TORONTO, Oct. 12, 2011 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSXV: NOT) is pleased to announce the election of Mr. Lin Li and Mr. Ted Bassett to the Board of Directors.
Mr. Li is Vice President Finance with Baosteel Resources International Co. Ltd. and holds a Senior Economist designation from the State Bureau of Metallurgical Industry in China, a Doctorate and Masters of Finance from Fudan University, Shanghai and a Bachelor of Engineering from the Beijing Agricultural Engineering University.
Mr. Bassett is a Professional Engineer with over 40 years of experience in mine engineering and project management. Most recently, Mr. Bassett was the Project Director, Jansen Potash Project, BHP Billiton. Mr. Bassett has a successful track record in the supervision of and construction of large capital projects including: The Olympic Dam Expansion Project, The Goro Nickel Project, the Voisey's Bay Nickel Project and the Diavik Diamond Mine.
The Company also announces that Mr. Alex Davidson and Mr. Lorie Waisberg have resigned as Directors effective October 11, 2011 to allow Messrs. Bassett and Li to join Noront's Board. Noront's management and Board wish to thank Mr. Davidson and Mr. Waisberg for their valuable insight and support over their years of service.
Wes Hanson, CEO of Noront states: "Mr. Bassett's unparalleled knowledge in project and construction management will be vital in the coming years as we continue to advance our Eagle's Nest deposit towards commercial production. Mr. Li's knowledge of Asia's stainless steel markets will also benefit shareholders in the future as Asian markets become increasingly important in the global economy." Mr. Hanson adds: "On behalf of management and the Board of Directors, I would like to thank Mr. Davidson and Mr. Waisberg for their valuable contribution and diligent commitment to Noront's shareholders over the past years."
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 its 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.