Niocorp Developments Ltd (NB)

[Boilermaker1]

I appreciative (and share) your enthusiasm re the potential size of the ore body. But, I really do not think we want to be spreading speculation and rumors. Read ALL of what you cut and pasted from the Study. The study included a review of PAST explorations and test drilling. This was from a report prepared for MOLYCORP in 1986. AT THAT TIME, based on the data that they had AT THAT TIME, they made statements concerning "OPEN." Since that time there has been additional drilling and additional data. If you look at the detailed drill data obtained in recent (by Nicorp, not Molycorp) drilling, you can see that a number of the test bores DID NOT intersect the ore body. That was not wasted money, the data was used to help define the limits of the ore body. In effect it "closed off" some of the "openness." If you want to talk about open (or not open) you need to look at the conclusions reached after ALL the test drill data was considered. Yes, it is still open in some directions, but not all.

If you want to simply speculate on ore body size, why not get the opinion of some guys that really know mining? How about Mark Smith and Scott Honam? They can't prove it in accordance with the requirements of the Canadian Government, but they do have an opinion as to how big it really is. And what is their opinion? Look at the areas where they have purchased options for mineral rights. Why do you suppose they did this? Notice how these options sort of stretch out to the NW and SE!