***MB FERRO-ALLOYS CONF: Ring of Fire is thrice the size of Sudbury

November 09, 2009

The Ring of Fire, an emerging multi-metals district located in the James Bay Lowlands of Northern Ontario, Canada, could be more than three times the size of the Sudbury complex in Ontario, Noront Resources, the dominant land holder at the Ring of Fire, said.

Wes Hanson, president and ceo of Noront, told delegates at MB’s 25th Ferro-alloys Conference in Monte Carlo that Noront has evolved from an exploration company into a development company after discovering deposits of nickel, copper, chrome, vanadium, titanium, zinc, iron, gold, silver and PGMs at the site.

"I’ve seen some of the world’s great mineral camps, but nowhere else can such a variety of minerals be seen in so small a space," Hanson said. ........


The company requires a further $12-15 million to fund the remaining exploration work, after raising $25 million through a private share placement in August.....

This statement is correct but should not be percieved as "additional finaning needed."

If you go into the latest Noront Montreal Presentation and look at slide 7 you will see the following:

opening balance July 31/09 15.4 million

Financing net of fees 23.7 million

remaining budget (Aug.09-Jan10) (12.6 million)

Forecast closing balance (Jan 10) 26.5 million.

So, after they raised the money Noront shows 12.6 needed. The article states 12-15 million. If it's 12.6 as Noront stated then they have $26.5 million left Jan.10, if they need 15 million then they have 24.1 million left.

Last we heard Freewest had 6 million. Some sort of Financing over there is needed soon in my opinion.