NIO-METALS HOLDINGS LLC. PROPOSES BUSINESS COMBINATION WITH NIOCAN INC.

/NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE UNITED STATES/

NEW YORK, Jan. 12 /CNW/ - Nio-Metals Holdings LLC ("Nio-Metals"), a shareholder owning approximately 41.98% of the currently outstanding common shares of Niocan Inc. ("Niocan"), announces that it has proposed to enter into discussions with Niocan to complete a business combination ("Business Combination") with Niocan, the commercial effect of which would be that all of the current shareholders of Niocan (other than Nio-Metals) would receive a cash amount per share of Niocan, which will be a premium to the market closing price on Friday, January 7, 2011.

Nio-Metals intends to effect the Business Combination with Niocan in a friendly manner.

Nio-Metals Holdings LLC is located at 535 Madison Avenue, 11th Floor, New York, NY 10022.  A copy of the report relating to this press release can be obtained from Lara Pham 646-365-1600 or on Niocan's profile at www.SEDAR.com.

The filing of this report is not an admission that an entity named in the report owns or controls any described securities or is a joint actor with another named entity.

For further information:

Lara Pham, 646-365-1600