MONTREAL, QUEBEC--(Marketwire - May 31, 2011) - Niocan Inc. ("Niocan" or the "Company")(News - Market indicators) announces today that it has been informed of a decision of the Quebec Court of Appeal in favour of the appellant, a former consultant of the Company, for damages against the Company in the amount of $172,000 plus interest, an additional indemnity and costs, for the termination of an employment contract. The decision of the Court of Appeal reverses a judgment previously rendered by the Superior Court of Quebec rejecting the consultant's claim with costs. As a result of this decision, the total exposure to the Company is estimated to be approximately $225,000. The Company is currently assessing its appeal options.
About Niocan
Niocan's mission is to become a ferroniobium producer as soon as possible, following the issuance of a Certificate of Authorization from the Ministry of Sustainable Development, Environment and Parks for its Oka niobium property. Mining assets include mining rights in two (2) properties: 48 claims covering 1604 acres as well as surface rights on 231 acres at Oka and the Hudson Bay Great Whale Iron property covering 17,098 acres.
2000 rue Peel, bureau 760
Montréal (Québec) H3A 2W5
On behalf of the Board of Directors
FORWARD LOOKING STATEMENTS
Certain statements contained in this press release are forward-looking and are subject to numerous risks and uncertainties, known and unknown. For information identifying known risks and uncertainties, relating to the issuance by the Ministry of Environment of the Certificate of Authorization to build the mine in Oka, financial resources, market prices, exchange rates, politicosocial conflicts, competition, the purchase of the old St-Lawrence Columbium mine site from the Municipality of Oka should the Certificate of Authorization be issued, and other important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk and Uncertainties Section of the Corporation's most recent Management's Discussion and Analysis, which may be found at www.sedar.com. Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.