TORONTO, ONTARIO–(Marketwire – March 22, 2013) – Noront Resources Ltd. (“Noront” or the “Company”) (TSX VENTURE:NOT) is pleased to announce the appointment of Mr. Peter Mah and Mr. Yuanqing Xu to the board of directors of Noront (the “Board”), subject to approval by the TSX Venture Exchange.
Mr. Yuanqing Xu is the Head of the Americas Region for Baosteel Resources International Company Limited (“Baosteel Resources”), a subsidiary of the Baosteel Group. Mr. Xu has held several senior positions within Baosteel Resources including Deputy Manager of Iron & Steel Resources Development and Trading, Director of the Operation Management Department and Deputy Director of Assets and Finance Department. Mr. Xu holds a Bachelor Degree of Transportation Economics from Northern Jiaotong University.
Mr. Peter Mah is a mining executive with over 23 years of practical underground and open pit mine experience spanning project studies, construction and operations management with some of the industry’s largest producers. Mr. Mah’s experience includes the building of two new mines and two mine expansions; his experience also includes working in remote regions of northern Canada. He is currently the Vice-President of Operations for Luna Gold Corporation and is responsible for their project development and operations in Brazil. As Group Executive, Newmont Mining Corporation, he was responsible for the global studies of 20-40 million ounces of underground gold projects. Prior to this role, Mr. Mah was the Mine General Manager of Ontario’s first diamond mine, the Debeer’s Victor mine. There he led the operating team during construction and operations which is producing over 600,000 carats of diamonds annually. His global experience includes the development and management of safety, health, environment, community engagement, government relations and social responsibility programs. Mr. Mah is a Professional Engineer with a Master’s (Rock Mechanics) and Bachelor’s (Mining and Mineral Process Engineering) of Applied Science from the University of British Columbia. He was a former member of the Ontario Mining Association Board of Directors and former Advisor to the Confederated School of Mines Board of Directors, Ontario.
Mr. Joe Hamilton has resigned from the Board to allow Mr. Peter Mah to join the board. Mr. Hamilton served in several different capacities during his time on the Board from Interim Chief Executive Officer, Chairman of the Board and Chairman of the Corporate Governance and Compensation Committees. Mr. Hamilton played a significant role in shaping Noront’s future and his contributions will be missed.
Mr. Yuanqing Xu replaces Mr. Lin as Baosteel’s representative on the Board. The Company appreciates Mr. Lin’s contributions to the Board and looks forward to working with his replacement.
Paul Parisotto, Interim President and CEO stated: “On behalf of the Board and management of Noront, I would like to extend our sincere best wishes to Mr. Hamilton and Mr. Lin in their future endeavors. At the same time, I am delighted to welcome Mr. Xu and Mr. Mah to the Board. Mr. Xu’s and Mr. Mah’s expertise and insight will be invaluable as the Company continues to advance Eagle’s Nest towards commercial production.”
The Company also advises that the Board has granted 500,000 performance based options to certain consultants of the Company, exercisable for a period of three years at a price of $0.30 per share and has granted 300,000 incentive options to a director of the Company, exercisable for a period of five years at a price of $0.30 per share. The options have been granted pursuant to Noront’s stock option plan and are subject to obtaining all necessary regulatory approvals.
About Noront: 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.
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.
Manager, Corporate Communications