(KLZA)--  NioCorp Developments Ltd.  has  announced the company has formally exercised an option-to-purchase agreement on a key land parcel associated with the Company’s Elk Creek Superalloy Materials Project. 

Once the purchase is finalized, NioCorp will own the surface land on which the Project’s mine infrastructure and supporting operations will be located once sufficient project financing is obtained to allow the Project to proceed. 

The land purchase will also give NioCorp ownership of the mineral rights to more than 90% of the Project’s Mineral Resource and Mineral Reserve.
 
NioCorp Chief Operations Officer Scott Honan personally delivered NioCorp’s option exercise to the southeast Nebraska landowner Monday.

Further details of the purchase were not made public at the request of the landowner.