Ontario has committed provincial funding to two First Nations road proposals for the Ring of Fire Mining District, which should benefit Noront Resources
SmallCapPower | August 22, 2017: Noront Resources Ltd. (TSXV: NOT) Monday revealed that the Province of Ontario has formally committed provincial funding to two First Nations road proposals that will provide community and industrial access to the Ring of Fire Mining District. An environmental assessment of both road projects is expected to begin by January 2018, followed by construction in 2019 pending all necessary approvals. This timeframe allows Noront Resources to advance its pre-development work and ready itself for the three-year construction of its Eagle’s Nest nickel, copper, platinum group metal mine.
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Noront Resources President and CEO Alan Coutts said, “Today’s announcement by Premier Kathleen Wynne and the Chiefs of Webequie, Marten Falls and Nibinamik First Nations is a major step forward that will re-energize development of the Ring of Fire region. Construction of all-season industrial and community access roads is one of the key things we’ve been working toward with the government and our First Nation partners. I am very pleased to see it moving forward.”
Noront Resources plans to create a multi-mine, multi-metals company in the Ring of Fire, in partnership with local First Nations communities. Eagle’s Nest, which is the Company’s first project, would use the planned East – West Road, while its future larger-scale chromite project would use the North – South Road, which will allow for a greater volume of material to be moved.
Post the announcement, Noront Resources shares surged 26% to close at $0.415 on August 21, 2017.
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