Noront Resources Ltd.
TSX VENTURE : NOT

Noront Resources Ltd.

September 26, 2014 09:05 ET

Noront Resources Provides Update on Eagle's Nest Mine

TORONTO, ONTARIO--(Marketwired - Sept. 26, 2014) - Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) is pleased to provide an update on its work plans for the winter 2014-15 season.

Noront has agreed to support Marten Falls First Nation (MFFN) as the proponent of a winter road to access its Eagle's Nest Mine in the Ring of Fire. MFFN has submitted a permit application to build a winter road from Marten Falls to Noront's Esker camp where the Eagle's Nest Mine will be located. This road will be used to transport bulk materials including fuel and heavy equipment, to be used for work on the existing airstrip and to help ensure that Noront is in position to initiate mining activities once the necessary approvals are in place.

Work on the airstrip is planned for fall/winter 2014 and will be completed under an approved land use plan with Noront's development partner Marten Falls Logistics (a 100%-owned entity of Marten Falls First Nation). As part of this project, the landing area will be cleared to its final dimensions for use as a winter air strip during the 2014/15 season rather than the previously used ice air strip constructed on Koper Lake. The airstrip will be upgraded for all-season use when waste rock aggregate is available from construction of the underground mine at Eagle's Nest.

Feasibility Study Update

Noront is currently preparing an update to its 2012 Feasibility Study which is expected to be complete by the end of October. It is being prepared by Micon International based on detailed construction cost estimates provided by the companies contributing to Noront's Eagle's Nest project, a group of world class organizations that includes:

  • Cementation - Canada's leading underground mine contractor. Responsible for underground mine development and concrete formations.
  • Kiewit - A global expert on civil, heavy duty industrial construction and management of large complex civil/mining projects. Responsible for access road construction.
  • Nuna Logistics - A leading Canadian aboriginal civil construction and logistics company. Responsible for winter road, all-season road, site roads and transportation logistics.
  • ATCO Structures and Logistics - Responsible for permanent camp and associated infrastructure.
  • AECON Group Inc. - A Canadian leader in industrial construction. Responsible for mechanical, electrical and instrumentation installation.
  • Outotec - A global leader in process plant equipment. Responsible for design and supply of the process plant equipment.
  • ABB Ltd. - Responsible for the design, supply of electrification, automation and communications systems.
  • Atlas Copco - A global leader in underground and process equipment.

These contractors were selected based on their global and northern experience, proven track record of working successfully with First Nation communities, commitment to training an operating workforce and environmental health and safety performance as well as financial terms.

Status of Environmental Assessment

The federal environmental assessment process for Noront's Eagle's Nest Mine continued to progress throughout the summer. During that time, additional environmental studies and sampling were completed in response to requests from government reviewers. Comments were also received from several First Nation communities and their concerns/issues are being addressed. Noront is waiting for the provincial government to approve our Terms of Reference for the provincial environmental assessment process. Upon completion of the environmental assessments, we will proceed with the acquisition of the approvals and permits necessary to begin road and mine site construction activities, which are scheduled for a mid-2015 start.

We are also advancing discussions with a number of First Nation communities, with the objective of negotiating Impact Benefit Agreements (IBAs) and community participation in our environmental assessment processes.

Exploration Update

Noront is preparing for a winter 2014-15 exploration program that will include completion of geophysical surveys in the early winter and a diamond drilling campaign to follow up on any targets that have been identified. Both our geophysical and drilling contractors utilize local workers. Our 2014/2015 work plan is dependent on receiving certain approvals from the provincial government, local community support and financing.

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

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.

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