Niobay Metals Inc. (NBYCF)

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“The Argor deposit represents a great opportunity for the Company and it will definitely create value to our shareholders” said Claude Dufresne, President and CEO. “The quality of the resources is exceptional and we are looking forward to close the transaction and to begin working with the stakeholders to initiate the development of Argor,” added Mr. Dufresne.

The historical resources estimate, the historical feasibility and the historical metallurgical testing are not 43-101 compliant and are based on data obtained by previous operators in the 60’s. MDN has not yet undertaken the work necessary to verify or classify those historical results. Economic studies completed in the 60’s do not mean the Argor deposit would be found to be economic today. MDN is not treating the historical results as NI 43-101 compliant nor as having been verified by a qualified person, and the historical results should not be relied upon.

Jacquelin Gauthier, P. Geo., P. Eng., acted as the qualified person as defined in National Instrument 43-101. He reviewed and approved the technical and scientific content of this press release.