TORONTO, ONTARIO - (July 4, 2008) - Noront
Resources Ltd. ("Noront") (TSX VENTURE:NOT) is issuing this
press release to clarify two items disclosed in its July 3 release.
Firstly, Noront retracts the usage of the word Windfall in its press
release title in that it inadvertently draws potentially undue attention to
a lottery style win rather than the intended reference to Noront's Windfall
Lake property in Northern Quebec. Secondly, Noront retracts the usage of
NSR $ value per tonne in its resource estimate table in that it implies
that at least a preliminary economic analysis (scoping study) has been
undertaken on the Eagle One property where in fact it has not.
Noront is pleased to report the results of an initial resource estimate by
P&E Mining Consultants Inc. of Brampton Ontario on its recently
discovered Eagle One Cu-Ni-PGE Deposit, lying within the Double Eagle
Project located in the James Bay Lowlands, northeastern Ontario.
The Eagle One resource model was derived from delineation drilling
conducted during 2007/2008 that outlined a mantle derived, ultramafic
intrusion ("the Ring of Fire Intrusion") hosting an elongated,
steeply dipping lens of dominantly disseminated sulphides which encapsulate
a smaller lens of high grade massive sulphides. The deposit remains open
along strike and down dip for further expansion. These potential extensions
will be the subject of an exploration program to commence shortly.
Significant sulphide mineralization was outlined on nominal 50-metre spaced
sections over dip lengths of up to 225 metres that can be projected to 200
metres of strike length. Twenty-three (23) drill holes that intersected
mineralization on these five sections form the basis of the resource
estimate while an additional six (6) holes were incorporated to build the
total geological model. Inverse distance squared grade interpolation was
utilized to determine block model grades.
The identification of significant high grade massive and disseminated
sulphide resources at Eagle One clearly demonstrate that systematic
exploration of other targets in the Ring of Fire area will be the most
significant creator of value for Noront. Given Eagle One's close proximity
to the newly discovered Eagle Two occurrence and the nearby potentially
large Chromite deposit, it is clear that this area will continue to be the
centre of a highly focused exploration program.
The realization of very high Ni grades (6.5% to 7.0%) in the massive
sulphide zone allows Noront to consider the possibility of first shipping
unprocessed ore to a southern based concentrator/smelter complex. The
construction of an on site concentrator for the disseminated mineralization
would be accomplished out of operating cash flow under this scenario. This
concept would be considered in an early preliminary economic assessment
with minimal capital costs and an early production date, subject to all
necessary consents, approvals, permits and land use requirements. While
Noront would need to complete a feasibility study, prior to undertaking
this direct shipping approach, management of Noront anticipates there would
likely be potentially minimal impact to the environment and the mine
development would provide road access to several local native communities
currently with airstrips only.
The following table
sets out, for the first time, an indicated and an inferred mineral resource
for the Eagle One project:
http://media3.marketwire.com/docs/eagle-one-project.jpg
(1) The resource for Eagle One was estimated on the basis of approximate
$US three year trailing average metal prices of $12.00/lb nickel, $3.00/lb
copper, $650/oz/gold, $1,250/oz platinum, $325/oz palladium and $12.00/oz
silver and the $US exchange rate was $0.90. An NSR cut-off of $115/tonne
for underground mining and milling was utilized to report the resource.
(2) Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may be
materially affected by environmental, permitting, legal, title, taxation,
socio-political, marketing or other relevant issues. There is no guarantee
that Noront will be successful in obtaining any or all of the requisite
consents, permits or approvals, regulatory or otherwise for the project or
that the project will be placed into production.
(3) The quantity and grade of reported Inferred resources in this
estimation are uncertain in nature and there has been insufficient
exploration to define these Inferred resources as an Indicated or Measured
mineral resource and further exploration drilling is required to determine
whether they can be upgraded to an Indicated or Measured mineral resource
category.
(4) The mineral resources in this press release were estimated using the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards
on Mineral Resources and Reserves, Definitions and Guidelines prepared by
the CIM Standing Committee on Reserve Definitions and adopted by CIM
Council December 11, 1005.
(5) The effective date of the mineral resource estimate is July 3, 2008.
Eugene Puritch, P.Eng., Tracy Armstrong, P.Geo. and Antoine Yassa, P.Geo of
P&E Mining Consultants Inc., are the authors of the Resource Estimate
Technical Report on the Eagle One deposit to be filed within 45 days of
this news release. They are independent Qualified Persons in accordance
with NI 43-101 - Standards of Disclosure for Mineral Projects, and have
reviewed and are responsible for the information presented in this news
release.
Assaying was performed by both ALS Chemex, (with sample preparation
completed in Thunder Bay, Ontario and analyses completed at ALS Chemex in
Vancouver, B.C.) and SGS Mineral Services in Toronto, Ontario where both
preparation and analyses were undertaken. Base metal values were determined
by using either 4-acid digest or lithium metaborate fusion with ICP-AES or
ICP-OES analysis. Platinum, palladium and gold values were determined by 30
gram fire assay with ICP-AES finish. Silver assaying was undertaken with a
three acid digest (aqua regia) followed by AAS. A very rigorous quality
control program was set up and monitored on a real-time basis by the above
mentioned independent QP's, and all assays used in this resource model fell
within the quality control norms as determined by them.
With these new mineral resources on the Double Eagle Project at Eagle One
in the McFauld's Lake area, Noront now has achieved the first milestone in
the potential development of this asset.
In addition to now entering the pre-production phase Noront's exploration
staff now in place, will continue its high priority exploration efforts on
its very large land position around the potentially prolific Ring of Fire.
Several diamond drills will be testing geophysical targets that have the
potential to become additional feed for the processing facilities now to be
considered by Noront in the McFauld's Lake camp.
Richard Nemis, CEO of Noront comments as follows: "With these 43-101
compliant mineral resources at Eagle One and our other exciting exploration
projects in the McFauld's Lake area, coupled with our very recent discovery
of additional course, visible gold mineralization in the current
underground program at Windfall Lake in northern Quebec, our shareholders
can see lots of light at the end of the tunnel. These developments indicate
excellent potential for production revenues in the not too distant future.
The main advantage of our current exploration effort is the minimal capital
expenditures required and possible early lead time to begin obtaining
production revenue from these resources."
These above forward looking statements are the views and objectives of
Noront's current management team.
Noront is a tier 2 junior resource company on the TSX Venture Exchange,
trading symbol NOT, with 129,804,783 shares issued to date.
This press release includes certain "Forward-Looking
Statements" within the meaning of the US Private Securities Reform Act
of 1995. Other than statements of historical fact, all statements are
"Forward-Looking Statements" that involve such various known and
unknown risks, uncertainties and other factors. There can be no assurance
that such statements will prove accurate. Results and future events could
differ materially from those anticipated in such statements. Readers of
this press release are cautioned not to place undue reliance on these
"Forward-Looking Statements".
Investors are invited to visit Noront's IR Hub at http://www.agoracom.com/IR/Noront
where they can post questions and receive answers or review questions and
answers already posted by other investors. Alternatively, investors are
able to e-mail all questions and correspondence to NOT@agoracom.com where
they can also request to be added to the investor e-mail list to receive
all future press releases and updates in real time.
ON BEHALF OF THE BOARD OF DIRECTORS:
R. Nemis, President and Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION:
Noront Resources Ltd.
Richard Nemis
President and Chief Executive Officer
(416) 864-1456
Fax: (416) 367-5444
Email: info@norontresources.com
Website: http://www.norontresources.com