TORONTO, ONTARIO--(Marketwired - May 5, 2014) - Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) is pleased to announce that Colin Webster, P. Eng., has joined our Management team as Vice President, Sustainability.
Previously, Colin Webster was with Goldcorp Inc. as the Director of Aboriginal, Government and Community Relations, for the Canada & USA Region from October of 2009 until April 2014. Prior to joining Goldcorp, Mr. Webster was a founding partner at Blue Heron Solutions for Environmental Management, an environmental consultancy in northern Ontario, providing technical and professional services to the resource development industry. He has a degree in Mining Engineering from Queen's University, a diploma in Environmental Technology from Fanshawe College and over 20 years of experience within industry and consulting. Over his career Mr. Webster has gained wide ranging experience and insights into environmental management, government relations and corporate social responsibility.
In addition, the Company's Board of Directors has granted an officer of the Company options to acquire an aggregate of 250,000 common shares of Noront with an exercise price of $0.59 per common share, the closing market price on the date of grant May 5, 2014, exercisable for a period of five years. The options were granted pursuant to Noront's stock option plan and are subject to all applicable regulatory and exchange approvals.
The Company also announces that pursuant to the loan agreement entered into between Noront and Resource Capital Funds V L.P. ("RCF") on February 26, 2013, it has satisfied the payment of interest for the fourth quarter of 2013 and the first quarter of 2014 by delivery of 2,104,398 and 871,434 common shares respectively of the Company (the "Interest Shares") to RCF, at an effective price of $0.1893 and $0.4305 per interest share. The interest shares are subject to a four month hold period which will expire on May 14,2014 and August 12, 2014 respectively.
Noront Resources Ltd. is focused on development of the high-grade Eagle's Nest nickel, copper, platinum and palladium deposit and the high-grade Blackbird chromite deposit, both 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
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 the Company 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 the Company 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; 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 the Company; stock market volatility; competition; risk factors disclosed in the Company'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 the Company 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.