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Noront Announces Agreement on Sale of Windfall Lake Interest
Published : December 05, 2012
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Keywords :   Copper | Gold | Nickel | Palladium | Platinum | Recovery |

TORONTO, ONTARIO--(Marketwire - Dec. 5, 2012) - Noront Resources Ltd. ("Noront" or the "Company") (News - Market indicators) is pleased to announce it has reached an agreement in principle to sell its 25% interest in the Windfall Lake Project in Quebec.

The Company has entered into a purchase and sale agreement (the "Agreement") with Maudore Minerals Ltd. ("Maudore") (TSX VENTURE:MAO)(OTCBB:MAOMF)(FRANKFURT:MGL), pursuant to which Maudore has agreed to acquire Noront's 25% interest in the Windfall Lake Project. The Windfall Lake Project is a joint venture between Noront and Eagle Hill Exploration Corporation ("Eagle Hill"). Eagle Hill has earned a 75% interest in the project and is the operator.

Maudore has agreed to pay a sum of CAD$10.0 million in cash plus three million warrants which entitle Noront to purchase common shares of Maudore at a price of CAD$2.20 per common share ("the Warrants") (collectively the "Purchase Price") in exchange for Noront's current 25% interest in the Windfall Lake Project. Maudore will also be required to pay to Noront, subject to certain conditions, an additional amount in the event that Maudore acquires, directly or indirectly, Eagle Hill's 75% interest in the Windfall Lake Property (the "75% Interest") equal to the difference (if any) between (i) one third of the purchase price paid by Maudore for the 75% Interest and (ii) CAD $10.0 million. The additional payment will be satisfied by the issuance of Maudore common shares.

Pursuant to the Agreement and subject to certain conditions, Maudore has the right to direct Noront to enforce its rights under the option agreement between Noront and Eagle Hill (the "Option Agreement") including its right to repurchase the 75% Interest from Eagle Hill (the "Repurchase") and subsequently transfer the 75% Interest to Maudore, provided that (i) Noront agrees that the Repurchase should be exercised ; (ii) Maudore shall pay to Noront up to CAD$6.0 million at the time of completion of the Repurchase, and (iii) no other consideration shall be paid by Maudore to Noront in connection with the Repurchase and the transfer of the 75% Interest to Maudore.

The Agreement is subject to certain conditions. In particular, Maudore's obligation to purchase Noront's 25% interest in the Windfall Lake Project is subject to the acquisition of the 75% Interest, or obtaining the consent of Eagle Hill under the Option Agreement.

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: or search the Company's publically filed documents on SEDAR at:

Wesley (Wes) Hanson

President & Chief Executive Officer


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.

Noront Resources Ltd.
Olya Yousefi
Manager, Corporate Communications
(416) 367-1444
Companies Mentionned : Aura Minerals | Government | Metals X | Reliance |
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Noront Resources Ltd.

ISIN : CA65626P1018
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Noront Res. is an exploration gold and copper company based in Canada.

Noront Res. holds various exploration projects in Canada.

Its main exploration properties are HUNTERS POINT, BLACKBIRD PROJECTS, WINDFALL LAKE and DOUBLE EAGLE in Canada.

Noront Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 83.6 millions as of today (US$ 63.7 millions, € 56.5 millions).

Its stock quote reached its lowest recent point on December 13, 2013 at CA$ 0.15, and its highest recent level on May 30, 2014 at CA$ 0.70.

Noront Res. has 232 320 000 shares outstanding.

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Corporate Presentations of Noront Resources Ltd.
9/19/2007Broker Presentation
Annual reports of Noront Resources Ltd.
2008 Annual Report
Financings of Noront Resources Ltd.
11/11/2008(Mcfaulds Lake (eagle's Nest))Update and Flow-Through Financing
4/15/2008Announces Exercise of Warrants
2/7/2008 Announces Closing of Private Placement
2/4/2008Announces Private Placement
Nominations of Noront Resources Ltd.
4/17/2015Announces Death of Chief Operating Officer Paul Semple
9/24/2013Announces Appointment of President and CEO
3/22/2013Announces Changes to Board of Directors
1/21/2013Announces Appointment of Interim Chief Executive Officer
10/9/2008Advises Shareholders of Unwarranted Proxy Contest Launched b...
Project news of Noront Resources Ltd.
8/15/2013(Windfall Lake)Announces Closing of Sale of Its Interest in the Windfall La...
6/28/2013(Windfall Lake)Announces Agreement for the Sale of Its Interest in the Wind...
12/5/2012(Windfall Lake)Announces Agreement on Sale of Windfall Lake Interest
1/23/2009(Mcfaulds Lake (eagle's Nest))Encounters More Nickel At Eagle One
11/10/2008(Mcfaulds Lake (eagle's Nest))Eagle One Deposit Intersects 28.5 Meters of New Copper-Nicke...
10/21/2008(Windfall Lake)Windfall Project Phase 1 Underground Exploration Ramping Pro...
10/21/2008(Double Eagle)Completes Preliminary Economic Assessment on Eagle One Depos...
10/13/2008(Mcfaulds Lake (eagle's Nest))Announces Assays Increasing Eagle Two Potential
10/6/2008(Mcfaulds Lake (eagle's Nest))October 06, 2008
9/23/2008(Mcfaulds Lake (eagle's Nest))ontinues to Outline World Class Chromite Mineralization at B...
7/4/2008(angl) CORRECTION FROM SOURCE: Clarification for High Grade ...
6/26/2008(Windfall Lake)Windfall Project Underground Exploration Update
6/3/2008(Mcfaulds Lake (eagle's Nest))Enter Discussion Regarding McFaulds Lake Area
5/9/2008(Double Eagle)Receives Analytical Results Eagle One Deposit
4/25/2008(Double Eagle)Double Eagle Update
4/2/2008(Double Eagle)Double eagle update
3/19/2008(Windfall Lake)Near Surface High Grade Drill Hole at Windfall Lake
1/28/2008(Double Eagle)Highest Grade Hole to Date Encountered at Eagle One
1/3/2008Most Recent Assays Continue to Return High Grade Mineralizat...
12/21/2007(Double Eagle)Provides Double Eagle Update
12/14/2007(Double Eagle)Provides Project Update
11/1/2007(Windfall Lake)More Hi-Grade Gold at Windfall Lake
9/28/2007(Windfall Lake)Windfall Lake Underground Ramp to Start
7/23/2007El Verde Project, Mexico
7/19/2007(Windfall Lake)Windfall Lake Property
Corporate news of Noront Resources Ltd.
8/21/2015UPDATE - Noront Files NI 43-101 Technical Report for Recentl...
8/21/2015UPDATE - Noront Files NI 43-101 Technical Report for Recentl...
8/21/2015UPDATE - Noront Files NI 43-101 Technical Report for Recentl...
8/21/2015UPDATE - Noront Files NI 43-101 Technical Report for Recentl...
8/21/2015Noront Files NI 43-101 Technical Report for Recently Acquire...
8/21/2015Noront Files NI 43-101 Technical Report for Recently Acquire...
8/21/2015Noront Files NI 43-101 Technical Report for Recently Acquire...
8/21/2015Noront Files NI 43-101 Technical Report for Recently Acquire...
7/13/2015Noront Resources Announces Issuance of Interest Shares and E...
6/30/2015Noront Closes US$2.0 Million Bridge Loan With Resource Capit...
6/30/2015Noront Closes US$2.0 Million Bridge Loan With Resource Capit...
6/22/2015Ontario Approves Terms of Reference for Noront Resources' Ea...
6/22/2015Ontario Approves Terms of Reference for Noront Resources' Ea...
6/19/2015Noront Resources Appoints Steve Flewelling as Senior Vice Pr...
6/19/2015Noront Resources Appoints Steve Flewelling as Senior Vice Pr...
6/3/2015Noront Resources Provides Corporate Update HTML
6/3/2015Provides Corporate Update
6/3/2015Noront Resources Provides Corporate Update
4/30/2015Noront Completes Acquisition of Securities of KWG Resources ...
4/30/2015Noront Completes Acquisition of Securities of KWG Resources ...
4/28/2015Noront Announces Granting of Approval and Vesting Order and ...
4/17/2015Noront Resources Announces Death of Chief Operating Officer ...
4/17/2015Noront Resources Announces Death of Chief Operating Officer ...
4/2/2015Noront Issues Interest Shares, Makes Board of Directors Chan...
4/2/2015Issues Interest Shares, Makes Board of Directors Change and ...
4/2/2015Noront Issues Interest Shares, Makes Board of Directors Chan...
3/23/2015CORRECTION - Noront Resources to Acquire Cliffs Chromite Pro...
3/23/2015CORRECTION - Noront Resources to Acquire Cliffs Chromite Pro...
3/23/2015Cliffs to sell Ring of Fire assets to Noront
3/23/2015Noront Resources to Acquire Cliffs Chromite Properties in th...
3/23/2015Noront Resources to Acquire Cliffs Chromite Properties in th...
1/7/2015Noront Resources Announces Intent to Issue Interest Shares
10/8/2014Noront Closes Previously Announced Transaction for Construct...
9/26/2014Noront Resources Provides Update on Eagle's Nest Mine
7/11/2014Noront Announces Issuance of Interest Shares
7/2/2014Noront Resources Statement on Supreme Court of Canada Aborig...
5/23/2014Noront Acquires Cliffs Chromite Ontario Exploration Camp and...
5/5/2014Noront Announces Appointment of Colin Webster
4/28/2014Canada's Ring of Fire may get up to C$1 bln infrastructure f...
4/28/2014Noront Responds to Province's Ring of Fire Funding Annouceme...
10/31/2013Announces Closing of Private Placement and Issuance of Inter...
7/15/2013Announces Grant of Stock Options and Issuance of Interest Sh...
6/12/2013Announces Ring of Fire Still Good to Go
4/20/2013(Windfall Lake)Announces an Agreement to Extend the Windfall Lake Option Ag...
3/28/2013Encouraged by 2013 Economic Action Plan
3/2/2013to Present at PDAC on Tuesday, March 5
2/26/2013Closes US$15.0 Million Loan Facility with Resource Capital F...
12/19/2012Announces the Retention of RB Milestone Group
10/19/2012Introduces Tom Anselmi As a New Director
1/15/2009Continues to Outline Extensive Chromite Mineralization at Bl...
12/5/2008closes financing
12/4/2008Warrant Press Release
10/23/2008News Release
10/20/2008Comments on Flawed RiskMetrics Report
10/16/2008Continues to Outline Chromite Mineralization at Blackbird On...
10/15/2008Recommends Shareholders Vote to Support Current Board and...
9/29/2008Options Two More Properties in the Ring of Fire
9/15/2008Announces Initial Nickel-PGE Results at Anomaly
9/11/2008 and WSR Gold Inc.Announce Definitive Option From Golden Val...
8/1/2008Adds to Support Team
7/30/2008Announces Additional Chromite Results
7/17/2008Announces New Cu-Ni Occurrence at Anomaly AT12
7/16/2008Lund Gold and Noront Resources Ltd. Provide Project Update
7/16/2008Out the Inner Northern Rim Property to Passport Metals Inc.
6/24/2008TSX Venture Ranks Noront Resources Ltd. as Top Mining Compan...
6/10/2008Adds to Management Team
6/6/2008Provides Corporate Update
5/27/2008Receives Chrome and Cr2O3 Assays From Earlier Holes
5/27/2008Receives Assays From Earlier Holes
5/2/2008Double Eagle Project Assay Data Reporting Update
4/8/2008and BOLD Ventures Inc. Announce Option Agreement
4/8/2008Commences Work Programme on Hawk Uranium Inc. 50/50 JV Prope...
3/18/2008Comments on Trading Halt
3/12/2008Warrant's Accelerated
2/11/2008Intrinsic Minerals Ltd. Announces Second Option Agreement Wi...
12/11/2007, Temex and Baltic Expand Property Position via Staking Synd...
11/27/2007J.P. Morgan Securities Inc. Signs on with Noront Resources
11/7/2007NCORRECTION FROM SOURCE: Noront Renegotiates Property Intere...
11/7/2007Renegotiates Property Interests in Mexico
11/1/2007to Acquire 50% of Tri-Eagle Property
10/30/2007Project Update
10/24/2007Annual General Meeting
10/22/2007Baltic and Partners Acquire Noront Ni-Cu-PGE Discovery Area ...
10/16/2007Investors Pounce on James Bay
10/15/2007 Financial Post Feature - Is this Voisey's Bay II?
10/11/2007Provides Project Update
9/27/2007Interview with Richard Nemis
9/27/2007Reports Assays for 5th Hole
9/27/2007Windfall Lake Drilling Activity and Update
9/25/2007Reports Assays for 1st and 2nd Holes Double Eagle (Cu, Ni, P...
9/21/2007Cadillac Ventures Inc.-Burnt Hill Project Update
9/20/2007Adopts Strategy to Enhance Shareholder Value
9/19/2007 's New Nickel/Copper discovery contains Signifiant Precious...
9/13/2007Double Eagle Project, Northeastern Ontario
9/10/2007Press Release
9/4/2007Retains AGORACOM to Provide Online IR Marketing and Social N...
8/23/2007Drilling Activity and Update
8/14/2007Drilling Program at Lizar, Base Metal Property to Commence
7/26/2007Hunters point gold/uranium project
7/9/2007Options Garden Island Project Val D'or Area, Quebec
6/15/2007Burnt Hill Tungsten Molybdenum, Tin Project, Canada
6/5/2007Acquires Lizar Gold-Base Metal Property in Northwestern Onta...
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