Shares Outstanding: 163,631,957
Fully Diluted: 173,461,957
TORONTO, Sept. 23 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to announce that it has entered into negotiations with Marten Falls First Nation ("MFFN") for an exploration agreement (the "Exploration Agreement"). The Exploration Agreement follows up on the Historical Compensation Agreement arrived at with Noront Resources in March of 2009 whereby Marten Falls First Nation was compensated for past work performed by Noront on its claims located on Marten Falls traditional lands, in the Ring of Fire located in the James Bay Lowlands of Northern Ontario.
The intent of the Exploration Agreement is to develop a framework for carrying out mineral exploration work within the context of respect for the land, environment and First Nation traditional pursuits. There has been extensive consultation between the parties and it is anticipated that this agreement will be concluded in the near future.
Noront CEO, Wes Hanson states, "It is a pleasure to work with the community of Marten Falls. At Noront we look for innovative ways to work with our partners. While Chief Baxter has been very clear in communicating his people's expectations, he has been open and receptive to our approach. This sets the table for beneficial understandings between our respective groups. After several positive meetings with the Community of Marten Falls, Chief Baxter and Council, I would expect this process to accelerate."
Marten Falls First Nation and Noront are currently partners in a number of initiatives relating to infrastructure developments in and around the area of the Eagle's Nest, Nickel, Copper, PGE discovery in the James Bay Lowlands. Over the past year, MFFN through it's operating joint venture company, Marten Falls Logistics, has been active in supplying logistical support to Noront at the project site. The parties continue to explore additional ways to involve the Marten Falls First Nation community with Noront and create sustainable jobs.
Chief Harry Baxter states, "We are very pleased that Noront recognized the importance of compensating our community for past work. This was done in our Historical Compensation Agreement signed last March. The next step, which both parties recognize, is that interim compensation for the community be ongoing while business partnerships and exploration agreements are investigated. I am happy to report that we are currently in discussions which will address our community's interests and create business partnerships that build capacity and create lasting jobs for our people."
Noront Resources is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite 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 the remainder of 2009 and 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 Financial 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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
SOURCE NORONT RESOURCES LTD.
For further information: For further information: Joanne Jobin, Vice President Corporate Communications at (416) 367-1444 ext 126, or visit Noront's website at: http://www.norontresources.com