Noront provides update on Eagle's Nest feasibility study, announces closing of offering and change to Board of Directors
28 5월 2012 - 8:00PM
PR Newswire (Canada)
TORONTO, May 28, 2012 /CNW/ - Noront Resources Ltd. ("Noront" or
the "Company") advises that in response to recent announcements by
the Government of Ontario and Cliffs Natural Resources ("Cliffs")
regarding the proposed location of a ferrochrome smelting facility
in Sudbury and road access to the Ring of Fire, the Company has
decided to evaluate the impact of these announcements prior to
issuing the Feasibility Study for it's Eagle's Nest Project.
President and CEO Wes Hanson states: "The Company views the
announcements by Cliffs and the Government of Ontario on May 9,
2012 as a very positive development in unlocking the vast mineral
wealth identified in the Ring of Fire district of Ontario. In order
to evaluate the potential benefits to our shareholders, the Company
has decided to delay issuing the Feasibility Study for our flagship
Eagle's Nest nickel sulphide deposit. The commitment, by both
parties, to a north south access route and the timing highlighted
in the announcements, warrant a thorough review to evaluate the
potential impact to our planned development of the Eagle's Nest
deposit." The Company is also pleased to announce the completion of
its previously announced offering with Baosteel Resources
International Co. Ltd. ("Baosteel"), pursuant to which Baosteel
exercised its right to maintain its 9.9% interest in the Company
and acquired an additional 2,566,151 Common Shares at a purchase
price of CAD$0.52, representing net proceeds to the Company of
approximately CAD$1.33 million. The Company also wishes to announce
the resignation of Mr. Keith McKay as a Director of Noront. Mr.
McKay's resignation allows Mr. David Thomas, to join the
Board. Mr. Thomas, P.Geo., is Managing Director (Canada) for
RCF Management (Toronto) Inc. Prior to joining RCF in 2010, David
spent 15 years in investment banking as a mining analyst and
institutional equity salesperson. He is a geologist with an Honours
Bachelor of Earth Science degree from the University of Waterloo
and a Master of Science degree from Queen's University. As an
exploration geologist, David worked for eight years with Minnova
Inc. and Metall Mining, exploring primarily for base metals in
Canada. President and CEO Wes Hanson states: "On behalf of the
Board and Management of Noront I would like to extend our sincere
best wishes to Mr. McKay in his future endeavours. Keith played a
significant role in shaping Noront's future and his contributions
will be missed. At the same time I am delighted to welcome Mr.
Thomas as our newest Director. Dave's expertise and insight will be
invaluable as the Company continues to advance Eagle's Nest towards
commercial production." About Noront: Noront Resources Ltd.
is focused on developing the high-grade Eagle's Nest
nickel-copper-platinum-palladium deposit, the exploration and
development of the Blackbird chromite discovery and regional
exploration for additional mineral deposits within it's large,
highly prospective land position in an area known as the "Ring of
Fire", an emerging multi-metals camp located in the James Bay
Lowlands of Ontario, Canada. Wesley (Wes) Hanson President &
Chief Executive Officer FORWARD LOOKING STATEMENTS This release
contains "forward-looking statements" within the meaning of
applicable Canadian securities legislation, including predictions,
projections and forecasts. Forward-looking statements
include, but are not limited to, statements that address
activities, events or developments that the Company expects or
anticipates will or may occur in the future, including such things
as future business strategy, competitive strengths, goals,
expansion, growth of the Company's businesses, operations, plans
and with respect to exploration results, the timing and success of
exploration activities generally, permitting time lines, government
regulation of exploration and mining operations, environmental
risks, title disputes or claims, limitations on insurance coverage,
timing and possible outcome of any pending litigation and timing
and results of future resource estimates or future economic
studies. Often, but not always, forward-looking statements can be
identified by the use of words such as "plans", "planning",
"planned", "expects" or "looking forward", "does not expect",
"continues", "scheduled", "estimates", "forecasts", "intends",
"potential", "anticipates", "does not anticipate", or "belief", or
describes a "goal", or variation of such words and phrases or state
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material
factors and assumptions, including, the result of drilling and
exploration activities, that contracted parties provide goods
and/or services on the agreed timeframes, that equipment necessary
for exploration is available as scheduled and does not incur
unforeseen break downs, that no labour shortages or delays are
incurred, that plant and equipment function as specified, that no
unusual geological or technical problems occur, and that laboratory
and other related services are available and perform as
contracted. Forward-looking statements involve known and
unknown risks, future events, conditions, uncertainties and other
factors which may cause the actual results, performance or
achievements to be materially different from any future results,
prediction, projection, forecast, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, the interpretation and actual
results of current exploration activities; changes in project
parameters as plans continue to be refined; future prices of gold;
possible variations in grade or recovery rates; failure of
equipment or processes to operate as anticipated; the failure of
contracted parties to perform; labour disputes and other risks of
the mining industry; delays in obtaining governmental approvals or
financing or in the completion of exploration, as well as those
factors disclosed in the Company's publicly filed documents.
Although Noront has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. Noront
Resources Ltd. CONTACT: For further information please contact Olya
Yousefi, Manager,CorporateCommunications at (416) 367-1444, access
the Company's websiteat www.norontresources.com or search the
Company's publically fileddocuments at www.sedar.com.
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