Shares Outstanding: 167,885,442
Fully Diluted: 179,169,260
TORONTO, April 26 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to announce that it has filed its NI 43-101 compliant technical report supporting the Company's recent resource increase at its Eagle's Nest Deposit at the McFaulds Lake property, located in the James Bay Lowlands of Northern Ontario. The report may be accessed via the Company's website at www.norontresources.com or on SEDAR at www.sedar.com.
The "Technical Report and Resource Estimate, McFaulds Lake Project, James Bay Lowlands, Ontario, Canada", with an effective date of April 23, 2010, prepared by Golder Associates, considers all of Noront's discoveries at the McFaulds Lake Project and essentially replaces the previous NI 43-101 technical reports for Eagle One (October 2008) and Blackbird (December 2009). All of Noront's technical reports may be found on the Company's website and on SEDAR.
Wes Hanson, Noront's President and CEO states, "We are pleased to issue this updated technical report for our McFaulds Lake Project. The resource growth at Eagle's Nest was in-line with our projections. We now intend to focus on further growth, both at Eagle's Nest and elsewhere within our claim holdings. Upon completion of our recently announced flow through financing, the proceeds raised will allow us to pursue nickel, copper and PGE resource growth at Eagle's Nest while still allowing us to test the targets resulting from our in depth data review." Mr. Hanson adds; "Currently, three drills are drilling infill holes at Eagle's Nest while a fourth drill is testing AT 12. The deep drilling program at Eagle's Nest has been delayed by approximately two weeks, due to difficulties faced by our drill contractor, Forage Orbit, with travel logistics into the Camp and in locating specialized crews necessary to operate these new drills. Both deep drills are now on site and are fully crewed and deep drilling has begun with one of the drills. Our current plan is to extend hole NOT-09-049 as deep as possible and once again utilize it as a platform hole for down hole geophysics. Given the depth of the planned drilling, the Company cannot reasonably determine if this deepening will or will not follow mineralization. Follow on holes will be contingent upon the results of this hole. While there has been a slight delay in the deep drill program, we do not expect it will prevent the Company from completing its planned drilling for 2010 nor do we expect it will delay any of the engineering studies planned for Eagle's Nest."
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program has been in effect for the McFaulds Lake Project, which includes grouping samples into batches of 35 into which are added 2, certified reference material standards, 2 field and pulp duplicates also form part of the quality control program. It can be said with confidence that all assays are reported in this Press Release have passed the strict quality control guidelines as set out by Noront's Qualified Person.
All samples taken since the August 2008 Resource Estimate, and used in this resource update, were analyzed by Activation Labs (Actlabs) of Ancaster, Ontario. The samples submitted to Actlabs were analyzed for multi-elements, including Ni and Cu using a four acid digestion and by ICP analysis. The samples that received base metal values greater than the upper limit for the method underwent further analysis using ICP-OES. For the Au, Pd and Pt, the assay methodology was Fire Assay on a 30 gram aliquot with an ICP finish. Silver was analyzed using a 3-acid digest with an ICP analysis. For more information on assay methodology please visit the Activation Laboratories Ltd. Website at http://www.actlabsint.com.
Preparation of this press release has been supervised by Noront's senior management including Jeremy Niemi, P.Geo. Vice President, Geology, who is a Qualified Person under Canadian Securities Administrators guidelines.
The contents of this press release have been read and approved by Mr. G. Greenough, P.Geo., Golder Associates, who is a Qualified Person under Canadian Securities Administrators guidelines.
NUMA (Noront Universal Mining Application)
As requested by the Compliance & Disclosure Department of the TSX Venture Exchange (the "Exchange"), Noront has removed the NUMA iPhone application from Apple's iTunes App Store as, in the Exchange's opinion, NUMA produced "prohibited disclosure". Noront is reviewing the NUMA application in light of the Exchange's concerns and hopes to re-introduce it at some point in the future.
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 and 2011. 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.