Noront Resources Comments on Freewest Alternative Transaction
By Noront Resources Ltd., PRNESunday, November 22, 2009
TORONTO, November 23 -
Symbol: NOT:TSX-V Shares Outstanding: 163,631,957 Fully Diluted: 173,461,957
Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT)
notes that Freewest Resources Canada Inc. ("Freewest", TSX-V:FWR) in its
press release of November 23, 2009 has announced a proposed alternative
transaction with Cliffs Natural Resources Inc. ("Cliffs", NYSE: CLF &
PARIS: CLF) to Noront's Offer of 0.25 of a Noront common share and
C$0.0001 in cash for each Freewest common share.
Given the nature of the proposed transaction, Noront, prior to making any
decisions, wishes to review the full details of this alternative transaction
once disclosed by Freewest and will revert accordingly thereafter.
About Noront:
Noront Resources is focused on its significant and multiple, high-grade
nickel-copper-platinum-palladium, chromite and vanadium discoveries in an
area known as the "Ring of Fire", an emerging multi-metals district located
in the James Bay Lowlands of Ontario, Canada. Noront is the dominant land
holder at the Ring of Fire and continues to delineate and prove up its
discoveries with NI 43-101 technical and economic reports and an aggressive
and well financed drill plan for the remainder of 2009 and 2010. All
material information on Noront can be found on the Company's website at
www.norontresources.com or at SEDAR at www.sedar.com
Wesley (Wes) Hanson
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.
For further information: Joanne Jobin, Vice President Corporate
Communications at +1-(416)-367-1444 ext 126, or visit Noront's website at:
www.norontresources.com
For further information: Joanne Jobin, Vice President Corporate Communications at +1-(416)-367-1444 ext 126
Tags: canada, Noront Resources Ltd., Toronto