TORONTO, March 20, 2012 /CNW/ - Noront Resources Ltd. ("Noront" or
the "Company") is pleased to announce an updated, independent
Mineral Resource Estimate for it's 100% owned Blackbird chromite
deposit at the Company's McFaulds Lake Project, in the Ring of
Fire, James Bay Lowlands, Ontario. Micon International Ltd.
("Micon"), an independent consulting engineering company, completed
the resource estimate. The estimate is classified according to the
Canadian Institute of Mining, Metallurgy and Petroleum ("CIM")
Definition Standards on Mineral Resources and Mineral Reserves
which have been incorporated by reference in the Canadian
Securities Administrators ("CSA") National Instrument 43-101,
Standards for Disclosure for Mineral Projects. HIGHLIGHTS:
9.3 M tonnes averaging 37.44% Cr2O3 Measured Resource and 2.00
Cr:Fe 11.2 M tonnes averaging 34.36% Cr2O3 Indicated Resource and
1.95 Cr:Fe Measured and Indicated 20.5 M tonnes averaging 35.76%
Cr2O3 Resource and 1.97 Cr:Fe 23.5 M tonnes averaging 33.14% Cr2O3
Inferred Resource and 1.97 Cr:Fe Wes Hanson, CEO of Noront states:
"Drilling at Blackbird exceeded expectations, resulting in a
tripling of the previous resource estimate at Blackbird but more
importantly, converting a large percentage of the deposit to the
measured and indicated classification. The updated estimate
demonstrates that Blackbird is similar in size and grade to the
nearby Big Daddy and Black Thor chromite deposits. The close
proximity of Blackbird to our flagship Eagle's Nest nickel sulphide
deposit offers exceptional synergies as both deposits can be
exploited using the same underground infrastructure, limiting the
incremental capital cost while minimizing the environmental
footprint. The Company intends to complete an internal evaluation
of a northwest Ontario based mine, mill and smelter facility
capable of producing between 200,000 and 250,000 tonnes of high
quality ferrochrome annually, approximately equal to current North
American imports, which originate from South Africa." RESOURCE
PARAMETERS AND METHODOLOGY The resource database comprises 119
drill holes. Chromite grades were capped at 45% Cr(2)O(3).( )A
cut-off grade of 30% Cr2O3 (with allowance of internal waste to
respect geological continuity) was selected to allow for reasonable
prospects of economic extraction by comparison with current world
producers (e.g. in Finland, Turkey, South Africa, etc). An Inverse
Distance Cubed ("ID3") interpolation method was used to estimate
model grades. ID3 provides a fairly high level of selectivity,
which ensured zones with internal waste remained distinct. The
resource model was validated visually by sectioning, and by domain
statistical validation and swath plots. The updated resource
estimate focused mainly on massive chromite lenses. Numerous,
small, intercalated chromite lenses identified in previous
estimates constitute only 13% of the Inferred resource. The
Micon staff with responsibility for this resource estimate are
Messrs Charley Z. Murahwi, M.Sc., P. Geo., FAusIMM and Alan J. San
Martin, MAusIMM(CP). Both are Qualified Persons as defined in NI
43-101, and are independent of Noront Resources Limited. Micon
acknowledges that it has read this press release and there are no
errors contained herein. A Technical Report documenting the updated
estimate will be available on SEDAR and the Company's website
within 45 days. REGIONAL EXPLORATION: The Company is currently
completing the final holes of the 2012 winter drill program at
McFaulds Lake. The focus of the winter drilling was to test for the
potential for new nickel sulphide mineralization at new geophysical
targets highlighted by the Company's recently completed ground
based geophysics. Targets at AT12 and AT2 were drilled and
the Company is currently awaiting analytical results, which are
expected in the next six to eight weeks. EAGLE'S NEST PROJECT The
Company is assembling the final costs for the Eagle's Nest
Feasibility Study, which is scheduled for release in a few weeks.
Analyst consensus pricing for nickel, copper, platinum and
palladium have been steadily increasing over the past year which is
expected to have a favourable impact on the economics of the
project. COMMUNITY CONSULTATION The Company has held seven separate
community open houses throughout northwestern Ontario including
Thunder Bay, Ignace, Pickle Lake, Eabametoong, Mishkeegogamang,
Neskantaga and Webequie. Attendance has been robust and the
communities have shown great interest in Noront's future plans. The
Company intends to continue holding community open houses
throughout northwestern Ontario as it continues to advance its
flagship Eagle's Nest Project towards commercial production in
2016. At the recent Prospectors and Developers Association of
Canada ("PDAC") Annual Convention in March, the Eabametoong,
Neskantaga, Nibinamik and Webequie First Nations signed an
agreement pledging to work together to develop an East West
Corridor to the Ring of Fire. Final routing is yet to be determined
but the Company is encouraged to see the First Nations communities
becoming increasingly involved in infrastructure development in the
Ring of Fire. INDEPENDENT QUALITY CONTROL AND ANALYTICAL
PROTOCOL Chromite All holes are systematically logged, sampled and
shipped under strict chain of custody procedures to Activation Labs
("Actlabs") in Thunder Bay, ON for sample preparation and initial
analyses utilizing fusion X-ray fluorescence ("XRF") methods.
A thorough quality control program has been in effect for the
McFaulds Lake Project, which includes grouping samples into batches
of 35 into which are added one blank, three internationally
certified reference materials ("ICRMs"), one quarter sawn field
duplicate, a coarse reject duplicate and a pulp duplicate. The
pass/fail criteria demands that if the measured concentrations of
the ICRMs exhibit a difference greater than three standard
deviations above or below the established mean grade of the ICRM
the entire batch is considered to have failed and must be
re-analysed. It can be said with confidence that all assays
have passed the strict quality control guidelines established by
Noront's Qualified Person. For more information on assay
methodology please visit the Actlabs website at
http://www.actlabsint.com or reference the Company's NI-43-101
technical report "Technical Report on the Mineral Resource Estimate
for the Blackbird Chromite Deposit, James Bay Lowlands, Ontario,
Canada" (effective January 22. 2010) available on the Company's
website and at www.sedar.com. Nickel, copper, platinum, palladium,
gold and silver All holes are systematically logged, sampled and
shipped under strict chain of custody procedures to Activation Labs
("Actlabs") in Thunder Bay, ON for sample preparation and initial
analyses. A thorough quality control program has been in effect for
the McFaulds Lake Project, which includes grouping samples into
batches of 35 into which are added one blank, two internationally
certified reference materials ("ICRMs"), one quarter sawn field
duplicate, a coarse reject duplicate and a pulp duplicate. The
pass/fail criteria demands that if the measured concentrations of
the ICRMs exhibit a difference greater than three standard
deviations above or below the established mean grade of the ICRM
the entire batch is considered to have failed and must be
re-analyzed. All samples reported upon herein were submitted
to Activation Labs ("Actlabs") of Ancaster, Ontario, for
multi-element analysis. Nickel and copper were analyzed using a
four acid digestion method. Samples returning values exceeding the
established limits are subjected to ICP-OES analysis. Gold,
platinum and palladium are analyzed using standard fire assay
procedure based on a 30 gram aliquot with an ICP finish. Silver
analyses are completed using a 3-acid digestion method with an ICP
finish. For more information on assay methodology please visit the
Actlabs website at http://www.actlabsint.com. For further
information on the McFaulds Lake Project, please refer to the
Company's NI 43-101 compliant technical report "Technical Report
and Resource Estimate, McFaulds Lake Project, James Bay Lowlands,
Ontario Canada" (effective April 18, 2011) available on the
Company's website and at www.sedar.com. The content of this
Press Release has been reviewed by Mr. W. Hanson, P.Geo, President
and CEO. About Noront: Noront Resources Ltd. is focused
on developing the high-grade Eagle's Nest
nickel-copper-platinum-palladium deposit, the exploration and
development of the Blackbird chromite discovery and regional
exploration for additional mineral deposits within it's large,
highly prospective land position in an area known as the "Ring of
Fire", an emerging multi-metals camp located in the James Bay
Lowlands of Ontario, Canada. Wesley (Wes) Hanson President
& Chief Executive Officer FORWARD LOOKING STATEMENTS 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. CONTACT: please contact Wes Hanson, President and CEO at (416)
367-1444,accessthe Company's website at www.norontresources.com or
search theCompany's publically filed documents at www.sedar.com.
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