NP says Noront becomes an overnight sensation

2007-10-15 08:16 ET - In the News

The National Post reports in its Saturday edition that Noront Resources chief executive officer Richard Nemis staked out some territory in the James Bay Lowlands about three years ago. The Post's Peter Koven writes that Mr. Nemis thought it had good potential after De Beers Canada and a pair of junior miners, Spider Resources and KWG Resources, made some interesting zinc and copper finds nearby. However, the area he really wanted to drill was caught up in litigation, and he did not get his hands on it until recently. He promised to drill one hole in exchange for getting the land. He did not find the zinc he was hoping for in that hole. Instead, he found the mother lode. "We hit nickel-copper, which we never expected to see," says Mr. Nemis. He is hiring stakers as fast as he can and sending them up to James Bay. "This could be bigger than Voisey's Bay. It's a huge discovery." The drilling results, which started to emerge six weeks ago and feature massive amounts of copper and nickel sulphides, have astounded the mining industry and made Noront an overnight sensation. The stock catapulted from pennies in August to $4.32 a share Friday. Noront sees CVRD Inco or Xstrata buying it.

nice

drill it and they will come

griz