Resource World Magazine

48 www.resourceworld.com o c t o b e r / n o v e m b e r 2 0 1 5 Rare Metals Roundup nioCorp Developments Ltd. [NB-TSX; NIOBF-OTCQX; BR3-FSE] has completed a second Preliminary Economic Assessment for its Elk Creek Niobium Project south of Lincoln, Nebraska. Highlights include: an after-tax NPV of US $2.30 billion; after-tax IRR of 27.6%; average pre-tax cash flow of US $438 million; an increase in annual- ized scandium trioxide production to 97 tonnes; annualized ferroniobium produc- tion of 7,490 tonnes; annualized titanium dioxide production of 23,960 tonnes; and a total upfront capital investment of US $979 million. nemaska Lithium Inc. [NMX-TSXV; NMKEF-OTCQX] has received the general certificate of authorization (CA) for the Whabouchi Project, James Bay region, from the Québec Ministry of Sustainable Development, Environment and the Fight Against Climate Change (MDDELCC). The CA is the most significant permit for mining projects in Québec and allows Nemaska Lithium to pursue project financ- ing discussions to start mine construction. The corporation was granted a positive federal decision on July 29, 2015, and therefore has now obtained all basic envi- ronmental authorizations, enabling it to move forward with its Whabouchi mine project. Texas Rare Earth Resources Corp. [TRER-OTCQX], an exploration com- pany targeting heavy rare earths, reports that review of existing data and addi- tional work by K-Tech Inc. at their lab in Lakeland, Florida indicate that potentially economically significant amounts of scan- dium are being leached from the Round Top rhyolite, 85 miles east of El Paso, Texas. Independently calculated measured, indicated and inferred resources stand at 525.4 million kg of rare earth oxides aver- aging 634 ppm total rare earth oxides of which 72% and heavy REOs, plus yttrium. Highlights of a PEA include: NPV of $1.47 billion pre-tax (10% discount); IRR of 69%, payback 1.5 years; Capex $292.7 million and a mining rate of 20,000 tpd. ucore Rare Metals Inc. [UCU-TSXV; UURAF-OTCQX] has commissioned the construction of a pilot plant (SuperLig®- One", the "plant, or test unit" based on Molecular Recognition Technology (MRT). The purpose of the plant will be to test the use of MRT for the separation of rare earth elements (REEs) at bulk scale. Ucore has contracted with IBC Advanced Technologies, Inc. of American Fork, Utah (IBC) for the design and con- struction of the plant, targeting completion before the end of 2015. The test unit, with the project name "SuperLig®-One", will be constructed at IBC. Once complete, the test unit will then be relocated to a third party facility for an independent review of pilot scale test procedures. With multiple projects across North America, Ucore's primary focus is the 100%-owned Bokan – Dotson Ridge REE property 60 km southwest of Ketchikan, Alaska and 140 km northwest of Prince Rupert, British Columbia and has direct ocean access to the western seaboard and the Pacific Rim. Largo Resources Ltd. [LGO-TSXV] has achieved two new production records over consecutive days at its Maracas Menchen vanadium mine in Bahia, Brazil. A new daily production record of 27 tonnes of V 2 O 5 was posted August 23, which repre- sents approximately 102% of the plant's daily design capacity. This record perfor- mance was surpassed August 24 with daily production totalling 29 tonnes of V 2 O 5 or approximately 110% of the plant's daily design capacity. The company also recently achieved a new record for a single production shift (three production shifts per day) of 11 tonnes which further indicates the plant's capability to further increase daily produc- tion rates. Additionally, Largo reported that on August 23, it marked another pro- duction milestone of 10 million pounds of V 2 O 5 produced since production began in August 2014. Commerce Resources Corp. [CCE- TSXV; CMRZF-OTCQX; D&H-FSE] has released results for an additional 11 drill holes from the recently completed winter/ spring drill program at the 100%-owned Ashram rare earth deposit in northern Québec. Highlights are as follows: • 199.11 metres of 1.98% TREO (total rare earth oxides), including 45.42 m of 2.44% TREO (EC15-129); • 149.42 m of 1.88% TREO, including 43.87 m of 2.20% TREO (EC15-139); Expansion of rare earth element (REE) mineralization south, and potentially north, of the Ashram deposit. The primary goal of the drill program was to increase the resource confidence from the current inferred category to the measured and/or indicated categories with infill drilling, as required for the continu- ing prefeasibility study. A total of 31 drill holes for 4,146 metres were completed in the program, with three holes for 563.63 m remaining to be reported. The results from three drill holes have highlighted the potential for further expansion and discovery of rare earth mineralization past the northern and southern extents of the known deposit. Cameco Corp. [CCO-TSX; CCJ-NYSE] and AREVA officially marked the start of production at the Cigar Lake uranium mine and McClean Lake mill on September 23, 2015 at the minesite in northern Saskatchewan. Cameco President and CEO Tim Gitzel, and Olivier Wantz, member of the execu- tive committee and senior executive vice-president, mining and front end business group for AREVA, welcomed dig- nitaries including Saskatchewan Economy Minister Bill Boyd and community leaders from northern Saskatchewan. Mining at Cigar Lake began in March 2014. The first packaged uranium con- centrate was produced in October 2014 at the McClean Lake mill which is majority owned and operated by AREVA Canada Resources Inc. The mine is owned by Cameco (50.025%), operator, AREVA Resources Canada (37.1%), Idemitsu Canada Resources. (7.875%) and TEPCO Resources (5.0%). n miNiNG

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