HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Camp Esker, in the Ring of Fire, is pictured in this file photo.

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Noront is “working closely” with Sault Ste. Marie and the major players involved in Algoma’s CCAA proceedings to understand how it will unfold and potentially affect the lands that comprise the Port of Algoma.

 

“We’re trying to get some certainty that we will be able to use that site if indeed that is the site we select,” said Alan Coutts, president and CEO of Noront Resources.

The heavy industrial lands on Sault Ste. Marie’s waterfront have been earmarked as a potential site for a ferrochrome plant if the city is chosen as the successful location for the plant by Noront.

Sault Ste. Marie is one of four Northern Ontario communities who have expressed interest in the plant.

Others include Sudbury, Fort Willian First Nation and Timmins.

Coutts, in a telephone interview with The Sault Star, said representatives from Noront have been touring brownfield sites in all the cities.

Algoma’s CCAA status may be slowing the process down slightly until that clarity is received, he said.

Earlier this week, Sault Mayor Christian Provenzano had said that he’s spoken with the term lenders, who are the existing bidders for the plant, about the importance of the project and the city’s economic development and has received assurances they will be committed to working on initiatives like this one.

It’s believed that potential synergies can be created if Sault Ste. Marie is successful in its bid to host the ferrochrome plant.

Provenzano has even offered to arrange for an introduction between Noront and the term lenders.

Coutts said he hasn’t spoken with the term lenders yet and continues working with EDC representatives.

The issue hasn’t reduced the city’s status for the project, he said.

“Sault Ste. Marie, obviously, is very much in the mix. If it wasn’t we wouldn’t be spending this effort trying to understand how the CCAA process is going to unfold,” he said.

Coutts said everyone has been very supportive of the development in Sault Ste. Marie “and that’s great but ultimately if there are new owners that take over those lands, how do we know that the new owner is willing to go forward with us on that planned purchase or lease. That’s really the heart of the matter there.”

But Coutts said there are issues in other communities that also need to be examined a bit more closely before any decision is made.

Other sites are much closer to residential areas and the communities themse

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