CENTENNIAL, Colo., Nov. 11, 2021 /CNW/ -- NioCorp Developments Ltd. ("NioCorp" or the "Company") (TSX: NB; OTCQX: NIOBF) is pleased to announce that the Nebraska Department of Environment and Energy ("NDEE") has granted to NioCorp an extension until April 4, 2022 as to when construction must be initiated at the Company's Elk Creek Superalloy Materials Project (the "Project") under the current construction air permit.
The Project's construction air permit was issued by NDEE on June 2, 2020, and requires that "construction, reconstruction, or modification of the source" be commenced within 18 months of the permit's issuance. The six-month extension recently granted by NDEE was based on the date of the Company's October 4, 2021, request for such an extension.
"We very much appreciate the NDEE's granting of this extension," said Scott Honan, NioCorp's Chief Operating Officer, "and we look forward to the onset of construction-related activities at the Project site, in compliance with the permit, once we have obtained sufficient project financing to proceed."
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For More Information:
Contact Jim Sims, VP of External Affairs, NioCorp Developments Ltd., 303-503-6203, email@example.com
NioCorp is developing a superalloy materials project in Southeast Nebraska that will produce Niobium, Scandium, and Titanium. Also under consideration by the Company is the production of several magnetic rare earth products. 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 is also 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. Magnetic rare earths, such as Neodymium, Praseodymium, Terbium, and Dysprosium are critical to the making of Neodymium-Iron-Boron ("NdFeB") magnets, which are used across a wide variety of defense and civilian applications.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking statements, including statements regarding the Company's anticipation of receiving sufficient financing necessary to commence construction-related activities at the Project site. Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate in the circumstances. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such forward-looking statements 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.
SOURCE NioCorp Developments Ltd.