The submission period for site bids on the proposed Noront
Resources Ltd. (“Noront” or the “Company”) (TSX-V:NOT) ferrochrome
production facility is now closed. Four completed bid packages were
received by the deadline, which was close of business on Friday,
February 2, 2018. Bids were received from Sault Ste. Marie,
Sudbury, Thunder Bay and Timmins. The next steps in the process are
outlined below along with an update on the Company’s latest
exploration activities.
Ferrorchrome Production Facility
Noront has engaged Hatch, a Mississauga,
Ontario-based engineering and consulting company to assist in
adjudicating the bids. Next steps include calculating indicative
capital and operating costs and reviewing these alongside community
and First Nations support, site appropriateness, environmental
factors, access to a skilled workforce and other elements.
Near the conclusion of this detailed analysis,
Noront will engage directly with the owners of the favoured site(s)
to come to a mutually agreeable commercial arrangement for the use
of the property.
The Company estimates the adjudication process
will conclude in three to four months depending on the
competitiveness and complexity of the bids and the ensuing
commercial negotiations. A decision will be publicly announced at
that time along with the criteria and rationale for site
selection.
Exploration Update
Cyr Drilling in partnership with Webequie First
Nation began a 3-hole drill program targeting high-grade
copper-zinc mineralization at our McFaulds Lake VMS property. This
is taking place at a recently discovered, high-priority
electromagnetic (EM) anomaly located midway between the McFaulds
No.3 and No.1 deposits (See Figure 1). In addition, up-dip drilling
will take place on the newly discovered McFaulds No.8 copper-zinc
VMS occurrence. (See press releases dated September 26, 2017 and
November 27, 2017 for further detail.)
In conjunction with drilling activities, Crone
Geophysics will perform ground EM surveys over three high-priority
VMS targets on the property (Figure 1) as well as borehole-EM
surveying of the planned drill holes. “We are very excited about
the continued discovery potential at the McFaulds VMS camp and look
forward to providing shareholders with additional exploration
updates in the weeks to come,” said Noront Vice President
Exploration, Ryan Weston.
RCF Interest Payment
Pursuant to its convertible debt facility with
Resource Capital Fund V (RCF), Noront satisfied payment of interest
in the amount of $377,130 for the fourth quarter of 2017 by
delivery of 1,214,981 common shares of the Company (the “Interest
Shares”) at an effective price of $0.3104 per Interest Share. The
Interest Shares were delivered on January 25, 2017 subject to a
four month and one-day hold period, expiring on May 26, 2018.
The calculation of the number of Interest Shares
issued was based on the volume weighted average trading price of
the common shares of the Company during the 20 trading days prior
to December 31, 2017. After giving effect to the issuance of
the Interest Shares, there are 346,676,642 common shares of the
Company issued and outstanding.
About Noront Resources
Noront Resources Ltd. is focused on development of its
high-grade Eagle’s Nest nickel, copper, platinum and palladium
deposit and world class chromite deposits including Blackbird,
Black Thor, and Big Daddy, all of which are located in the James
Bay Lowlands of Ontario in an emerging metals camp known as the
Ring of Fire. www.norontresources.com
Ryan Weston, M.Sc., MBA, P.Geo, Vice-President,
Exploration, Qualified Person as defined by National Instrument
43-101 – Standards of Disclosure for Mineral Projects
(“NI-43-101”), has reviewed and approved for the technical
information contained in this press release.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
For more information:Janice
Mandeljanice.mandel@stringcom.com647-300-3853
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING INFORMATION
This press release includes certain
“forward-looking information” within the meaning of applicable
Canadian securities legislation. Forward-looking information is
based on reasonable assumptions that have been made by Noront as at
the date of such information and is subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Noront
to be materially different from those expressed or implied by such
forward-looking information, including but not limited to: the
impact of general business and economic conditions; that all
conditions precedent to the transactions will be met; risks related
to government and environmental regulation, actual results of
current exploration activities, conclusions of economic evaluations
(including those contained in the Feasibility Study) and changes in
project parameters as plans continue to be refined; problems
inherent to the marketability of base and precious metals; industry
conditions, including fluctuations in the price of base and
precious metals, fluctuations in interest rates; government
entities interpreting existing tax legislation or enacting new tax
legislation in a way which adversely affects Noront; stock market
volatility; competition; risk factors disclosed in Noront’s most
recent Management’s Discussion and Analysis and Annual Information
Form, available electronically on SEDAR; and such other factors
described or referred to elsewhere herein, including unanticipated
and/or unusual events. Many such factors are beyond Noront’s
ability to control or predict.
Although Noront has attempted to identify
important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that forward-looking information will prove to be accurate as
actual results and future events could differ materially from those
reliant on forward-looking information.
All of the forward-looking information given in
this press release is qualified by these cautionary statements and
readers are cautioned not to put undue reliance on forward-looking
information due to its inherent uncertainty. Noront disclaims any
intent or obligation to update any forward-looking information,
whether as a result of new information, future events or results or
otherwise, except as required by law. This forward-looking
information should not be relied upon as representing the Company’s
views as of any date subsequent to the date of this press
release.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/531dd9d1-e1d7-48ea-884f-8c794b2174d8
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