Niobay Files Positive James Bay Niobium PEA
MONTREAL, Nov. 27, 2020 (GLOBE NEWSWIRE) — Niobay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) announces that further to its news release dated October 13th “James Bay Niobium PEA Delivers and After-tax NPV(8%) of $1.0 billion and IRR of 27.5%”, it has today filed the associated National Instrument 43-101 (“NI 43-101”) technical report for its wholly-owned James Bay Niobium project (the “Project”), located 40 km south of the island of Moose Factory, Northern Ontario. The report, entitled “Preliminary Economic Assessment, NI-43-101 Technical Report, James Bay Niobium Project, Ontario, Canada” (the “Report”) is dated effective October 13, 2020. The PEA was prepared with independent engineering firm G Mining Services Inc. (“G Mining”). A summary of key highlights are listed in Table 1
A copy of the Report can be found at www.sedar.comBecause of the geometry and location of the deposit, three mining scenarios were evaluated i.e. open pit (scenario #1), underground (scenario #3) and a hybrid of both mining methods (scenario #2).Table 1: PEA Highlights (all figures in CAD$ unless otherwise noted)*C1 Cost is mine site, transport, marketing and royaltyNioBay Metals Inc. is a mining exploration company holding a 100% interest in the James Bay Niobium Project located 45 km south of Moosonee, in the James Bay Lowlands in Ontario. NioBay also holds a 72.5% interest in the Crevier niobium and tantalum project located in Quebec and a 47% direct participation in mineral titles situated in the Chibougamau, Quebec, under a joint venture agreement with SOQUEM. Cautionary StatementThe reader is advised that the PEA summarized in this press release is preliminary in nature and is intended to provide an initial, high-level review of the project’s economic potential and design options. The PEA mine plan and economic model includes numerous assumptions and the use of Inferred Resources. Inferred Resources are considered to be too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.Certain statements contained in this press release constitute forward-looking information under the provisions of Canadian securities laws. Such statements are necessarily based upon a number of beliefs, assumptions, and opinions of management on the date the statements are made and are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors should change, except as required by law. 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.For more information, contact:Claude Dufresne, P.Eng.
President & CEO
NioBay Metals Inc.
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