Symbol: NOT:TSX-V Shares Outstanding: 165,415,818 Fully Diluted: 176,782,750
TORONTO, Jan. 29 /PRNewswire-FirstCall/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) reports the following update concerning the First Nations logistics halt from Esker Camp at its McFaulds Lake project.
The First Nations logistics halt at Koper Lake has forced Noront to temporarily suspend its winter drill program and reduce manpower levels. Although drilling is temporarily suspended, Noront remains confident that a negotiated settlement is possible and that the planned drilling for 2010 will be completed.
Noront's technical staff, both at camp and at its head office, are actively updating geological and geophysical models, reviewing results from the fall program, initiating sampling of the newly discovered Triple J gold zone and initiating a preliminary evaluation of the Eagle's Nest resource.
Although the Company's drilling activities have been temporarily suspended, Noront recognizes the right of the First Nations' communities of Marten Falls and Webequie to take such measures in order to make their concerns known. Noront continues to have an open dialogue with both Chief Moonias (Marten Falls First Nation) and Chief Wabasse (Webequie First Nation) in hopes of reaching a negotiated settlement in the very near future.
Wes Hanson, President and CEO of Noront stated; "When we were informed by the First Nations communities of the plan to disrupt logistical support to the Ring of Fire, we were hopeful for a quick resolution as we understood that the action was not directly related to Noront's activities. Unfortunately, this disruption has now progressed to the point where we have found it necessary to temporarily suspend drilling until such a time as a settlement can be reached. We have stopped all drilling as requested by the communities and are currently reducing staffing at Esker Camp. Noront is disappointed that negotiations are taking longer than expected. However, out of friendship and respect, rather than challenge this action, Noront has chosen to accept the actions of our neighbors to highlight their concerns regarding recent activities by other parties in the area. Mr. Hanson further notes: "It is unfortunate that Noront's operations have been temporarily impacted but ensuring that the communities are properly consulted is vital to the long term development of the Ring of Fire. We wish to demonstrate that we are good neighbors, that we understand the communities' concerns. We are actively negotiating with the communities involved and are confident that a fair and equitable settlement can be reached in the near future."
About Noront: Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite, gold and vanadium discoveries in an area known as the "Ring of Fire", an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the dominant land holder at the Ring of Fire and continues to delineate and prove up its discoveries with NI 43-101 technical and economic reports and an aggressive and well financed drill plan for 2010. All material information on Noront can be found on the Company's website at www.norontresources.com or at SEDAR at www.sedar.com
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.
SOURCE Noront Resources Ltd.