Noront Resources Ltd. (TSXV:NOT) announced that it has decided to evaluate the impact of recent announcements by the Government of Ontario and Cliffs Natural Resources regarding the proposed location of a ferrochrome smelting facility in Sudbury and road access to the Ring of Fire, prior to issuing the Feasibility Study for it’s Eagle’s Nest Project. Noront also announced the completion of its previously announced offering with Baosteel Resources International Co. Ltd., whereby Baosteel exercised its right to maintain its 9.9% interest in the Company.
As quoted in the press release:
President and CEO Wes Hanson states: “The Company views the announcements by Cliffs and the Government of Ontario on May 9, 2012 as a very positive development in unlocking the vast mineral wealth identified in the Ring of Fire district of Ontario. In order to evaluate the potential benefits to our shareholders, the Company has decided to delay issuing the Feasibility Study for our flagship Eagle’s Nest nickel sulphide deposit. The commitment, by both parties, to a north south access route and the timing highlighted in the announcements, warrant a thorough review to evaluate the potential impact to our planned development of the Eagle’s Nest deposit.”