THUNDER BAY – Cliffs Natural Resources is taking another step back from the Ring of Fire. Noront Resources Ltd. has entered into an agreement with Cliffs Chromite Ontario Inc. (“Cliffs”) to acquire its exploration camp at McFaulds Lake.
Noront Resources has remained bullish on the Ring of Fire. The company has fostered solid relations with Matawa First Nations, and is working with the federal and provincial governments with the Ring of Fire Aboriginal Training Alliance that has sixty Matawa First Nation students entering into the second tier of training for careers in mining.
The transaction, which is subject to certain conditions, is expected to close during the third quarter of 2014.
Cliffs’ exploration camp is located adjacent to Noront’s existing Esker Camp, and will be used as a construction base for the development of its Eagle’s Nest mine.
Noront also received approval of a Mining Lease application the Company made for its Eagle’s Nest and Blackbird chromite deposits.
The lease covers 4,100 hectares in the Ring of Fire and gives Noront the right to extract mineral products for a period of 21 years subject to certain requirements of the Mining Act.
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