Press release from CNW Group
Noront provides update on Eagle's Nest feasibility study, announces closing of offering and change to Board of Directors
Monday, May 28, 2012
Noront provides update on Eagle's Nest feasibility study, announces closing of offering and change to Board of Directors07:00 EDT Monday, May 28, 2012TORONTO, May 28, 2012 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) 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) HansonPresident & Chief Executive OfficerFORWARD LOOKING STATEMENTSThis 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.For further information: For further information please contact Olya Yousefi, Manager, Corporate Communications at (416) 367-1444, access the Company's website at www.norontresources.com or search the Company's publically filed documents at www.sedar.com.