Shares Outstanding: 165,415,818
Fully Diluted: 176,782,750
TORONTO, Jan. 18 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) announced today that it supports the actions of the Marten Falls First Nation ("MFFN") at the Ring of Fire, located in the James Bay Lowlands. MFFN announced today that they are implementing a logistics halt, which will deny companies operating in the Ring of Fire access to the ice landing strip at Kopper Lake. MFFN indicated that this denial of service, which MFFN undertook with the support of other communities in the area, will be in place for an indefinite period.
Noront notes that MFFN and other First Nation communities in the area, have become increasingly concerned by the lack of consultation with their communities concerning development in the Ring of Fire and a disregard for their environment.
Noront notes that it has been its policy from the beginning to actively work with and communicate with the First Nations communities impacted by the Company's exploration activity in the Ring of Fire. Noront has been actively canvassing the local First Nations communities and the provincial government to initiate round table negotiations between industry, First Nations leaders and provincial government ministries to establish a long term, viable development plan that brings the maximum benefit to the most people in this exciting mineral district.
Noront's CEO, Wes Hanson states: "We are very concerned that our community partners feel that their only recourse is to deny logistical access to the ice strip at Kopper Lake to all companies in the Ring of Fire. It is our understanding that the events that precipitated this denial of service were not due to any specific action on the part of Noront, however, as the only exploration company currently active in the Ring of Fire, Noront is inconvenienced by this action. Noront has respected and honoured MFFN by signing an agreement compensating them for exploration work we've completed on their traditional lands. We have undertaken several initiatives regarding education and youth within the MFFN community and we remain committed to building a strong and stable relationship in the future. We are therefore not, at this time, taking any action to limit the protest. We will adjust our exploration effort accordingly and we do not believe that this action will limit or otherwise disrupt our development plans at McFauld's Lake. The denial of service, to our knowledge, does not limit our ability to continue active work programs in the area. We remain committed to maintaining a close working relationship with MFFN and the other communities in the Ring of Fire. I have contacted Chief Moonias to advise him that while we consider the denial of service at Kopper Lake to be unfair to Noront, we will abide by the denial of service."
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.
For further information: For further information: Joanne Jobin, Vice President Corporate Communications at (416) 367-1444, or visit Noront's website at: http://www.norontresources.com