tranche returned composite grades that exceed the cobalt equivalent (“CoEq”) grade of 0.023% CoEq, the same cut-off grade used in UEX’s maiden resource estimate for the West Bear Cobalt-Nickel Deposit announced on July 10, 2018 available at www.sedar.com or UEX’s website at www.uex-corporation.com.

Five holes returned composite grades exceeding 0.25% CoEq. All five of these holes confirm that cobalt and nickel mineralization extends down-dip below the West Bear Uranium Deposit. Highlights from these five holes include WBC-104A, which intersected 3.0 m averaging 0.38% Co and 0.54% Ni from 42.0 m to 45.0 m, WBC-111 which assayed 0.30% Co and 0.53% Ni over 3.0 m from 33.5 m to 36.5 m, and WBC-117 which returned 4.0 m of 0.31% Co and 0.28% Ni from 34.5 m to 38.5 m (see Tables 1, 2 and Figure 1).

The fourth tranche results included assays from three holes targeting a parallel structure approximately 100 m southeast of the West Bear Cobalt-Nickel Deposit. These three holes followed up existing cobalt-nickel mineralization in historical holes WBE-103 and WBE-108. WBE-103 contained 1.16% Co and 0.89% Ni over 0.32 m in a single isolated sample between 22.03 m and 22.35 m and WBE-108 averaged 0.24% Co and 0.18% Ni over 0.9 m from 24.3 m to 25.2 m. Hole WBC-114 drilled down dip of WBE-108 assayed 0.18% Co and 0.16% Ni over 6.0 m from 29.5 m to 35.5 m.

The Company has also collected and submitted to the laboratory an additional 757 samples from 60 historical sonic drill holes and 12 historical diamond drill holes identified as containing previously unsampled intervals considered favourable for hosting cobalt-nickel mineralization. UEX is still awaiting the results from these drill holes.

Sample Collection and Compositing

Samples are selected using a portable X-Ray Fluorescence (“XRF”) Spectrometer to aid in the identification of mineralized intervals. Selected drill core is then split in half sections on site and one half is collected for analysis with the other half core remaining on site for reference. Where possible, samples are collected at a standardized 0.5 m interval through zones of mineralization but respect geological units and intervals.

The samples were shipped to the Geoanalytical Laboratory at the Saskatchewan Research Council (“SRC”) in Saskatoon, Saskatchewan. Analysis at the SRC laboratory for Cobalt and Nickel was completed using the ICP-OES method with an Aqua Regia digestion. The SRC Geoanalytical Laboratory is an ISO/IEC 17025:2005 accredited facility (#537) by the Standards Council of Canada.

Assay intervals were composited using a cut-off grade of 0.023% Cobalt equivalent (CoEq) using the equation CoEq = Co + (Ni x 0.2). All depth measurements and sample intervals reported are down-hole measurements from drill core.

About the West Bear Cobalt-Nickel Deposit

The West Bear Property is an advanced exploration project located in the eastern Athabasca Basin of northern Saskatchewan, Canada that contains both the West Bear Cobalt-Nickel Deposit and the West Bear Uranium Deposit. The Property is approximately 740 kilometres north of Saskatoon, west of Wollaston Lake and measures approximately 7,983 hectares comprising of 24 contiguous areas to which UEX has 100% ownership, with the exception of Mineral Lease 5424 in which UEX owns a 77.575% interest. The Deposit is located within an area of the Athabasca Basin that has excellent infrastructure and is situated within 10 km of an existing all-weather road and power lines that service Cameco Corporation’s nearby Cigar Lake Mine and Rabbit Lake Operation, as well as Orano’s McClean Lake Operation.

The West Bear Cobalt-Nickel Deposit currently has a strike length of over 600 m and a dip length of over 100 m. On July 10, 2018, the Company announced a maiden inferred resource estimate for the Deposit of 390,000 tonnes grading 0.37% cobalt and 0.22% nickel, which equates to 3,172,000 pounds of cobalt and 1,928,000 pounds of nickel. The West Bear Cobalt-Nickel Deposit mineral resources were determined using a cut-off grade of 0.023 percent cobalt equivalent (“CoEq”), using the equation CoEq = Co + (Ni x 0.2). Only mineralization located within a conceptual open pit was included in the final resource estimate.

Qualified Persons and Data Acquisition

The technical information in this news release has been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX’s President and CEO and Trevor Perkins, P.Geo., UEX’s Exploration Manager, who are each considered to be a Qualified Person as defined by National Instrument 43-101.

About UEX

UEX (TSX:UEX, OTC:UEXCF.PK, UXO.F) is a Canadian uranium exploration and development company involved in nineteen uranium projects, including eight that are 100% owned and operated by UEX, one joint venture with Orano Canada Inc. (“Orano”) and ALX Uranium Corp. (“ALX”) that is 50.1% owned by UEX and is under option to and operated by ALX, as well as eight joint ventures with Orano, one joint venture with Orano and JCU (Canada) Exploration Company Limited, which are operated by Orano, and one project (Christie Lake), that is 60% owned by UEX with JCU (Canada) Exploration Company Limited which is operated by UEX.

The company is also involved in one cobalt-nickel exploration project located in the Athabasca Basin of northern Saskatchewan. The West Bear Project was formerly part of UEX’s Hidden Bay Project and contains the West Bear Cobalt-Nickel Deposit and the West Bear Uranium Deposit.

The nineteen projects are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which in 2017 accounted for approximately 22% of the global primary uranium production. UEX is currently advancing several uranium deposits in the Athabasca Basin which include the Christie Lake deposits, the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project (located 50 km north of Fission’s Triple R Deposit and Patterson Lake South Project, and NexGen’s Arrow Deposit) the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Development Project and the West Bear Uranium Deposit located at its 100%-owned West Bear Project.

FOR FURTHER INFORMATION PLEASE CONTACT

Laurie Thomas
Vice President, Corporate Relations
(306) 979-3849

Forward-Looking Information

This news release contains statements that constitute "forward-looking information" for the purposes of Canadian securities laws. Such statements are based on UEX's current expectations, estimates, forecasts and projections. Such forward-looking information includes statements regarding the West Bear Co-Ni Deposit drill program, UEX's drill hole results, uranium, cobalt and nickel prices, outlook for our future operations, plans and timing for exploration activities, and other expectations, intentions and plans that are not historical fact. Such forward-looking information is based on certain factors and assumptions and is subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking information. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to the, interpretation of drill results and geology, assay confirmation, additional drilling results, continuity and grade of deposits, fluctuations in uranium, cobalt and nickel prices and currency exchange rates, changes in environmental and other laws affecting uranium, cobalt and nickel exploration and mining, and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the applicable Canadian securities commissions on SEDAR. Many of these factors are beyond the control of UEX. Consequently, all forward-looking information contained in this news release is qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by UEX will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking information. Except as required by applicable law, UEX disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Photos accompanying this announcement are available at:

globenewswire.com

globenewswire.com

globenewswire.com

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To: LoneClone who wrote (15819)4/18/2019 11:06:48 AM
From: LoneClone
   of 17057
 
Indium: Prices remain depressed by scale of Fanya stockpiles

roskill.com

Posted on 17th April 2019 in General News.

Indium prices are at their lowest level for a decade as stockpiles from the failed Fanya Metal Exchange, which operated from 2011–2015 in Kunming, China, continue to suppress a recovery.

Mandy Yin, product manager at Zhuzhou Keneng New Material, told delegates at the MMTA International Minor Metals Conference in Edinburgh that, while global indium consumption had increased by around a third in the last decade, Fanya had “stimulated” Chinese indium production in excess of market demand.

As a result, some 3.6kt of indium is reported to be held in physical Fanya stockpiles, representing more than four years’ global primary indium supply. Roskill estimates primary indium output to have been around 750-800t in 2018, with a similar volume coming from secondary sources.

In January 2019, the Kunming Intermediate People’s Court auctioned nearly 35t of indium stocks through the Alibaba e-commerce platform, but failed to attract any bids. A second 35t indium auction was announced on 17th April, scheduled to take place on Alibaba on 24th April, with a starting price 10% lower than the January auction. Material purity is reported to be 99.995%.

Roskill view The failure of the recent indium auction has further affected market sentiment, with participants unsure of how the stockpiles will be managed if the forthcoming auction fails again. Keneng’s Yin outlined five potential outcomes, including adding the stocks to a national reserve, the return of products to investors, and the purchase of stocks by state-owned enterprises.

With some of the inventory comprising material brands that Yin reported were “unfamiliar to the market”, potential buyers may prefer to purchase from their established contacts—particularly as prices remain suppressed—rather than bidding for material of unknown provenance.

Industry participants will likely be watching the indium situation closely for signs of how stockpiles of other metals traded on Fanya may be dealt with. Fanya’s tungsten stocks, for example, are equivalent to just over 30% of China’s production of ammonium paratungstate (APT) in 2018—a factor that has helped to keep prices in check, despite environmental reforms continuing to affect Chinese supply.

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To: LoneClone who wrote (15820)4/18/2019 11:12:05 AM
From: LoneClone
   of 17057
 
[Graphite] South Star Mining Provides Update on the Pre-feasibility Study for its Santa Cruz Graphite Project

thenewswire.com

April 17th, 2019 / TheNewswire / Vancouver, B.C. - South Star Mining Corp. ("South Star" or the "Company") (TSXV: STS) (OTCQB: STSBF) is pleased to provide an update on the pre-feasibility study ("PFS") on its Santa Cruz Graphite Project ("Project") in Bahia, Brazil. The PFS is projected to be completed during the 3rd quarter of this year.

The Company has assembled an excellent team in Brazil to carry out all necessary aspects of the planned study to produce a technical report compliant with the requirements under NI 43-101. The study will include both an initial 5,000 tpy trial mining plant and the 20,000 tpy facility originally contemplated under the Company's previously released PEA. Both plants will incorporate dry stack tailings. IGEO, a leading mining engineering firm based in Sao Paulo, will be responsible for all engineering including final flow sheet, layout and drawings, equipment specifications, infrastructure and costings. MCB of Belo Horizonte will complete an updated resource report that incorporates the results of the recent in-fill drilling program. Luiz Eduardo Pignatari, a Qualified Person under NI 43-101, will do mine planning, resource to reserve conversion modeling and oversee the preparation of the final report. In parallel with the PFS work, the Company intends to complete the applications and file all necessary information for its initial environmental license and a Guia de Utilizacao or Trial Mining License. Completion of the report and the licensing activities is forecast for Q3 2019.

Company CEO Eric Allison stated "We are excited to be working with such an excellent group of professionals as we move forward with these critical activities. Their successful completion will advance the Santa Cruz Graphite Project along the road to production and closer to our goal of positive cash flow in 2020."

Richard L. Pearce is a Qualified Person as defined by National Instrument 43-101 and is responsible for the preparation and approval of the technical information disclosed in this news release

ABOUT SOUTH STAR MINING CORP.

South Star Mining Corp. is focused on the acquisition and development of near-term mine production projects in Brazil to maximize shareholder value. To learn more, please visit the Company website at www.southstarmining.com.

On behalf of the Board,

Mr. Eric Allison

Chief Executive Officer

Ph: +1 (203) 918-3098

Email: eric@southstarmining.com

For additional information, please contact:

Mr. Dave McMillan

Chairman

Ph: +1 778-773-4560

Email: davemc@telus.net

Mr. Kris Kottmeier

VP Corp Communications

Ph: +1 604 506-2502

Email: kris@southstarmining.com

CAUTIONARY STATEMENT

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

This news release and the PEA contain references to inferred resources. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized.

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved". Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements.


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From: LoneClone4/18/2019 12:05:13 PM
   of 17057
 
Victory Metals Demonstrates Over 90% Vanadium Recovery Using a Hydrometallurgical Leach Process at the Iron Point Project, Nevada


newswire.ca

Victory Metals Inc Apr 17, 2019, 08:30 ET

VANCOUVER, April 17, 2019 /CNW/ - Victory Metals ("TSX-V:VMX") ("Victory" or the "Company") is pleased to announce results from initial metallurgical tests conducted by McClelland Laboratories, Inc. ("McClelland Laboratories") of Sparks, Nevada, on drill cuttings from the Company's Iron Point Vanadium Project. Test work using hydrometallurgical processes at atmospheric pressure has yielded vanadium recoveries in excess of 90% in leach times of less than eight hours.

Highlights – Phase I Metallurgical Testwork


Figure 1: Hole Locations for RC Drill Cutting Intervals used in the Master Composite (CNW Group/Victory Metals Inc)



  • Initial bench-scale hydrometallurgical leach testing on Iron Point RC drill cuttings demonstrate up to 94.3% vanadium recovery at atmospheric pressure and 8-hour leach times
  • RC drill cutting Master Composite used in testing had a median head grade of 0.38% V205
  • 16 preliminary tests were completed utilizing the Master Composite and varying four test factors: temperature, slurry solids density, and concentrations of hydrofluoric and sulphuric acid
  • Phase II testing is underway that will further define operating parameters required to develop an economic atmospheric leaching process for Iron Point vanadium mineralization
Jeff Woods, Victory's Chief Metallurgist stated: "Preliminary testing last year by McClelland Laboratories on drill core samples indicated that a low-cost atmospheric leach may be suitable for Iron Point vanadium mineralization. A review of published work led to the first phase of experimental tests released today utilizing RC drill cuttings. Our preliminary tests confirm that an atmospheric leach process can successfully recover vanadium at levels greater than 90% with potential for relatively low acid consumption. We are in the process of augmenting the initial test work to optimize recovery and minimize operating costs, before starting variability testing and solvent extraction/precipitation testing."

Paul Matysek, Executive Chairman, stated: "Initial metallurgical testing conducted at McClelland Laboratories is very encouraging, creating a pathway forward to a potentially economic processing route for the Iron Point Vanadium Project. Importantly, the methods explored are done at ambient pressure without the use of costly pressure oxidization or roasting. Furthermore, these hydrometallurgical methods are commonly utilized in base metal processes and show promise for applicability to vanadium recovery. Our maiden drilling campaign clearly outlined a large mineralized system. With promising initial metallurgical results returned to date, we can work towards identifying an economic process that will allow us to fast track towards resource definition and a Preliminary Economic Assessment."

Phase I Testwork

A total of 197 Reverse Circulation ("RC") drill reject samples were delivered to McClelland Laboratories of Sparks, Nevada, for sample prep, assaying, and compositing. McClelland Laboratories, established in 1986, is recognized as a top mineral-processing laboratory with a focus on hydrometallurgical extraction of precious and base metals, as well as specific experience in vanadium metallurgy. Their experience and knowledge have accelerated the development of Victory's atmospheric hydrometallurgical process.

A Master Composite sample was constructed using 197 drill cuttings interval samples that best represented both the spatial and stratigraphic distribution of mineralized zones throughout the Iron Point Project as described in Table 1 and shown in Figure 1. Specifically, the Master Composite is made up of cuttings from drill intervals ranging between a depth of 1.5 m to 164.6 m. Intervals incorporated into the composite had a minimum grade of 0.17% V205, a maximum grade of 1.14% V205, a median grade of 0.38% V205, and a mean (unweighted) grade of 0.34% V205 from triplicate analysis.



Table 1: RC Drill Cutting Intervals used in the Master Composite


Number

Range of Depth m

V2O5 %

RC Hole ID

N

Min

Max

Min

Max

Mean

VM-2

36

9.1

164.6

0.21

0.79

0.45

VM-7

39

6.1

137.2

0.20

0.79

0.46

VM-18

31

4.6

65.5

0.21

0.64

0.38

VM-23

18

1.5

85.3

0.25

0.99

0.61

VM-33

44

42.7

128.0

0.21

0.71

0.35

VM-76

29

6.1

146.3

0.17

1.14

0.42




After a review of published work and some early test work on drill core samples, a Design of Experiments program (DOE) was initiated as a scoping level trial using four primary leaching factors, namely: leach temperature, slurry solids density, hydrofluoric acid dosage and sulfuric acid dosage. DOE methods are used to determine the effects of several factors at once and are statistically analyzed to determine the effects of each factors, i.e. acid dosage or temperature, also the interaction of two or more factors on the system, i.e. temperature and slurry solids density. Owing to the number of factors, a two-level factorial design was used for the initial runs. Sixteen tests were run using different combinations of Hi and Lo values for each of the factors. All tests were run at atmospheric pressure with a leach time of eight hours. Initial factor high and low levels were selected based on similar unit operations currently used in the industry, i.e. slurry solids density 20 to 50 percent, which is common in flotation concentrate products and gold leach circuits, respectively. Owing to the atmospheric leaching process, maximum temperature considered was 100 degrees centigrade. Intermittent samples were taken at two, four, and six hours and each solution analyzed for pH, oxidation-reduction potential (ORP), and acid concentration. For each test make-up, water and reagents were added as required to maintain the DOE factor levels. At the termination of the test, samples were filtered with dried solids and leach solutions submitted for analyses. Statistical analysis of the data was done using Stat-Ease's Design Expert and SAS' JMP statistical analysis software.



Table 2: DOE Parameter Matrix with Summary Agitation Leach Test Results, Iron Point Master
Composite, for each of the 16 Tests


Test ID

Factor 1
Temp.,
°C

Factor 2
Density,
% solids

Factor 3

HF

g/L

Factor 4

H2SO4,
g/L

Leach
Time, hr

V
Recovery,
%

H2SO4
Consumption
kg/mt


DOE-1

Lo

Lo

Hi

Lo

8

47.3

115

DOE-2

Lo

Lo

Lo

Hi

8

48.9

189

DOE-3

Lo

Hi

Lo

Lo

8

21.3

103

DOE-4

Lo

Hi

Hi

Hi

8

53.5

170

DOE-5

Lo

Lo

Lo

Lo

8

33.7

122

DOE-6

Lo

Hi

Hi

Lo

8

33.0

99

DOE-7

Lo

Hi

Lo

Hi

8

44.0

102

DOE-8

Lo

Lo

Hi

Hi

8

65.7

N/A*

DOE-9

Hi

Hi

Hi

Hi

8

90.6

142

DOE-10

Hi

Lo

Lo

Hi

8

89.0

103

DOE-11

Hi

Hi

Lo

Lo

8

41.8

118

DOE-12

Hi

Lo

Hi

Lo

8

92.8

88

DOE-13

Hi

Hi

Hi

Lo

8

66.9

127

DOE-14

Hi

Lo

Lo

Lo

8

71.5

112

DOE-15

Hi

Hi

Lo

Hi

8

75.3

127

DOE-16

Hi

Lo

Hi

Hi

8

94.3

101

*Conditions for DOE-8 are being re-run owing to anomalies with the acid balance results.




Table 2 shows the high and low level for each of the tests, as well as two of the primary responses, namely vanadium recovery percentage and sulfuric acid consumption. Highlighted areas correspond to the upper quartile of vanadium recovery, i.e. the top four tests. The highest vanadium recoveries are associated with some combination of higher sulfuric acid dosage and temperature. The best four combinations average 91.7% vanadium recovery with the highest recovery of 94.3% associated with a low percentage of solid solution, and higher temperature and acid dosage. The upper quartile vanadium tests show acid consumptions ranging between 88 kg/t and 142 kg/t with an average of 109 kg/t.

The high temperature runs consistently outperformed the low temperature runs with respect to vanadium. Acid dosages have a lower level of impact than temperature on recovery. High solids density has a negative influence on the recovery, though not as statistically significant as temperature or sulfuric acid dosage.

Phase II Testing Underway

Further testing is underway that will better define operating parameters required to develop an economic atmospheric leaching process. It should be noted that the initial DOE runs are not optimized. Supplemental testing is in progress to augment the initial DOE with additional runs to optimize the leach parameters. It is expected that improvements in recovery and acid consumption are likely.

Testing of several samples spatially distributed throughout the deposit and at different vanadium grades, will also be completed ("variability testing") to confirm metallurgical responses throughout the deposit. Results of the variability testing will be used to develop the geometallurgical model for the Iron Point deposit and support the engineering and design process. Additionally, bulk samples will be used to generate pregnant leach solution for subsequent solvent extraction and vanadium precipitation testing. Owing to the nature of the Victory leach process, downstream processing of the vanadium rich solutions will be via a commercially proven process to produce a high grade V2O5 product.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Jeffrey L. Woods, B.Sc., SME-QP, MMSA-QP, who is a Qualified Person as defined by National Instrument 43-101.

About Victory Metals
Victory owns a 100% interest in the Iron Point Vanadium Project, located 22 miles east of Winnemucca, Nevada. The project is located within a few miles of Interstate 80, has high voltage electric power lines running through the project area, and a railroad line passing across the northern property boundary. The Company is well financed to advance the project through resource estimation and initial feasibility study work. Victory has a proven capital markets and mining team led by Executive Chairman Paul Matysek. Major shareholders include Casino Gold (50%), and management, directors and founders (25%). Approximately 51% of the Company's issued and outstanding shares are subject to an escrow release over three years.

Please see the Company's website at www.victorymetals.ca.

On Behalf of the Board of Directors of
VICTORY METALS INC.

Paul Matysek
Executive Chairman and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking statements or forward-looking information, including the business of the Company, the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, and delay, inability to complete a financing or failure to receive regulatory approvals. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

SOURCE Victory Metals Inc

For further information: contact Collin Kettell at ck@victorymetals.ca or (301) 744-8744.

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To: LoneClone who wrote (15822)4/18/2019 12:08:14 PM
From: LoneClone
   of 17057
 
[Mineral Sands] Kenmare Resources: Q1 2019 Production Report

globenewswire.com

April 11, 2019 02:00 ET | Source: Kenmare Resources

Kenmare Resources plc (“Kenmare” or “the Company”)

11 April 2019

Q1 2019 Production Report

Kenmare Resources plc (LSE:KMR, ISE:KMR), one of the leading global producers of titanium minerals and zircon, which operates the Moma Titanium Minerals Mine (the "Mine" or "Moma") in northern Mozambique, is pleased to provide a trading update for the quarter ending 31 March 2019 (“Q1 2019”).

Overview

  • Continued strong safety performance with lost time injury frequency rate (“LTIFR”) of 0.08 per 200,000 man-hours worked (Q1 2018: 0.38) – Kenmare’s lowest ever level
  • 15% increase in Heavy Mineral Concentrate ("HMC") production to 358,700 tonnes (Q1 2018: 311,000 tonnes)
  • 13% increase in ilmenite production to 238,100 tonnes (Q1 2018: 211,000 tonnes)
  • 7% increase in primary zircon production to 12,100 tonnes (Q1 2018: 11,300 tonnes)
  • 80% increase in concentrates production to 10,100 tonnes (Q1 2018: 5,600 tonnes), benefitting from the introduction of the mineral sands concentrate product
  • 34% decrease in total shipments of finished products to 176,500 tonnes (Q1 2018: 267,200 tonnes) as a result of adverse weather conditions, including Cyclone Idai, and unscheduled maintenance work – 2019 total shipment volumes are not expected to be affected
  • Definitive Feasibility Study (“DFS”) for Wet Concentrator Plant (“WCP”) B move to Pilivili is progressing well and on track for completion before the end of H1 2019
  • Improved demand for ilmenite in Q1 2019 and market expected to tighten further during the remainder of the year
  • Zircon market remained stable in Q1 2019, with strong long-term fundamentals



  • Statement from Michael Carvill, Managing Director:

    “Production in Q1 2019 was robust, benefitting from increased contribution from WCP B following the upgrade work in 2018. Shipments were lower than anticipated due to poor sea conditions and unplanned maintenance work. However we are confident that 2019 total sales volumes will not be impacted.

    Titanium feedstock markets strengthened in Q1 2019 and we expect ilmenite prices to continue to rise in Q2 2019, driven by increasing Chinese demand.

    We are deeply saddened by the devastating effect of Cyclone Idai on the people of central Mozambique and commend our employees’ collective initiative to support the relief effort.”

    Production

    Production from the Moma Mine in Q1 2019 was as follows:


    Q1 2019Q1 2018Variance Q4 2018Variance
    tonnestonnes%tonnes%
    Excavated ore19,292,0007,805,60019%9,335,000-
    Grade14.07%4.51%(10%)4.58%(11%)
    Production




    HMC358,700311,00015%402,000(11%)
    Ilmenite238,100211,00013%275,000(13%)
    Primary zircon12,10011,3007%15,200(20%)
    Rutile2,1002,100-2,400(13%)
    Concentrates210,1005,60080%11,500(13%)
    Shipments176,500267,200(34%)286,300(38%)
  • Excavated ore and grade prior to any floor losses.
  • Concentrates include secondary zircon and mineral sands concentrate.


  • During Q1 2019 Kenmare continued its strong safety performance, with a LTIFR of 0.08 per 200,000 man-hours worked, the Company’s lowest ever level. One lost time injury was recorded during the period and Kenmare continues to focus on improving its safety culture.

    Kenmare delivered a 15% increase in HMC production to 358,700 tonnes (Q1 2018: 311,000 tonnes). Despite a 10% decrease in ore grades, which averaged 4.07% (Q1 2018: 4.51%), production benefitted from a higher volume of ore mined. This included an increased contribution from WCP B following the 20% capacity upgrade in 2018, improved utilisation at WCP B due to Projecto Oitenta, which is focused on increasing mine utilisation from 70% to 80%, and additional dry mining. In line with 2019 guidance, ore grades are expected to be lower for the remainder of the year.

    Ilmenite production increased by 13% to 238,100 tonnes during the period (Q1 2018: 211,000 tonnes), primarily as a result of higher HMC availability.

    Primary zircon production also benefitted from higher HMC availability in Q1 2019, increasing by 7% to 12,100 tonnes (Q1 2018: 11,300 tonnes).

    Rutile production remained flat at 2,100 tonnes (Q1 2018: 2,100 tonnes).

    Concentrates production was 10,100 tonnes during Q1 2019 (Q1 2018: 5,600 tonnes). Q1 2019 represented the first full quarter of mineral sands concentrate production following the successful commissioning of this product stream in Q4 2018. The first shipment is expected to leave Moma in Q2 2019.

    Although Kenmare’s Q1 2019 production exceeded Q1 2018, it was weaker than in Q4 2018. This was primarily because Q4 2018 was an exceptionally strong quarter, including a record month of production in December 2018, and ilmenite circuit maintenance was scheduled during Q1 2019. At the end of the first quarter, Kenmare remains on track to achieve its 2019 guidance on all stated metrics.

    Kenmare shipped 176,500 tonnes of finished products during the period (Q1 2018: 267,200 tonnes), which was comprised of 163,100 tonnes of ilmenite, 9,300 tonnes of primary zircon, 800 tonnes of rutile and 3,300 tonnes of concentrates. This represented a 34% decrease compared to Q1 2018 as a result of adverse weather conditions, including the previously announced suspension of shipments for seven days due to the impact of Cyclone Idai, and unscheduled maintenance work required on the product dispatch conveyor in March 2019. This resulted in an increased closing stock of finished products of 286,500 tonnes at the end of Q1 2019, compared with 200,000 tonnes at the start of the year. Management is confident that total shipping volumes in 2019 will not be affected.

    Closing stock of HMC at the end of Q1 2019 was 36,600 tonnes, compared with 19,600 tonnes at the start of the year. This increase was due primarily to planned maintenance work being undertaken during the quarter on the Mineral Separation Plant, reducing HMC processing capacity.

    Capital projects update

    Kenmare previously announced three development projects that together have the objective of increasing ilmenite production to 1.2 million tonnes (plus co-products) per annum on a sustainable basis from 2021. By the end of 2018 the first development project, the 20% expansion of WCP B, was commissioned, on time and at a cost of more than 25% below what was budgeted. Production from WCP B has already increased as a result of this expanded capacity.

    The second development project, the construction of WCP C, is well underway, with commissioning scheduled for Q4 2019. Fabrication of the dredge pontoons at the shipbuilders has now been completed and the construction of the WCP is on track. The starter pond and construction site for WCP C are progressing in line with the project delivery timeline.

    The DFS for the third development project, the relocation of WCP B to the high grade Pilivili ore zone, is progressing well. Kenmare is continuing to optimise the mine plan for WCP B and the DFS is expected to be finalised later in H1 2019. The move of WCP B is scheduled to be completed during H2 2020.

    Market

    Kenmare saw stronger demand for ilmenite products in Q1 2019, compared to Q1 2018.

    In China, whilst destocking and seasonal weakness was evident in the pigment industry, demand for imported ilmenite was robust. Chinese pigment production remained stable and feedstock imports from other countries continued to decrease, due to the ongoing suspension of mining in India, delayed renewal of Vietnam’s export quota and reducing production from other African countries. This reduction in imports is starting to be reflected in ilmenite spot prices in China.

    The ilmenite market is expected to tighten further in Q2 2019 as the northern hemisphere painting season commences. The second half of 2019 is also expected to be strong as pigment destocking comes to an end and ilmenite inventories continue to decrease.

    After a period of strong growth, market conditions for zircon stabilised during Q4 2018 and remained steady in Q1 2019. The zircon concentrates market in China softened slightly in Q1 due to an increase in supply. Kenmare expects the zircon market to be stable in 2019, with long-term positive market fundamentals.

    For further information, please contact:

    Kenmare Resources plc
    Michael Carvill, Managing Director
    Tel: +353 1 671 0411

    Tony McCluskey, Financial Director
    Tel: +353 1 671 0411

    Jeremy Dibb, Corporate Development and Investor Relations Manager
    Tel: +353 1 671 0411
    Mob: + 353 87 943 0367

    Murray
    Joe Heron
    Tel: +353 1 498 0300
    Mob: +353 87 690 9735

    Buchanan
    Bobby Morse / Chris Judd
    Tel: +44 207 466 5000

    Forward Looking Statements

    This announcement contains some forward-looking statements that represent Kenmare's expectations for its business, based on current expectations about future events, which by their nature involve risks and uncertainties. Kenmare believes that its expectations and assumptions with respect to these forward-looking statements are reasonable. However, because they involve risk and uncertainty, which are in some cases beyond Kenmare's control, actual results or performance may differ materially from those expressed or implied by such forward-looking information.





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    [Niobium/Scandium/Titanium] Niocorp's New Mine Design Expected to Deliver Higher NPV, Stronger Investment Returns, Accelerated Cash Flows, Longer Mine Life, Lower Risk, and a Further Reduction of Environmental Impacts to NioCorp’s Elk Creek Project

    globenewswire.com


    April 16, 2019 05:59 ET | Source: NioCorp Developments Ltd
    video-release

    Figure 1: Video Animation of the Elk Creek Mining Plan

    See this video showing a :90 animation of Nordmin’s proposed mining plan for the Elk Creek Project.
    NioCorp Developments Ltd
    Figure 2

    Cumulative Operating Cash Flow Comparison
    NioCorp Developments Ltd
    Figures 3, 4 and 5

    NioCorp’s Planned Commercial Products
    NioCorp Developments Ltd
    Figure 6

    2019 FS Life of Mine Gross Revenue Contribution by Product
    NioCorp Developments Ltd
    FIGURE 7

    Desalination Technologies Eliminate Need for a Discharge Waterline to the Missouri River
    NioCorp Developments Ltd
    Figure 8

    2019 FS CAPEX Breakdown
    NioCorp Developments Ltd
    Figure 9

    2019 FS OPEX Breakdown
    NioCorp Developments Ltd
    Figure 10

    2019 FS Total Projected Revenue & Operating Cash Flow ($M)
    NioCorp Developments Ltd
    Figure 11

    2019 FS Project Cashflow ($M)
    NioCorp Developments Ltd
    Figure 12

    2019 FS Initial Capital Spend ($M)
    NioCorp Developments Ltd

    New Plan to Treat Water Onsite Instead of Discharging to the Missouri River Provides a Major Advance in Environmental Performance and Eliminates the Need for Any Further NEPA-Level Permits

    Mining Plan Utilizes “Artificial Ground Freezing” Technology and Targets Higher-Grade Ore for Initial Mining, Which Helps to Increase Expected Operating Cash Flow by 23.6% in the First Five Years of Operation

    NioCorp to Host Conference Call / Webcast on Monday, April 22, 2019 to Discuss Results

    CENTENNIAL, Colo., April 16, 2019 (GLOBE NEWSWIRE) -- NioCorp Developments Ltd. ("NioCorp" or the "Company") (TSX: NB; OTCQX: NIOBF) today released the details of a new design for the underground mine at its Elk Creek Superalloy Materials Project (the “Project”) in southeast Nebraska, as well as the results of an updated NI-43-101 Feasibility Study (“2019 FS”). This work completes a critical milestone and further de-risks the Project for project financing.

    The 2019 FS update is expected to deliver higher Net Present Value (“NPV”), stronger investment returns, accelerated cash flows, a longer mine life, higher production of all of NioCorp’s planned products in the first 10 years of operation, and a further reduction in execution risk and environmental impacts as compared to the previous project Feasibility Study, which was completed in 2017 (“2017 FS”). An update to the Project’s Mineral Resources and Mineral Reserve estimate1 also was completed, which results in the following: Probable Mineral Reserve tonnage is expanded by 14.7%; tonnage in the Indicated Mineral Resources category is higher by 101.5%; and contained Niobium, Scandium and Titanium in the Indicated Mineral Resources category are higher by 63.9%, 67,4%, and 67.6%, respectively,

    NioCorp To Host Conference Call and Webcast on Monday April 22, 2019

    NioCorp will host a conference call and live webcast on Monday, April 22, 2019, at 10 a.m. Mountain, featuring Mark A. Smith, NioCorp’s CEO and Executive Chairman, and Scott Honan, President of Elk Creek Resources Corp., to discuss the results of the new Elk Creek mine plan, revised 2019 Feasibility Study, and the Project’s updated Mineral Resource and Mineral Reserve. Details on the conference call and webcast are provided below and participants can register here: https://attendee.gotowebinar.com/register/6302297693868155395.

    2019 Elk Creek FS Expected to Deliver Higher NPV, Stronger Returns, Accelerated Cash Flows, Longer Mine Life, Reduced Risk, and Fewer Environmental Impacts

    (Comparisons below are to 2017 FS. All currency figures in US $ unless otherwise noted.)

    • Pre-tax NPV (8% discount rate) increases by 12.0% to $2.57 billion, and after-tax Internal Rate of Return (“IRR”) improves to 25.8%, which is an 18.9% increase.

    • Gross revenue over Life of Mine (“LoM”) of $20.8 billion is 16.2% higher.

    • Cumulative revenue of $2.9 billion over the first 5 years of operation is 17.0% higher, and cumulative 10-year revenue of $5.8 billion is 9.2% higher.

    • Cumulative operating cash flow3 over the first 5 years of operation of $1.83 billion is higher by 23.6% and increases over the first 10 years of operation to $3.46 billion, a 12.9% increase.

    • Cumulative EBITDA2 over the first 5 years of operation of $1.9 billion is 16.5% higher, and cumulative EBITDA over 10 years of $3.8 billion is 6.4% higher.

    • Tonnage in the Project’s Probable Mineral Reserve has increased by 14.7%. Tonnage in Indicated Mineral Resources has increased by 101.5%.

    • Contained Niobium, Scandium, and Titanium in the Project’s Indicated Mineral Resource have increased by 63.9%, 67.4%, and 67.6%, respectively.

    • Mine life has increased from 32 years to 36 years, and the after-tax payback period from the onset of production has been reduced to 2.86 years.

    • Environmental impacts and associated permitting risks are reduced further from the previous 2017 FS, including the utilization of artificial ground freezing technologies for mine shaft sinking, onsite water treatment that eliminates process water discharge, and the elimination of previous plans to discharge excess water into the Missouri River.
    Table 1
    At A Glance: Improved Economics
    (US $millions)2017 FS2019 FSChange
    Pre-Tax NPV (8% discount rate)$2,291$2,56412.0%
    After Tax IRR21.7%25.8%18.9%
    Gross Revenue, LoM$17,906$20,80716.2%
    Net Pre-production Capital Expenditures (“CAPEX”)2$1,008$879-12.9%
    LoM OPEX (US$/mt)$179.99$196.419.1%
    After-Tax Payback Period (yrs.)3.682.86-22.4%
    Mine Life (yrs.)323612.5%


    To view Figure 1, please visit the following link: globenewswire.com

    To view Figure 2, please visit the following link: globenewswire.com

    The mine design, 2019 FS update, and an update to the Project’s Mineral Resource and Mineral Reserve were completed by the Nordmin Group of Companies (“Nordmin”), with technical inputs from other experts.

    “This new design for the Elk Creek Project’s underground mine is expected to deliver a higher NPV, stronger investment returns, accelerated cash flows, a longer mine life, reduced permitting risk, and even greater improvements in overall environmental performance than the previous plan,” said Mark A. Smith, CEO and Executive Chairman of NioCorp. “This new mining plan and Feasibility Study update is a major step forward in the effort to advance the Elk Creek Project to financing, construction, and commercial operation.”

    “Pre-tax NPV of $2.57 billion is 12% higher than in the previous Feasibility Study. After-tax IRR goes from 21.7% to 25.8%, an increase of 18.9%, so investment return is significantly improved. Life-of-mine revenue of $20.8 billion is higher by 16.2%. Of particular note is the fact this mining plan contributes to boosting our expected operating cash flows in the first five years of operations by 23.6% and helps to increase them by 12.9% over the first 10 years. Generating more cash on an accelerated basis should increase the Project’s economics.”

    “I’m also pleased to see the stronger environmental performance this mining plan delivers to the Project,” Mr. Smith said. ”By deploying well-established technologies such as artificial ground freezing and desalination, we can now treat the slightly salty water that naturally exists deep underground in the ore body and remove the salt, allowing us to avoid having to discharge this bedrock water into the Missouri River. We also will be recycling virtually all of the water that we will be using in our processing. These are significant environmental advances of which our entire team is proud. Treating this water also eliminates the need to obtain any further NEPA-level environmental permits from the U.S. government. That further de-risks the Elk Creek Project in the eyes of long-term, strategic investors.”

    “Net pre-production CAPEX has decreased by 12.9%, while total up-front CAPEX is up by 5.1%,” Mr. Smith said. “This increase is driven in part by the need for additional and larger water treatment equipment, by price inflation in construction materials and processing inputs over the last two years, and by the decision to target higher-grade ore at lower elevations in the mine earlier in the Project’s operational life. Targeting higher-grade ore helps to boost our expected operating cash flows over the first 10 years of operations. This trade-off should be attractive to strategic investors. In particular, strategic investors are likely to be clearly focused on the long-term financial returns of this critical minerals project as well as on the environmental benefits to society that our critical minerals promise to deliver. This mining plan and Feasibility Study update strengthen the value proposition of this investment even further.”

    “Inflation in the construction materials sector, as measured by the Bureau of Labor Statistics’ Producer Price Index, has risen by 8.8%4 since our 2017 Feasibility Study was conducted,” Mr. Smith noted. “The fact that costs are rising for raw materials, processing inputs, machinery, and other components of our production facility is one reason why we are pushing hard to secure projecting financing and move to construction as rapidly as possible.”

    Scott Honan, President of Elk Creek Resources Corp., the NioCorp subsidiary that will develop and operate the Project, said: “Completing the design engineering of a new underground mine is a large undertaking, and I am pleased with the success of this effort. This mine plan accelerates expected revenue generation in the first 10 years of operation while also delivering increased environmental performance. It paves the way for us to accelerate our ongoing work to complete detailed engineering of the surface processing facilities, where our goal is to find additional efficiencies and process improvements beyond those we have already incorporated into the Project. This mine plan advances us that much closer to a construction start, and our team is very excited to be able to build and operate this high-value critical minerals mine.”

    Chris Dougherty, Chairman of the Nordmin Group of Companies, said: “Nordmin is pleased to bring added value to NioCorp’s Elk Creek Project. Through optimizing the mine plan, we have enhanced the Project’s economics while the use of ground freezing and other changes in underground development has further reduced the Project’s environmental impact. Our review indicates the potential of further enhancement of the Project value through expansion and definition of the deposit, beyond the increases that we identified in the report. The Elk Creek deposit is an exceptional deposit with a clear and well-defined plan that is backed by the work of many of the best engineering and geology minds in the business. We are very proud to be a part of this project and part of the NioCorp team.”

    2019 FS Summary Details

    The 2019 FS financial model is based upon a mine life of 36 years with an annual steady state ore throughput rate of 1,009,000 metric tonnes (“mt”). At this rate, the Elk Creek Project is estimated to generate $20.8 billion in gross LoM revenue and $370 million in averaged annual EBITDA3 over its operating life. Below are some highlights of the 2019 FS findings.


    Table 2

    Elk Creek Project 2019 FS Highlights
    (Currency in US$’000s)
    Description2017 FS2019 FSChange
    Pre-Tax NPV (8% discount)$2,291$2,56412.0%
    Pre-Tax IRR24.3%27.3%12.4%
    After-Tax NPV$1,666$2,09825.9%
    After-Tax IRR21.7%25.8%18.9%
    After-tax payback period from production onset (yrs.)3.682.86-22.3%
    Net pre-production CAPEX2$1,008$879-12.8%
    Mine Life (yrs.)32.036.012.5%
    Life of Mine ("LoM") Gross Revenue$17,906$20,80716.2%
    Niobium$5,695$7,86038.0%
    Scandium$11,896$12,5325.4%
    Titanium$316$41431.3%
    Averaged Annual EBITDA3 over LoM$370$370--
    Averaged EBITDA Margin3 (EBITDA as % of total revenue)69%67%-3.4%
    LoM OPEX (US$/mt)$179.99$196.419.1%
    Effective Tax Rate24.1%17.5%-27.3%


    Table 3

    Elk Creek Project Operational Summary
    Description2017 FS2019 FSChange
    Ore Mined (kt)31,66136,31314.7%
    Mining Rate (mt/d)2,7622,7640.1%
    Nb2O5 Grade0.79%0.81%2.3%
    Scandium Grade (g/mt)71.5865.71-8.2%
    TiO2 Grade2.81%2.86%1.9%
    Processing Rate (kt/y)1,0091,009--
    Average Recovery, Nb2O582.4%82.4%--
    Average Recovery Sc93.1%93.1%--
    Average Recovery TiO240.3%40.3%--
    Realized Product Prices
    Nb ($/kg Nb as Ferroniobium)$39.60$46.5517.5%
    Sc2O3 ($/kg as Sc2O3)$3,675$3,6760.0%
    TiO2 ($/kg as TiO2)$0.88$0.9912.4%
    Payable Metal
    Nb (mt)143,824168,86117.4%
    Sc2O3 (mt)3,2373,4105.3%
    TiO2 (mt)359,128418,84116.6%


    Table 4

    Life of Mine Operations and Financial Profile
    Operating Year123456789102030
    Production
    Niobium (mt-Nb)4,9745,0954,9014,6594,6564,6514,4834,7014,6824,6624,6864,677
    Scandium (mt-Sc2O3)1121091039596919710010410010088
    Titanium (mt-TiO2)12,62912,55412,11711,78211,60312,11611,75311,56812,25912,00911,92012,041
    Realized Pricing
    Niobium ($/kg)$45.46$45.46$45.46$45.46$45.46$45.46$45.46$45.46$45.46$46.06$47.00$47.00
    Scandium ($/kg)$3,985$3,486$2,988$3,086$3,186$3,384$3,584$3,734$3,735$3,750$3,750$3,750
    Titanium ($/kg)$0.99$0.99$0.99$0.99$0.99$0.99$0.99$0.99$0.99$0.99$0.99$0.99
    Gross Revenues ($M)$685$622$544$518$529$533$562$598$614$601$608$562
    Total OPEX ($M)($201)($196)($197)($198)($199)($191)($199)($196)($207)($206)($204)($193)
    EBITDA ($M)$484$427$347$320$330$342$363$402$406$395$404$368
    EBITDA Margin71%69%64%62%62%64%65%67%66%66%66%66%
    Operating Cash Flow ($M)$484$427$335$289$294$299$310$341$346$338$322$291
    EBT ($M)$224$207$161$151$179$216$255$292$293$281$290$268
    Net Income ($M)$224$207$149$120$142$173$202$232$233$223$207$191
    Net Income Margin33%33%27%23%27%32%36%39%38%37%34%34%



    Production Profile and Gross Revenue

    When in operation, the Project is expected to be the sole producer of Scandium oxide and a commercial version of Niobium, known as Ferroniobium, in the U.S., and one of only a handful of producers in the world of these critical and strategic materials. The 2019 FS assumes a 10-month commissioning and ramp up period to the facility’s nameplate production capacity from first ore, while the 2017 FS assumed a nine-month period for the same activity. Estimated production and revenues in the 2019 FS are as follows:

    To view Figure 3, 4 and 5, please visit the following link: globenewswire.com

    Table 5
    2019 FS Production Summary
    Average Annual Production Over Run of Mine5
    DescriptionTonnes/YearRevenue/Year
    ($ millions)
    Ferroniobium7,220$219
    Scandium Trioxide95$348
    Titanium Dioxide11,642$12
    Life of Mine Revenue Breakdown6
    DescriptionRevenue
    ($millions)
    Proportion of Revenue
    Ferroniobium$7,86037.8%
    Scandium Trioxide$12,53260.2%
    Titanium Dioxide$4142.0%
    TOTAL$20,807100%
    Note: Totals may not sum due to rounding.

    Increased Revenue From Niobium

    In the 2019 FS mine plan, Niobium production generates more revenue as a percentage of total revenue than in the 2017 FS, as shown in Figure 6 below. This result is driven by the updated mine plan’s targeting of higher niobium grades in the early years of mining operations and because commodity pricing for Niobium has increased since the issuance of the 2017 FS.

    To view Figure 6, please visit the following link: globenewswire.com

    Improved Environmental Performance

    The new mine plan further reinforces the environmental performance of the Elk Creek Project. Together with previously disclosed environmental and process innovations incorporated in the 2017 FS, the Project now incorporates these following strategies and technologies designed to minimize environmental impacts of operation:

  • Zero Process Liquid Discharge: The Elk Creek facility will now operate as a Zero Process Liquid Discharge facility, with no releases of process liquids. Instead, both naturally occurring, brackish (slightly salty) water produced during mining operations, and water used in ore processing, will be treated onsite for use in operations. A solid salt will be produced from water treatment operations which will be stored onsite.

  • No Wastewater Discharge to the Missouri River: By treating water onsite, the Project no longer intends to transport water for discharge into the Missouri River. This will release the Project from having to obtain a specific NPDES water quality discharge permit from the State of Nebraska, as well as an additional Section 404 permit, and a Section 408 permit, from the U.S. Army Corps of Engineers. The Section 408 permit would have required completion of an Environmental Assessment study, a process that is governed by the National Environmental Policy Act (“NEPA”) and involves review by multiple federal government agencies.
  • Additional Protection of Groundwater Resources Through Artificial Ground Freezing: The Project’s new mine plan will utilize artificial ground freezing as part of the process of sinking the Project’s production and ventilation shafts. Artificial ground freezing creates a temporary frozen barrier that helps to protect groundwater resources in the area while shaft-sinking operations are underway.

  • Avoidance of Permanent Impacts to Federally Jurisdictional Waters: NioCorp designed the layout of the Elk Creek Project to minimize or avoid permanent impacts to any federally jurisdictional waters and/or wetlands on the property. This reduced the Project’s expected environmental impacts and allowed the Project to secure a Clean Water Act Section 404 permit from the U.S. Army Corps of Engineers under the Nationwide Permit program, a much more efficient and less expensive process than an individual Section 404 permit. No other NEPA-level federal permits are now expected to be required for the Project.

  • Recycling of Reagents Used in Mineral Processing: Metallurgical and process breakthroughs that NioCorp accomplished in 2016 and 2017 ( see this previous announcement) are expected to help reduce the volume of material planned for disposal in the Project’s tailings storage areas. As more of this material is recycled, the environmental footprint of the Project is reduced.

  • Utilizing Tailings as Underground Mine Backfill: NioCorp plans to fill underground voids concurrently with mining operations using a paste backfill material that contains mine waste material that typically would be stored in above-ground mine tailings storage areas.


  • To view Figure 7, please visit the following link: globenewswire.com

    Capital Expenditures (“CAPEX”)

    As detailed in Table 6 below, the net pre-production CAPEX is $879 million, which includes a contingency of 10.33%6 and a pre-production net revenue credit of $265 million, which is generated during a six-month production ramp-up period (versus a three-month ramp-up in the 2017 FS) and is net of pre-production capital and operational costs. Total upfront CAPEX for the Project is $1.14 billion, a 5.1% increase over the 2017 FS and which reflects the following: additional and larger water treatment equipment; higher costs due to inflation between 2017 and 2019; replacing a ventilation raise system with a ventilation shaft sinking method using proven artificial ground freezing methods to mitigate water inflow risks for this requirement; and higher capital costs incurred by initially mining at greater depths where ore grades are higher.


    Table 6
    2019 FS CAPEX Breakdown
    (US $millions)2017 FS2019 FS Change
    Direct Costs
    Preproduction CAPEX$71$8316.2%
    Mining CAPEX$179$25744%
    Processing CAPEX (excluding water treatment)$343$3677.1%
    Water management CAPEX7$100$6-94%
    Water Treatment8$24$68180%
    Tailings$20.2$21.46.1%
    Site prep$30.6$40.62.6%
    Indirect Expenses
    Mining$21.9$23.78.1%
    Mining EPC$12.3$16.030%
    Processing$34.1$33.4-1.8%
    Processing EPC$64.5$62.6-2.9%
    Site$7.2$7.42.7%
    Water management9$10.8$8.5-20.8%
    Owners Costs$38.4$33.6-12.4%
    Commissioning
    Mining$0.7$1.4102%
    Processing$13.0$13.32.7%
    Contingency$109$101-7.3%
    Sub Total$1,088$1,1435.1%
    Net Pre-Production Revenue($79)($265)234%
    TOTAL $1,008$879-12.9%


    To view Figure 8, please visit the following link: globenewswire.com

    Operating Expenditures (“OPEX”)

    Operating expenditures over the life of mine in the 2019 FS are higher than the 2017 FS as a result of several factors, including but not limited to the following: (1) NioCorp intends to use a contract mining model as opposed to self-perform mining operations; (2) prices for some consumables used in surface processing facilities are higher than quotes received in 2017; and (3) water management costs for the Project are higher as a result of the more intensive water treatment and related operations outlined in the 2019 FS.

    Table 7
    OPEX Summary

    2017 FS2019 FS

    LoM Costs
    ($millions)
    Cost / TonneLoM Costs
    ($millions)
    Cost / Tonne
    LoM Operating Costs
    Mining Costs$1,244$39.30$1,563$43.04
    Processing Costs$3,285$103.77$3,875$106.70
    Water Management & Infra$251$7.92$609$16.78
    Tailings Management$46$1.44$72$1.99
    Other Infrastructure$212$6.68$199$5.47
    G&A$268$8.47$301$8.29
    Other Expenses$136$4.31$229$6.30
    Subtotal OPEX$5,442$171.89$6,847$188.56
    Royalties/Annual Bond Premium$257$8.10$285$7.84
    Total All-In OPEX$5,699$179.99$7,132$196.41


    To view Figure 9, please visit the following link: globenewswire.com

    Financial Performance

    The financial performance and valuation of the Project were conducted using a discounted cash flow (DCF) methodology over its 36-year mine life and an 8% discount rate. The 2019 FS projects a pre-tax NPV of $2.57 billion and an after-tax IRR of 25.8%. Gross revenue is $20.8 billion.

    To view Figure 10, please visit the following link: globenewswire.com

    Figure 11 below shows the total cumulative net cash flow (after tax) over the 36 modeled life of mine. Total cumulative net cash flow, after tax, is $9.8 billion. Figure 12 below shows the initial capital spend over the first 44 months of the Project.

    To view Figure 11, please visit the following link: globenewswire.com

    To view Figure 12, please visit the following link: globenewswire.com

    Sensitivity Analysis

    A sensitivity analysis was conducted as part of the 2019 FS to determine the effect of key variables at a plus-or-minus 30% on the Project’s base case of pre-tax NPV of $2.57 billion and IRR of 27.3% and a base case of after-tax NPV of $2.10 billion and IRR of 25.8%. The results of this analysis are shown below in Tables 8 and 9.

    Table 8
    Pre-Tax NPV & IRR Sensitivity Analysis ($B)
    Pre-Tax-NPV-30%-25%-20%-15%-10%-5%Base5%10%15%20%25%30%
    Nb Price$1,947$2,050$2,153$2,256$2,359$2,462$2,564$2,667$2,770$2,873$2,976$3,079$3,182
    Sc2O3 Price$1,560$1,728$1,895$2,062$2,230$2,397$2,564$2,732$2,899$3,066$3,234$3,401$3,568
    TiO2 Price$2,531$2,537$2,542$2,548$2,553$2,559$2,564$2,570$2,575$2,581$2,586$2,592$2,597
    Operating Costs$3,086$2,999$2,912$2,825$2,738$2,651$2,564$2,478$2,391$2,304$2,217$2,130$2,043
    Capital Costs$2,913$2,855$2,797$2,739$2,681$2,622$2,564$2,506$2,448$2,390$2,332$2,274$2,216

    Pre-Tax IRR-30%-25%-20%-15%-10%-5%Base5%10%15%20%25%30%
    Nb Price23.2%23.9%24.6%25.3%26.0%26.7%27.3%28.0%28.7%29.3%30.0%30.7%31.3%
    Sc2O3 Price20.3%21.5%22.7%23.9%25.1%26.2%27.3%28.5%29.6%30.7%31.8%32.8%33.9%
    TiO2 Price27.1%27.2%27.2%27.2%27.3%27.3%27.3%27.4%27.4%27.5%27.5%27.5%27.6%
    Operating Costs30.6%30.1%29.6%29.0%28.5%27.9%27.3%26.8%26.2%25.6%25.1%24.5%23.9%
    Capital Costs37.7%35.5%33.5%31.7%30.1%28.7%27.3%26.1%25.0%24.0%23.0%22.2%21.3%


    Table 9
    After-Tax NPV & IRR Sensitivity Analysis ($B)
    After Tax NPV-30%-25%-20%-15%-10%-5%Base5%10%15%20%25%30%
    Nb Price$1,594$1,678$1,763$1,847$1,932$2,016$2,098$2,180$2,262$2,343$2,425$2,506$2,588
    Sc2O3 Price$1,292$1,427$1,562$1,697$1,832$1,966$2,098$2,228$2,357$2,486$2,615$2,744$2,872
    TiO2 Price$2,072$2,076$2,081$2,085$2,089$2,094$2,098$2,103$2,107$2,111$2,116$2,120$2,124
    Operating Costs$2,480$2,417$2,353$2,290$2,226$2,162$2,098$2,034$1,967$1,900$1,833$1,767$1,699
    Capital Costs$2,446$2,388$2,330$2,272$2,214$2,156$2,098$2,040$1,982$1,924$1,866$1,808$1,750

    After Tax IRR-30%-25%-20%-15%-10%-5%Base5%10%15%20%25%30%
    Nb Price21.9%22.6%23.3%23.9%24.6%25.2%25.8%26.4%27.0%27.6%28.2%28.8%29.4%
    Sc2O3 Price19.3%20.5%21.6%22.7%23.7%24.8%25.8%26.8%27.8%28.8%29.8%30.7%31.7%
    TiO2 Price25.6%25.6%25.7%25.7%25.7%25.8%25.8%25.8%25.9%25.9%25.9%26.0%26.0%
    Operating Costs28.7%28.2%27.7%27.3%26.8%26.3%25.8%25.3%24.8%24.3%23.8%23.3%22.8%
    Capital Costs36.3%34.1%32.1%30.3%28.6%27.2%25.8%24.6%23.5%22.4%21.5%20.6%19.8%



    Mineral Resource Estimate Update

    A component of the 2019 FS update included an update to the Project’s Mineral Resource and Mineral Reserve, with the results shown below.

    Table 10
    February 19, 2019 Mineral Resource Summary
    ClassificationCut-off NSR
    (DIL)(US$/mt)
    Tonnage
    (x1000 mt)
    Nb2O5
    Grade
    (%)
    Contained
    Nb2O5
    (mt)
    TiO2
    Grade
    (%)
    Contained TiO2
    (mt)
    Sc Grade
    (ppm)
    Contained Sc
    (mt)
    Indicated180183,1850.54981,0922.153,940,41957.6510,562
    Inferred180103,9920.48498,8641.811,886,18147.384,928
    Source: Nordmin, 2019. All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding.

  • Mineral resources are reported inclusive of the mineral reserve. Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate and have been used to derive sub-totals, totals and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, Nordmin does not consider them to be material.
  • The reporting standard adopted for the reporting of the MRE uses the terminology, definitions and guidelines given in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards on Mineral Resources and Mineral Reserves (May 10, 2014) as required by NI 43-101.
  • CIM definition standards for mineral resources and mineral reserves (May 2014) defines a mineral resource as:
  • "(A) concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge".
  • Historical samples have been validated via re-assay programs, and all drilling completed by NioCorp has been subjected to QA/QC. All composites have been capped and then composited where appropriate, and estimates completed used ordinary kriging. The concession is wholly owned by and exploration is operated by NioCorp Developments Ltd.
  • The project is amenable to underground longhole open stoping mining methods. Using results from metallurgical test work, suitable underground mining and processing costs, and forecast product pricing Nordmin has reported the mineral resource at an NSR cut-off of US$180/mt.
  • Economic Assumptions Used to Define Mineral resource Cut-off Value:
  • Diluted NSR (US$) = Revenue per block Nb2O5 (diluted) + Revenue per block TiO2 (diluted) + Revenue per block Sc (diluted)


    Diluted tonnes per block

  • Price assumptions for FeNb, Sc2O3, and TiO2 are based upon independent market analyses for each product.
  • Price and cost assumptions are based on the pricing of products at the "mine-gate", with no additional down-stream costs required. The assumed products are a ferroniobium product (metallic alloy shots 0.65Nb?0.35% Fe), a titanium dioxide product in powder form, and scandium trioxide in powder form.
  • The "reasonable prospects for economic extraction" requirement generally implies that the quantity and grade estimates meet certain economic thresholds and that the mineral resources are reported at an appropriate Cut-off Grade (“CoG”), considering extraction scenarios and processing recoveries. Based on this requirement, Nordmin considers that major portions of the project are amenable for underground extraction with a processing method to recover FeNb (as the saleable product of Nb2O5), TiO2, and Sc2O3 products.
  • The result of positive indications from the company's metallurgical testing and development program, titanium (TiO2) and scandium (Sc) were added to the mineral resource Statement in February 2015. Both metals can be recovered with simple additions to the existing process flowsheet and would provide additional revenue streams that would complement the planned production of ferroniobium.
  • Nordmin has provided reasonable estimates of the expected costs based on the knowledge of the style of mining (underground) and potential processing methods (by 3rd party Qualified Persons).
  • Mineral Resource effective date February 19, 2019.
  • Nordmin completed a site inspection of the deposit by Glen Kuntz, BSc, P.Geo., Consulting Specialist - Geology/Mining, an appropriate "independent qualified person" as this term is defined in NI 43-101.

  • February 19, 2019 Mineral Resource Details
    ParameterValueUnit
    Mining Cost50.0US$/mt mined
    Processing125US$/mt mined
    General and Administrative5.0US$/mt mined
    Total Cost180US$/mt mined
    Nb2O5 to Niobium conversion69.6%
    Niobium Process Recovery82.36%
    Niobium Price39.60US$/kg
    TiO2 Process Recovery40.31%
    TiO2 Price0.88US$/kg
    Sc Process Recovery93.14%
    Sc to Sc203 conversion153.4%
    Sc Price3,675US$/kg
    Calculated CoG NSR diluted 6 %180US$/mt



    Mineral Reserve Estimate Update

    An update to the Project’s Mineral Reserve was conducted, and the results are shown below.

    Table 11
    February 19, 2019 Mineral Reserve Summary
    ClassificationTonnage
    (x1000
    mt)
    Nb2O5
    Grade
    (%)
    Contained
    Nb2O5

    (mt)
    Payable
    Nb

    (mt)
    TiO2
    Grade
    (%)
    Contained
    TiO2

    (mt)
    Payable
    TiO2

    (mt)
    Sc
    Grade
    (ppm)
    Contained
    Sc

    (mt)
    Payable
    Sc2O3

    (mt)
    Proven









    Probable36,3130.81293,321168,8612.861,039,050418,84165.72,3873,410
    Total Proven and Probable36,3130.81293,321168,8612.861,039,050418,84165.72,3873,410
    Source: Nordmin, 2019. All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding.

    • Nordmin has reported the mineral reserve based on the mine design, mine plan, and cash-flow model utilizing an average cut-off grade of 0.788% NB205 with an NSR of $500/mt.
    • Nordmin considers that the mineral reserve is amenable for underground extraction with a processing method to recover FeNb (as the saleable product of Nb2O5), TiO2, and Sc2O3 products.
    • The economic assumptions used to define Mineral Reserve cut-off grade are as follows:
    • Annual life of mine (LoM) production rate of ~7,220 tonnes of FeNb/annum,
    • Initial elevated five-year production rate ~ 7,351 tonnes of FeNb/annum
  • Mining dilution of ~6% was applied to all stopes and development, based on 3% for the primary stopes, 9% for the secondary stopes, and 5% for ore development.
  • Mining recoveries of 95% were applied.
  • Price assumptions for FeNb, Sc2O3, and TiO2 are based upon independent market analyses for each product.
  • Price and cost assumptions are based on the pricing of products at the "mine-gate", with no additional down-stream costs required. The assumed products are a ferroniobium product (metallic alloy shots 0.65Nb?0.35% Fe), a titanium dioxide product in powder form, and scandium trioxide in powder form.
  • The mineral reserve has an average LoM NSR of $538.63 /tonne.
  • Nordmin has provided detailed estimates of the expected costs based on the knowledge of the style of mining (underground) and potential processing methods (by 3rd party Qualified Persons).
  • Mineral Reserve effective date February 19, 2019. The financial model was run post-February 2019, which reflects a total cost of $198.31 (Table 7) versus $189.91 (February 19, 2019 Mineral Reserve Details Table above). Nordmin does not consider this a material change.
  • Price variances for commodities is based on updated independent market studies versus earlier projected pricing. The updated independent market studies do not have a negative effect on the reserve.
  • Nordmin completed a site inspection of the deposit by Jean- Francois St-Onge, P.Eng, Associate Consulting Specialist - Mining, an appropriate "independent qualified person" as this term is defined in NI 43-101.

  • February 19, 2019 Mineral Reserve Details
    ParameterValueUnit
    Mining Cost43.55US$/mt mined
    Processing108.16US$/mt mined
    Water Management and Infrastructure13.71US$/mt mined
    Tailings Management1.35US$/mt mined
    Other Infrastructure6.96US$/mt mined
    General and Administrative8.65US$/mt mined
    Royalties/Annual Bond Premium7.53US$/mt mined
    Total Cost189.91US$/mt mined
    Nb2O5 to Niobium conversion69.6%
    Niobium Process Recovery82.36%
    Niobium Price39.60US$/kg
    TiO2 Process Recovery40.31%
    TiO2 Price0.88US$/kg
    Sc Process Recovery93.14%
    Sc to Sc203 conversion153.4%
    Sc Price3,675US$/kg
    Next Steps

  • File the updated NI-43-101 Technical Report for the Project on SEDAR within the next 45 days and post on www.niocorp.com.

  • Secure project finance necessary to move the Project to construction and commercial operation.

  • Submit a construction air permit application to the State of Nebraska, along with other permit applications that will be needed for construction.

  • Make formal awards of Engineering, Procurement, and Construction contracts.

  • Continue detailed engineering for the Project’s mine and surface facilities.



  • NioCorp Conference Call / Webcast on Monday, April 22, 2019

    NioCorp will host a conference call and live webcast on Monday, April 22, 2019, starting at 10 a.m. Mountain, featuring Mark A. Smith, NioCorp’s CEO and Executive Chairman, and Scott Honan, President of Elk Creek Resources Corp., to discuss the results of the new Elk Creek mine plan, Feasibility Study update, and the Project’s newly updated Mineral Resource and Mineral Reserve.

    Those wishing to participate in the live webcast, where presentation slides will be shown and questions can be submitted during the webcast, can register here: https://attendee.gotowebinar.com/register/6302297693868155395. Those wishing to participate via a listen-only phone line can use the call-in numbers and access codes listed below.

    COUNTRYListen-Only Call-In NumberAccess Code
    US(213) 493-0005433-576-565
    Australia+61 3 8488 8990433-576-565
    Austria+43 7 2081 5389433-576-565
    Belgium+32 28 93 7003433-576-565
    Canada+1 (647) 497-9385433-576-565
    Denmark+45 32 72 03 72433-576-565
    Finland+358 923 17 0557433-576-565
    France+33 971 072 671433-576-565
    Germany+49 692 5736 7318433-576-565
    Ireland+353 15 360 755433-576-565
    Italy+39 0 230 57 81 73433-576-565
    Netherlands+31 202 251 018433-576-565
    New Zealand+64 4 974 7212433-576-565
    Norway+47 23 16 23 28433-576-565
    Spain+34 912 71 8490433-576-565
    Sweden+46 853 527 819433-576-565
    Switzerland+41 225 4599 62433-576-565
    United Kingdom+44 330 221 9922433-576-565



    Technical Disclosure

    The technical information in this news release and the forthcoming FS update has been reviewed and approved by Mr. Chris Dougherty, P.Eng, Consulting Specialist and Chairman (Nordmin Group of Companies), Mr. Gregory Menard, P.Eng., CET, PMP, Senior Mechanical Engineer (Nordmin Engineering Ltd.) and Mr. Glen Kuntz, P.Geo., Consulting Specialist - Geology/Mining (Nordmin Engineering Ltd.), and Mr. Joshua Sames, B.S., PE, Senior Consultant (SRK Consulting), Mr. David Winters, PE, SE, MBA, Senior Consultant (TetraTech), each of whom is a "qualified person" under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI-43-101").

    The Mineral Resource and Reserve Estimates were completed by Mr. Glen Kuntz, P. Geo, Consulting Specialist - Geology/Mining (Nordmin Engineering Ltd.) and Mr. Jean- Francois St-Onge, P.Eng, Associate Consulting Specialist - Mining and Vice President (Optimize Group Inc.). Both are independent Qualified Persons in accordance with the requirements of National Instrument (NI) 43-101 and they have approved the disclosure herein.

    All other technical information in this news release has been approved by the following Qualified Professionals: Mr. Adrian Brown, PE, Consultant (Adrian Brown Consultants); Mr. Joshua Sames, B.S., PE, Senior Consultant (SRK Consulting); Mr. John Tinucci, PhD, PE, Principal Geotechnical Engineer (SRK Consulting); Mr. Mark Willow, M.Sc, C.E.M., SME-RM, Principal Environmental Scientist (SRK Consulting); Mr. Chris Dougherty, P.Eng, Consulting Specialist and Chairman (Nordmin Group of Companies); Mr. Gregory Menard, P.Eng., CET, PMP, Senior Mechanical Engineer (Nordmin Engineering Ltd.); Mr. Eric Larochelle, B.Eng., President (Specialty Metals & Hydrometallurgy); Mr. David Winters, PE, SE, MBA, Senior Consultant (TetraTech); Mr. Sylvain Harton, P.Eng., President (Metallurgy Concept Solutions); and Mr. Orest Romaniuk, P.Eng, Senior Engineer (Zachry Group).

    The relevant qualified persons have reviewed and verified the data disclosed, including sampling, analytical and test data underlying the information contained in the disclosure.

    Endnotes


    Non-GAAP Financial Measures: This news release includes certain forward-looking non-GAAP financial measures, including EBITDA and Free Cash Flow. These non-GAAP financial measures are included in this news release because these statistics are key performance measures that management uses to monitor performance, to assess how the Company is performing, to plan and to assess the overall effectiveness and efficiency of operations. These performance measures do not have a standard meaning within GAAP and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with GAAP. Reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are not provided because the Company is unable to provide such reconciliations without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of such items impacting comparability and the periods in which such items may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

    SEC Standards Regarding Mineral Resources and Reserves. Estimates of mineralization and other technical information included or referenced in this news release have been prepared in accordance with NI 43-101. The definitions of proven and probable mineral reserves used in NI 43-101 differ from the definitions in SEC Industry Guide 7. Under SEC Industry Guide 7 standards, a "final" or "bankable" feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. As a result, the reserves reported by the Company in accordance with NI 43-101 may not qualify as "reserves" under SEC standards. In addition, the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Additionally, the disclosure of "contained pounds" in a resource is permitted disclosure under Canadian securities laws; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measurements. Accordingly, information contained or referenced in this news release containing descriptions of the Company's mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of United States federal securities laws and the rules and regulations thereunder.

    @NioCorp $NB $NIOBF #Niobium #Scandium #ElkCreek #Nordmin

    For More Information

    Contact Jim Sims, VP of External Affairs, NioCorp Developments Ltd., 20-639-4650, jim.sims@niocorp.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.

    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 statements regarding the results of the feasibility study, including, but not limited to, metal price and exchange rate assumptions, cash flow forecasts, projected capital and operating costs, metal or mineral recoveries, mine life and production rates; the Company’s potential plans and operating performance; the estimation of the tonnage, grades and content of deposits, and the extent of the resource and reserves estimates; potential production from and viability of the Project; the future ability to obtain permits and the nature of the permits required; estimates of future production and operating costs; improvements in environmental performance and the reduction in environmental impacts; estimates of permitting submissions and timing; the timing and receipt of necessary permits and project approvals for future operations; access to project funding, exploration results, and expected filing of the NI 43-101 Technical Report. 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 Canadian securities regulators at www.sedar.com and 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.

    1See endnote regarding Mineral Reserve and Mineral Resource.
    2Net pre-production CAPEX includes a 10.33% contingency and a pre-production net credit of $265 million for revenue generated during the six-month production ramp-up period minus pre-production capital and operational costs.
    3See endnotes for discussion of the use of non-GAAP financial measures.
    4Source: U.S. Department of Labor, Bureau of Labor Statistics, March 2019 data.
    5Run of Mine,” or ROM, is defined as the period of time during which the mine is fully operational and excludes the periods of time when the mine is conducting its initial production ramp or is ramping down to closure. “Life of Mine,” or LOM, encompasses the entire expected operational life of the mine, including ramp-up and ramp-down production periods.
    6Project contingency percentage is calculated on all features of the project excluding the water treatment plant, which is quoted on a design-build-operate basis and incorporates its own contingency.
    7Water management CAPEX of $100 million in the 2017 FS were primarily attributable to the cost of constructing the then-planned waterline to the Missouri River and costs associated with pre-production dewatering wells and hydrogeological investigations. 2019 water management CAPEX encompasses hydrogeological investigations.
    8Water treatment includes direct costs of the Project’s water treatment systems.
    9Indirect expenses for water management in the 2017 FS included hydrogeologic investigations and installation and testing of prototype water pumping wells. In the 2019 FS, these costs encompass the indirect costs of building the Project’s water treatment facility.


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    To: LoneClone who wrote (15826)4/18/2019 1:37:19 PM
    From: LoneClone
       of 17057
     
    Scandium International Mining Receives Notice That Nyngan Mine Lease Has Been Determined Invalid


    newsfilecorp.com

    Reno, Nevada--(Newsfile Corp. - April 18, 2019) - Scandium International Mining Corp. (TSX:SCY) ("Scandium International" or the "Company") has received notice from Counsel for the NSW Department of Planning and Environment (the 'Department') that, due to a procedural issue within the Department, the Company's Mine Lease Grant, ('ML 1763'), pertaining to the Nyngan Scandium Project in New South Wales, Australia, previously issued by the Department on 4 October 2017, is invalid.

    The Department has determined that its internal procedures failed to properly and fully consider an affected landowner's 'Agricultural Land' objection prior to the grant of ML 1763, as specified by applicable Law.

    The Department has not changed the formal 'granted' status of ML 1763 on its electronic public record system (TAS), but that is now expected to occur.

    As the Company's mine lease application ('MLA 531') submitted in 2016 covering the entire area originally requested has not been validly determined by the Department, the mine lease application remains in force and pending.

    The Department has not yet completed its review and determination of the validity of the landowner's objection, as per applicable Law, but has advised the Company that it is continuing with its ongoing formal review.

    The Department's ultimate decision on validity of the landowner objection will then determine the outcome on the pending application (MLA 531). If the landowner's objection is not upheld by the Department, then the Department will proceed to grant a new Mining Lease to the Company.

    The Company believes that the viability of the project is not dependent on land related to the current objection and can proceed based exclusively on surface rights owned by the Company.

    The Company is currently in ongoing discussions with the affected landowner, and is also in process of filing other MLA documents that could potentially address issues central to this matter.

    George Putnam, CEO of Scandium International Mining Corp. commented:

    "The determination by the Department as to the validity of the agricultural land objection has not been made, and remains at the heart of this matter. The Company (with Counsel) has provided the Department with extensive comments on the objection and will press for an early, accurate and fair decision in this regard. The Company remains committed to building the Nyngan Scandium Project, regardless of the decision by the Department."

    ABOUT SCANDIUM INTERNATIONAL MINING CORP.

    The Company is focused on developing its Nyngan Scandium Project, located in NSW, Australia, into the world's first scandium-only producing mine. The project owned by our 100% held Australian subsidiary, EMC Metals Australia Pty Limited.

    The Company filed a NI 43-101 technical report in May 2016, titled "Feasibility Study - Nyngan Scandium Project". That feasibility study delivered an expanded scandium resource, a first reserve figure, and an estimated 33.1% IRR on the project, supported by extensive metallurgical test work and an independent, 10-year global marketing outlook for scandium demand.

    Willem Duyvesteyn, MSc, AIME, CIM, a Director and CTO of the Company, is a qualified person for the purposes of NI 43-101 and has reviewed and approved the technical content of this press release on behalf of the Company.

    For inquiries to Scandium International Mining Corp, please contact:

    Edward Dickinson (CFO)
    Tel: (775) 233-7328

    George Putnam (CEO)
    Tel: (925) 208-1775

    Email: info@scandiummining.com

    This press release contains forward-looking statements about the Company and its business. Forward looking statements are statements that are not historical facts and include, but are not limited to statements regarding any future development of the project. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward looking statements. These risks, uncertainties and other factors include, without limitation: risks related to uncertainty in the demand for scandium, the possibility that results of test work will not fulfill expectations, or not realize the perceived market utilization and potential of scandium sources that may be developed for sale by the Company, and risks associated with permitting. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and other than as required by applicable securities laws, the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change.

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    To: LoneClone who wrote (15827)4/18/2019 1:44:03 PM
    From: LoneClone
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    Millennial Lithium Announces Approximately 100 Percent Increase to 4,200,000 Tonnes in Measured and Indicated Lithium Resources at Pastos Grandes

    newsfilecorp.com

    Vancouver, British Columbia--(Newsfile Corp. - April 17, 2019) - Millennial Lithium Corp. (TSXV: ML) (the "Company"), is pleased to report an updated lithium ("Li") and potassium ("K") resource statement for its Pastos Grandes brine project in Salta province of Argentina. The NI 43-101 resource statement, detailed in Table 1 below, includes 4,120,000 tonnes of lithium carbonate ("Li2CO3") equivalent (LCE) and 15,342,000 tonnes of potash ("KCl") equivalent in the Measured and Indicated Resource categories, with an additional 798,000 tonnes of LCE and 2,973,000 tonnes KCl in the Inferred Resource category. Compared to resource estimates completed by Montgomery & Associates in its previous report titled Measured, Indicated and Inferred Lithium and Potassium Resource Estimate Pastos Grandes Project Salta Province, Argentina and dated December 22, 2017, the updated resources represent an almost 100% increase in the Measured and Indicated LCE tonnage (2017 value of 2,131,000 tonnes LCE).

    Farhad Abasov, President and CEO of Millennial Lithium, commented on the updated resources for the Pastos Grandes Project: "We are very excited to see from calculations by our hydrogeological consultants Montgomery & Associates, an approximately 100% increase in the Measured and Indicated lithium resources estimate over the 2017 Measured and Indicated Li resources. This sizable increase in our resource positions Millennial as one of the most prospective lithium brine projects in the world with the potential for a significant lithium operation. The Company now has significant Measured and Indicated lithium resources which, on the completion of ongoing studies, have the potential to be converted to Probable and Possible reserves in support of our Feasibility Study on the Company's planned lithium carbonate processing operation. Our development work continues with the Feasibility Study and the construction of the pilot processing plant, both slated for completion in Q2."

    Table 1. Updated Pastos Grandes Brine Resource Statement

    Phase II Resource
    Category
    Brine Volume
    (m3)
    Avg. Li
    (mg/l)
    In situ Li (tonnes)*Li2CO3
    Equivalent

    (tonnes*)
    Avg. K
    (mg/l)
    In situ K
    (tonnes)*
    KCl Equivalent (tonnes)*
    Measured9.5E+08446425,0002,262,0004,7344,508,0008,597,000
    Indicated8.6E+08406349,0001,858,0004,1143,357,0006,745,000
    M+I1.8E+09427774,0004,120,0004,4408,045,00015,342,000
    Inferred3.5E+08428150,000798,0004,4571,559,0002,973,000


    *Cut-off Grade = 300mg/L Lithium
    *Tonnages are rounded to the nearest thousand
    The reader is cautioned that mineral resources are not mineral reserves and do not have demonstrated economic viability


    The resource estimate was prepared in accordance with the guidelines of National Instrument 43-101 and uses best practice methods specific to brine resources, including a reliance on core drilling and sampling methods that yield depth-specific chemistry and effective (drainable) porosity measurements. The resource estimation was completed by independent qualified person Mr. Michael Rosko, M.Sc., C.P.G. of the international hydrogeology firm E.L. Montgomery and Associates (M&A).

    The resource is defined over a 45 square kilometer footprint using results from rotary and core drilling and depth-specific packer sampling. In addition, the brine was also sampled during long-term (21 days) and short-term pumping (72 hours) tests. The new measured, indicated, and inferred resource was derived from geological and grade/width block models derived from 15,135 metres of core and rotary drilling. The average spacing between core holes is less than 1 km. Geophysical surveys were used to assist with location and anticipated depths for the core holes, but also to identify potential fresh water and to extend the inferred resource. Over most of the basin, the brine resource occurs to within 1 metre of surface and its thickness is defined by the extent of drilling. The maximum depth drilled was 641 metres near the center of the mining concessions, bottoming in a sandy aquifer. The deepest brine sample was obtained at a depth of 641 metres and had a Li concentration of 495 milligrams per litre.

    The chemistry of the Pastos Grandes brine is judged to be very favourable. Brine density and the ratios of magnesium and sulfate to lithium are:

    • Density of the brine ranges between 1.20 and 1.22 g/cm3
    • Average Magnesium/Lithium ratio: 6.2
    • Average Sulphate/Lithium ratio: 19.3
    Based on the geologic model, approximately 76% of the brine volume in this resource is hosted by predominantly silty and sandy units and 21% by mixed halite. The balance is hosted in gravel or clay dominated units.

    The total contained lithium and potassium values are based on measurements of effective (drainable) porosity distributed throughout the aquifer volume that defines this resource. This method of porosity determination is designed to estimate the portion of the total porosity that can theoretically be drained by pumping; however, these in situ estimates may differ from total extractable quantities. The porosity of the resource volume varies with geology but to date effective porosity has been predictable within distinct hydrostratigraphic units; the average for the entire saturated aquifer considered in the resource is approximately 11%.

    Portions of the resource located in the clastic sediments at the margins of the salar have been demonstrated to have fresh and brackish water overlying brine. In these areas, fresh water inflow from the surface mixes with salt water in the basin; the resulting lower density fresh water and brackish fluid float on top of the more dense brine before entering the salar margins.

    Resource Estimation Methodology

    A total of 15,135 metres of drilling from 33 holes was evaluated for this resource estimate calculation. Other core holes and wells were drilled but were shallower. A total of 144 drainable porosity results and 311 depth-specific brine sample analyses were used in the computations, not including QA/QC samples or composite samples obtained during pumping tests. The average spacing of vertical samples for brine chemistry analysis was variable with an average of 25 metres for depth-specific brine samples. Of the 33 holes used for the resource analysis, all were terminated due to drill limitations (hydrogeologic basement was not encountered). The total thickness of the basin and the total thickness of saturated sediments are unknown. Based on drilling, additional brine-bearing aquifer material is likely to exist below 600 metres in the concession area.

    The consultants chose to estimate the updated resource using Leapfrog Edge, a well-known 3-dimensional block modeling software tool. Hydrostratigraphic units have variable thickness and were determined by the consultants based on observed lithology and anticipated similar hydraulic properties.

    The values for drainable porosity and grade (lithium and potassium values) for each hydrostratigraphic unit were derived from direct measured values from the well. The unit thicknesses combined with the areas yield a volume. The volumes combined with the drainable porosity values, representing the amount of fluid available from the formation yield the volume of brine. Applying the grade, represented as lithium carbonate and potassium chloride equivalents reported as weights by volume of brine then provides the estimated resource for each block, which are then summed.

    The primary analytical laboratories for the data used in this resource are NORLAB in Jujuy, Argentina and SGS Laboratory in Buenos Aires, Argentina. Both laboratories are accredited to ISO 9001:2008 and ISO14001:2004 for their geochemical and environmental labs for the preparation and analysis of numerous sample types, including brines.

    The porosity determinations were made by Core Laboratories of Houston, Texas and Geosystems Analysis (GSA) of Tucson, Arizona. Core Laboratories is a leading provider of proprietary and patented reservoir description, production enhancement and reservoir management services. Core Laboratories has demonstrated that its Quality Management System is in compliance with certification to ISO 9000:2008. The scope of this registration is: providing state of the art petrophysical and geological analysis and interpretation of core samples from rock. GSA has gained abundant experience since 1994 in methods used by Core Laboratories and has provided services to various other lithium projects located in Argentina and globally.

    Qualified Person

    The resource evaluation work was completed by Mr. Michael Rosko, M.Sc., C.P.G. of Montgomery and Associates Consultores Limitada ("M&A"). Mr. Rosko is a Registered Geologist (C.P.G.) in Arizona, California, and Texas, a Registered Member of the Society for Mining, Metallurgy and Exploration, and is a qualified person (QP) as that term is defined by NI 43-101. Mr. Rosko and hydrogeologists from M&A have been on site multiple times during the various phases of drilling and sampling operations. Mr. Rosko has extensive experience in salar environments and has been a QP on many lithium brine projects. Mr. Rosko and M&A are completely independent of Millennial Lithium. Mr. Rosko has reviewed and approved the content of this news release.

    Program design and exploration support was provided by Mr. Iain Scarr, (B.Sc. - Geology, MBA, CPG) of Millennial Lithium. Mr. Scarr is a Certified Professional Geologist (CPG) with the American Association of Professional Geologists (AIPG) and a QP as defined in NI 43-101. Mr. Scarr has spent significant time on site at Pastos Grandes during all drilling and sampling operations and has extensive experience with lithium projects at other lithium bearing salars.

    A Technical Report prepared under the guidelines of NI 43-101 standards describing the resource estimation will be filed on SEDAR within 45 days of this release.

    To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.

    MILLENNIAL LITHIUM CORP.

    "Farhad Abasov"

    President and CEO, Director

    MILLENNIAL LITHIUM CORP.
    1177 West Hastings Street
    Suite. 2000
    Vancouver, BC Canada V6E 2K3
    Tel: (604) 662-8184
    Fax: (604) 602-1606
    E-Mail: info@millenniallithium.com

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Forward-Looking Statements

    This document may contain "forward-looking information" within the meaning of Canadian securities legislation (hereinafter referred to as "forward-looking statements"). All statements, other than statements of historical fact, included herein including, without limitation statements relating to the Preliminary Economic Assessment, estimated capital and operating costs, productions rates, cash flows, rates of return, mine life or mineral resources, securing of debt for future project construction, purchase of future mine production, the timing for completion of an Feasibility Study and other matters related to the exploration and development of the Project, are forward-looking statements. These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions, title disputes as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.

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