Jim I was asked the following questions by my fellow shareholders
1)I understand Niocorp management is working or negotiating on a 20Million financing . What will the money be used for? The FS does not cost 20 million does it?
Proceeds from any of multiple financings on which we are working now are slated to go toward the costs of several elements of the Project: (1) completing our updated Feasibility Study, including engineering of the Project’s new process flow sheet; (2) costs associated with the EXIM bank’s loan due diligence process, (3) costs associated with due diligence processes with large equity investments needed to complete the Project’s up-front CAPEX requirements; (4) possible purchase of additional land in Nebraska; and (5) continuing to advance the Project to a construction start, such as conducting additional drilling, preparing for utility installation, or other site prep work; (6) repaying the debt we recently took on; and (7) other Project-related expenses.
2) Yorkville has been a bridge financer but is constantly selling shares which results in a constant drop of the shareprice.Is it not possible to find financers for the longer time who invest in Niocorp to enable Niocorp to build the mine.
Yes, and we are in continuing discusions / negotiations with a number of globally recognized investment firms interested in the Project.
As an aside, it is worth noting that, on many days when the share price ends in the red, Yorkville has not been active in the market on that day. Sellers come in all shapes and sizes, have a myriad of reasons why and when they sell, and rarely disclose those transactions.
3) What is the status of Niocorp investigation in using the railconveyor concept for Niocorp and what possible effect could it have on the building of the mine and the economics of the project.
The investigation is well underway. An independent analysis has been completed. In addition:
1. Staff has toured an operating railveyor system at a working mine, which has been operating successfully for over 5 years, and is similar in length and larger in tonnage than the one needed at Elk Creek. The environment at that particular location is challenging, as the terrain is not level or straight, conditions are wet and the water present in the workings is corrosive.
2. The railveyor system is robust in its construction, easy to maintain by people with basic mining skills, and does not require tight tolerances or precise techniques in its installation. In contrast, a vertical shaft has to be just about perfectly straight and completely vertical, and the equipment that goes in the shaft and the hoist house is highly specialized, expensive to purchase and maintain and requires a high degree of precision in its installation.
3. The next logical step for railveyor would involve bringing in experts to evaluate the geotechnical aspects of the ramps needed to support a railveyor-based mine along with a hydrogeologic evaluation to ensure that any water coming into the railveyor ramps can be dealt with. In concert with that, we’d advance the engineering design to FS level and get a firm quote from the manufacturer.
Walter
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