Mr. Mark Smith reports

NIOCORP UPDATES ELK CREEK NIOBIUM RESOURCE-INCREASES ACHIEVED IN GRADE AND CONTAINED NIOBIUM

Niocorp Developments Ltd. is releasing an updated National Instrument 43-101 resource estimate for the Elk Creek niobium deposit.

Commencing in May, the company initiated a three-phase technical infill drilling program, with multiple goals of enhancing the classification of the resource; producing geotechnical and geochemical analysis of the deposit; providing material for use in metallurgical studies, including the pilot plant; and providing all other necessary information required to create and design a mine plan. Additional drilling to enhance the overall size of the deposit, where it remains open to the northwest, southeast and at depth, will be carried out in the future.

The company has completed the phase 1, five-hole drill program for a total of 5,011 metres, with the phase 2, six-hole drill program now currently under way. Phase 3 will follow, if necessary. Utilizing historic and phase 1 drilling results, SRK Consulting of Lakewood, Colo., and Cardiff, United Kingdom, have completed an updated mineral resource estimate.

SRK's mineral resource is based on a robust 3-D model of grade trends within the carbonatite complex and is based on good quality assurance/quality control results. Higher grades are associated with pyrochlore contained in magnetite-bearing dolomitic carbonatite. The indicated mineral resource is confined to a single coherent well drilled area containing continuous high-grade features.

The estimate has been reported according to CIM standards and will be supported by a National Instrument 43-101 independent report, which will be published in due course.

The resource estimate for the Elk Creek deposit is summarized in the table.

        SRK MINERAL RESOURCE STATEMENT, EFFECTIVE DATE SEPT. 9, 2014   

                       Cut-off         Tonnage         Grade contained Nb2O5  
Classification       (Nb2O5 %)    (000 tonnes)   (Nb2O5 %)          (000 kg)

Indicated                 0.30          28,200        0.63           177,000
Inferred                  0.30         132,800        0.55           733,700

(1) Mineral resources are not mineral reserves and do not have demonstrated
economic viability. All figures are rounded to reflect the relative
accuracy of the estimate and have been used to derive subtotals, totals
and weighted averages. Such calculations inherently involve a degree of
rounding and consequently introduce a margin of error. Where these occur,
SRK does not consider them to be material. All composites have been capped
where appropriate. The concession is wholly owned by, and exploration is
operated by, Niocorp Developments.
(2) The reporting standard adopted for the reporting of the MRE uses the
terminology, definitions and guidelines given in the Canadian Institute of
Mining, Metallurgy and Petroleum Standards on Mineral Resources and
Mineral Reserves (December, 2005), as required by NI 43-101.
(3) SRK assumes the Elk Creek deposit to be amenable to a variety of
underground mining methods. In the absence of definitive pricing for Nb 
and established rates of metallurgical recovery, SRK has reported the 
mineral resource at a cut-off of 0.3 per cent niobium pentoxide. The 
company's previous mineral resource, dated April, 2012, was calculated at 
a cut-off of 0.4 per cent Nb2O5.
(4) SRK completed a site inspection to the deposit by Martin Pittuck,
MSc, CEng, MIMMM, an appropriate independent qualified person as this
term is defined in National Instrument 43-101.                    

Given the current early stage in the other technical disciplines and continuing metallurgical test work, the sensitivity in the mineral resource at a range of preliminary cut-off grades is presented in the table from 0.3 per cent Nb2O5 to 0.5 per cent Nb2O5.

                      SRK MINERAL RESOURCE SENSITIVITY                                

                        Cut-off        Tonnage       Grade  Contained Nb2O5
Classification        (Nb2O5 %)   (000 tonnes)   (Nb2O5 %)         (000 kg)

Indicated                  0.50         19,100        0.74          142,000
Indicated                  0.40         22,600        0.70          157,600
Indicated                  0.30         28,200        0.63          177,000
Inferred                   0.50         63,700        0.74          469,600
Inferred                   0.40         87,000        0.66          573,300
Inferred                   0.30        132,800        0.55          733,700

Readers should note that this update only includes the results of phase 1 drilling operations. Work is currently continuing to improve the confidence in the current geological model through additional drilling and further validation of historical databases. Validation work is aimed to be completed with the completion of phase 2 drilling operations in the fourth quarter, at which point the company intends to deliver a follow-up resource estimate, which will include those data.

"Drill results have far exceeded our expectations on this deposit, and we are a very pleased to be able to deliver this resource update to shareholders," stated Mark Smith, chief executive officer of Niocorp. "We are also very impressed with the significant progress being achieved on the metallurgy program as we rapidly approach the pilot plant test stage. The information we now know, combined with the upcoming pilot plant results and the updated resource estimate before year-end, will dovetail into the extensive engineering design work that SRK are diligently completing in order to fully meet our overall objectives for this world-class project."

The company will file the complete National Instrument 43-101-compliant report on SEDAR, and it will be available on the company's website within the prescribed timeline.

Qualified person

Martin Pittuck, MSc, CEng, MIMMM, of SRK Consulting (U.K.) Ltd., a qualified person as defined by National Instrument 43-101, is responsible for the Elk Creek resource estimation and has read and approved the technical information contained in this news release.

We seek Safe Harbor.