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About NioTech
Nio Tech Corp is an early stage mining development company based in the United States with the ultimate goal of becoming one of the few strategic suppliers of Niobium. It has been formed by the following event:
Latest News
Sarissa Resources Inc. (OTC Markets: Pink SRSR) (Sarissa or the Company), announces the sale of the Nemegosenda specialty metals and rare earth project from Nio-Star Corporation, a Canadian subsidiary of Sarissa, to Indo Global Exchange(s) Pte, Ltd. (OTC Markets: IGEX) (Indo Global)
Under the terms of the sale, the Indo Global will file a Form S-1 to facilitate a distribution of shares so that post-split, 95% of the Indo Global shares shall be held by existing Sarissa shareholders as of the record date, and 5% will be held by existing Indo Global shareholders. Sarissa shareholders will receive 1 new share of Indo Global for every 20 Sarissa shares held on the date of record. Indo Global intends to file for a name change to Niobium Technology Corporation, a symbol change to NBTC, and for a 12,500:1 reverse split, for approval by the Financial Industry Regulatory Authority, Inc. (FINRA).
Indo Global will own, outright, the Nemegosenda property an approximately 1,800-acre property located near Chapeau, Ontario. Exploration and geological work has been completed by Dominion Gulf Company in the late 1950s and early 1960s, by Eastmaque Gold Mines/International Musto in the 1980s and more recently by Sarissa Resources Inc. In total, diamond drilling of 84 holes totaling over 15,500 meters has been completed. A historic estimate was prepared by G.E. Red Parsons for Dominion Gulf Company that indicated for the D Zone "20,000,000 tons of 0.47 percent Nb2O5 material in a block 600 by 800 feet in size and to depths up to 600 feet," based on Gulf's drilling and a 580 foot adit which penetrated 235 feet into the zone. A 36-tonne bulk sample was extracted and subsequently was used by the Colorado School of Mines Research Institute in a pilot plant where niobium extraction from the ore was consistently achieved at an 85% to 90% level. An Economic Analysis of the project was completed in 1962 by B.J. Lerner for Dominion Gulf Company, which demonstrated the projects projected feasibility at that time.
The historical resources estimate, the historical feasibility, and the historical metallurgical testing are based on data obtained by previous owners in the 1960s. A qualified person, as defined under NI-43-101, has not done sufficient work to comment on the relevance or reliability of this historical estimate. The Company is not treating the historical estimate as, nor can the historical estimates be relied upon, as verification of current mineral resources or reserves.
Niobium, also known as columbium, is a rare metal primarily obtained from pyrochlore; a mineral found occurring in carbonatites. Well known for its use in steel alloys to add corrosion resistance and maintain high conductive properties, niobium's melting point of 2,468C enables the metals alloys to maintain their qualities at very high temperatures. Approximately 89% of worldwide niobium consumption is dedicated to the production of steel; while 9% is used in the production of "super alloys" and the final 2% is used in the development of superconductor applications within the technology, electronics, and medical industries.
John O'Shea, Director of Indo Global, commented, "We are very excited to have been able to acquire the Nemegosenda Project." Mr. O'Shea added "The landscape for niobium is rapidly changing, demand is strong and its uses continue to grow. According to industry sources, global demand for niobium is expected to grow at a compound annual growth rate of 7% through 2020. With only 3 significant existing producers in the world, all of which have recently completed full or partial acquisition by Chinese interests, there is a growing concern about diversity of supply."
Dan Byrnes, President, stated, "This is the completion of a major step in the restructuring of the project, which will enable the necessary capital to be raised and permit the project to move forward along the path to developing a mine." Mr. Byrnes added "The Nemegosenda project is uniquely suited to fill a growing need in the diversity of supply for niobium. The combination of a significant historical record of geological work completed, the inherent lower costs to mine a surface deposit, the location in a mining friendly jurisdiction close to all of the necessary infrastructure required for production and the use state-of-the-art separation and refining technology to produce a mix of both traditional and high-tech useful niobium and zirconium products, provides the newly named Niobium Technology Corporation with an exceptional opportunity."
Otto Pichler, Director, said "I am looking forward to the opportunity to join Niobium Technology Corporation and work to move the Nemegosenda project forward. Having the project in a revitalized reporting public company will allow for greater transparency for investors. The opportunities for niobium and zirconium production as well as other payables in this deposit are substantial. Our plans are to assemble a world class team that is suitable to develop this world-class deposit."
