Niobay Metals Provides Corporate Update
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Press release
TSX-V: NBY
NIOBAY METALS PROVIDES CORPORATE UPDATE
Montreal, June 16, 2020. NioBay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) is pleased to provide an
update of activities related to the Company’s James Bay Niobium Project (the “Project”) , in addition to
a corporate update.
James Bay Niobium Project
Following the completion of the drill program (see press releases dated April 8, 2020 and May 21, 2020), Roscoe
Postle Associates initiated work related to the Project’s Mineral R esource Estimate update. The update is
progressing as expected and is expected to be published next month.
SGS Lakefield (“SGS”) completed the gravity tests on the composite sample. The results showed a mass pull of
40% to 43% using spirals with a niobium loss of only 4%. These initial results will have a positive impact on the
Project’s economics by reducing the estimated capital and operating costs. The flotation tests are now underway
and the final results for all of SGS’s testing will be published in Q3 2020.
G Mining Services (“G Mining”) began working on the Project’s Preliminary Economic Assessment ( “PEA”) in
May 2020. The Company has requested that G Mining review three mining scenarios (underground mine with
ramp access, open pit mine and a combination of open pit and underground). Assessing the three scenarios will
provide the Company with information to balance the economic benefit, the costs, jobs and community benefits
along with the potential environmental and cultural impacts.
Paradox
On June 11, 2020, NioBay Metals announced an investor relations services agreement with Relations Publiques
Paradox Inc. (“Paradox”), and the granting of 400,000 stock options. In accordance with the terms of the NioBay
stock option plan, the exercise price of the options corresponded to the closing price of the common shares of
NioBay on the TSX Venture Exchange (the “Exchange”) eve of the signing of the service agreement with Paradox
on June 8, 2020, or $ 0.29 per share. As specified in the press release of June 11, 2020, the terms of the
agreement, including those of options, were subject to stock market approval. Following the filing of the required
documents, the Exchange indicated to NioBay that the exercise price of the options granted to Paradox could
not be lower than the closing price of Nio Bay's common shares on the eve of the press release, ie $ 0.40 per
share.
NioBay therefore modified the agreement with Paradox and increased the exercise price of the options
accordingly. The other terms of the agreement remain unchanged.
Qualified Person
This press release was verified and approved by Claude Dufresne, P. Eng., and Qualified Person as defined
by NationaI Instrument 43-101. Mr. Dufresne is the President and CEO of NioBay.
ABOUT NIOBAY METALS INC.
NioBay 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 4 7% direct participation in mineral titles
situated in the Chibougamau and Normetal region, Quebec, under a joint venture agreement with SOQUEM.
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CAUTIONARY STATEMENT
Certain statements contained in this press release constitute forward-looking information under the provisions
of Canadian securities laws including statements about the Company’s plans to increase its niobium resource
and to complete a PEA . 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 futur e 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) accept responsibility for the adequacy or accuracy of this release.
FOR MORE INFORMATION, CONTACT:
NioBay Metals Inc.
Claude Dufresne, P.Eng.
President & CEO
Tel.: 514 866-6500
Email: [email protected]
www.niobaymetals.com
Paradox Public Relations
Tel: (514) 341-0408 or 1-866-460-0408
Renmark Financial Communications Inc.
Melanie Barbeau
Tel: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com