After spending the better part of a year looking for a new chief executive, junior miner Noront Resources Ltd. has finally found one. Wesley Hanson will take the reins later this month, an experienced mine developer who recently worked at Western Goldfields Inc. and Kinross Gold Corp.

Noront briefly became a stock market superstar after it made a remarkable nickel-copper discovery in the James Bay Lowlands in 2007 (the district that would come to be known as the "Ring of Fire"). But the stock plummeted back to earth amid last year's market meltdown, and former CEO Richard Nemis resigned amid a proxy fight last October.

The company has patiently searched for a new CEO ever since, and Genuity Capital Markets analyst Michael Gray is cautiously optimistic that Mr. Hanson is a good choice.

"Mr Hanson brings to bear a broad and strong mine development skill set to Noront. This includes working on projects and with communities in remote locations, which is of high importance to Noront. We are encouraged that he will provide good project leadershp and direction to the company," Mr. Gray wrote in a note to clients.

That said, Mr. Gray also noted that Mr. Hanson is new to the CEO role (and the Street), and does not have a background developing nickel sulphide projects like Noront's flagship Eagle One.

He maintained a "buy" rating on Noront and a price target of $1.20 a share, noting the stock is speculative and is suitable for risk-tolerant investors only.