TORONTO, ONTARIO--(Marketwire - March 28, 2013) - Noront Resources (TSX VENTURE:NOT), as a development stage mining company focused on the development of its Eagle's Nest Mine within the Ring of Fire (James Bay Lowlands of Northern Ontario), is encouraged with the Federal Government's commitment of support for the Ring of Fire and the mining industry.
The Economic Action Plan announced on March 21, 2013 states that the Federal Government has budgeted $4.4 million over three years for the Ring of Fire's Capacity Building Initiative through the Federal Government's Responsible Resource Development Plan. The Initiative, operated under the Federal Economic Development Initiative for Northern Ontario ("FedNor"), provides targeted support to communities directly adjacent to the Ring of Fire. The funding is available for activities such as business skills development, strategic business planning and Aboriginal youth engagement which are designed to ensure that First Nations benefit fully from resource development opportunities associated with Ring of Fire projects.
"It is clear after reading the Economic Action Plan that the Minister responsible for FedNor and the Ring of Fire, Tony Clement, and the Federal Government have listened to our ideas based upon our experiences in the Ring of Fire," said Chairman and Interim CEO of Noront Resources, Paul Parisotto. Mr. Parisotto added: "We would like to thank the Government for addressing the needs of our industry alongside the legitimate concerns of our First Nations neighbours and partners." Mr. Parisotto further added: "The mining industry has proven it is a strong contributor to Canada's long-term growth and prosperity, and continued investment by all stakeholders will allow the true growth potential of the industry, including the Ring of Fire, to be realized."
Noront Resources plans to begin mine development in 2015 from one of Canada's highest-grade nickel, copper, platinum group elements discoveries and be in commercial production by 2017.
Noront also places great importance in its relationship with Canada's First Nations, seeing them as long-term partners. Noront has established and implemented a comprehensive community-engagement programme to benefit the First Nations communities near the Ring of Fire. Recently Noront was awarded the Mining Magazine 2012 Editor's award for corporate social and environmental responsibility. Noront has recently entered into a partnership with the Matawa First Nations and Confederation College to support training initiatives for the local communities. Noront also supports youth educational camps which are held in the communities each year.
"Noront is here for the long-haul and want to be recognized as a good corporate citizen", Parisotto finishes. "We look forward to continuing our good working relationships and partnerships with the public, our First Nations neighbours and our governments."
To learn more about Noront's positive feasibility study and its economic, socially and environmental sustainable investor plan, please visit www.norontresources.com/?investors#info.
About Noront: 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.
For further information please contact Olya Yousefi, Manager, Corporate Communications at (416) 367-1444, or visit Noront's website at: www.norontresources.com or search the Company's publically filed documents on SEDAR at: www.sedar.com.
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.