TORONTO, ONTARIO–(Marketwired – Sept. 24, 2013) – Noront Resources Ltd. (“Noront” or the “Company”) (TSX VENTURE:NOT) the board of directors (“Board“) of Noront announced today that Alan Coutts has been appointed as President and Chief Executive Officer and a director of the Company effective October 1, 2013.
Mr. Coutts is a mining executive with over 25 years of experience in all aspects of exploration, feasibility, construction and production of mineral deposits. He has worked both domestically and abroad in a variety of roles and across multiple commodities. Most recently, he was the Managing Director of Xstrata Nickel Australasia based in Perth, Australia. He was General Manager at the Brunswick Mine, Canada before relocating to Australia. Previous to that, Mr. Coutts occupied roles that included General Manager, Manager of Mining, Chief Geologist and Regional Exploration Manager, mostly with Falconbridge. Mr. Coutts holds an Honours degree in Geology from the University of Alberta and has Professional Geoscientist (P.Geo) status in the province of Ontario.
In announcing the appointment, the Chairman and interim Chief Executive Officer of Noront, Paul Parisotto, stated “We believe we have found in Alan a Chief Executive Officer who has a wealth of operating experience as well as managerial and strategic talent. He has developed and operated mines in remote regions world-wide, working closely with local stakeholders and governments to ensure positive outcomes. We are confident that Alan will be able to apply his skills to further the development and progression of Noront’s Ring of Fire properties”.
Mr. Coutts stated “I am delighted to be joining Noront at this very exciting and important point in the Company’s history. I welcome the challenges and opportunities of leading the development of its major Canadian mineral discoveries”.
Mr. Coutts has agreed to purchase 335,000 common shares of Noront from treasury at $0.30 per share and, on condition that, if he retains ownership of 100% of those shares on the first anniversary, and 66-2/3% of those shares on the second anniversary of the commencement of his employment, 335,000 Restricted Share Units will vest in his favour under the Company’s Share Award Plan established in 2012. Performance Share Units will also be granted to Mr. Coutts in tranches of 500,000 each if, as and when the Company achieves certain increasing share price milestones, to a maximum of 2,000,000 Performance Share Units. As an incentive to join Noront, Mr. Coutts was granted 3,000,000 stock options, exercisable at a price of $0.30 per share, vesting as to 1,000,000 options on the commencement date and as to 1,000,000 options on each of the next two anniversaries of that date and otherwise in accordance with and subject to the Company’s Stock Option Plan.
Further to the Company’s press release dated July 15, 2013, the Company issued 70,000 common shares of the Company (the “Consultant Shares”) to a third party consultant on July 19, 2013. The Consultant Shares are subject to a four month plus one day hold period which will expire on November 20, 2013.
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.
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.
Chairman and Interim CEO