NioCorp Developments Reports Huge Increase for Elk Creek Resource Estimate

NioCorp Developments (TSXV:NB,OTCQX:NIOBF) announced an update to its resource estimate for the Elk Creek niobium deposit in Nebraska. The company reported a 187 percent increase in tonnage of indicated resources and a 226 percent increase in the amount of indicated resources of Nb2O5.

As quoted in the press release:

The updated resource estimate for the Elk Creek Deposit is summarized in Table 1 below. The updated estimate reflects the 13 holes that were completed as part of the Company’s Phase II and Phase III drill programs. The data collected from these additional holes has been combined with the data from the Phase I program (5 holes) which formed the basis for the Company’s previous resource estimate dated September 9, 2014. Indicated tonnage has increased from 28.2 million tonnes to 81.2 million tonnes and the indicated grade has increased from 0.63% Nb2O5 to 0.71% Nb2O5 when compared to the September 9, 2014 Mineral Resource estimate. Consequently, the contained Nb2O5 in the Indicated Mineral Resource has increased from 177 million kilograms to 578 million kilograms, an increase of 401 million kilograms over the September 9, 2014 Mineral Resource estimate.

NioCorp executive Chair, Mark Smith, said:

We are very pleased to deliver such a substantial increase in the indicated Mineral Resources for the project along with a significantly higher Niobium grade. Our team designed an efficient, cost-effective in-fill drilling program which exceeded even our own internal expectations. We remain focused in our quest to rapidly develop this truly world class Niobium resource into the fourth producing Niobium asset in the world. Our technical work programs will continue to be performed expeditiously and with precision in our effort to maximize shareholder value.

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