Montreal, June 26, 2019. Niobay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) is pleased to provide an update of activities related to the niobium and tantalum Crevier project located on the Nitassinan traditional territory of the Pekuakamiulnatsh first nation in the Saguenay region, Quebec.
Following the completion of an internal scoping study on the Crevier project and taking into account the recent increase in niobium and tantalum prices, the Company has decided to proceed with a series of metallurgical tests. A fifteen-tonne bulk sample was extracted from the deposit in early June 2019, and will soon be shipped to the COREM laboratory in Quebec city. The objective of the metallurgical program is to test innovative technologies with a focus on pre-concentration technologies and new reagents developed over the last few years. The first series of tests will be conducted at the COREM research and development center. Results are expected late in the third quarter of 2019.
In relation to this work, the Company applied for a grant of approximately $120,000 from The Ministère de l’Énergie et des Ressources Naturelles du Quebec and is expecting a final decision by mid-July of 2019.
This press release was verified and approved by Claude Dufresne, P. Eng and Qualified Person as defined by NationaI Instrument 43-101. Mr. Dufresne is the President and CEO of Niobay.
About the Crevier project
The Crevier project contains a niobium and tantalum measured and indicated resource of 25.4 million tonnes @ 0.20% Nb2O5 and 234 ppm Ta2O5 (prepared by SGS in July 2010 in accordance with NI 43-101). The Company owns a 72.5% interest in the project while Niobec Inc., the third largest niobium producer in the world, owns the remaining 27.5%. The Company has an option to acquire from Niobec Inc. the remaining interest of 27.5%.
About NioBay Metals Inc.
NioBay Metals Inc. is a mining exploration company holding a 100% interest in the James Bay Niobium Project located in Ontario and a 72.5% interest in the Crevier niobium and tantalum project located in Quebec. In addition, NioBay holds a 49% direct participation in certain mineral titles located in the Chibougamau region, Quebec, under a joint venture agreement with SOQUEM.
Certain statements contained in this press release constitute forward-looking information under the provisions of Canadian securities laws. Such statements include, without limitation, the statements regarding the Company’s plan to complete a metallurgical program and the mineral resource estimate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. There can be no assurance that such statements will prove accurate.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.