TORONTO, ON--(Marketwired - April 13, 2017) - Noront Resources Ltd. ("Noront" or "the Company") (TSX VENTURE: NOT) today announced that it has signed an Exploration and Project Advancement Agreement with the Marten Falls First Nation (MFFN). The Agreement compensates MFFN for work that has been completed on their traditional land and outlines a one year process that will be used to negotiate a Pre-Development Agreement for the Eagles Nest nickel-copper-platinum-palladium mine located in northern Ontario.
As part of the Agreement, and by fulfilling certain obligations and arrangements, MFFN becomes a shareholder of Noront Resources. The Company has agreed to issue 311,111 shares of Noront stock valued at $0.225, the closing price on April 12, 2017, subject to TSX Venture approval.
Chief Bruce Achneepineskum described the agreement as "a step towards a prosperous and sustainable future for both the youth and community of Marten Falls First Nation."
"We are excited to be taking this next step with our friends in Marten Falls," said Noront President and CEO Alan Coutts. "It marks the beginning of a long-term relationship that will provide opportunity and mutual benefits for both parties."
About Marten Falls First Nation
Marten Falls First Nation is an Anishnabe First Nation community located at the confluence of the Albany and Ogoki rivers. The Ring of Fire mineral deposit is in the traditional areas of Marten Falls First Nation. Marten Falls is a remote fly in community in Northern Ontario.
About Noront Resources
Noront Resources Ltd. is focused on development of the high-grade Eagle's Nest nickel, copper, platinum and palladium deposit and high-grade chromite deposits including Blackbird, Black Thor, and Big Daddy, all of which are located in the James Bay Lowlands of Ontario in an emerging metals camp known as the Ring of Fire.
For more information please contact: