HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: Active Joint Ventures - from MD & A
Something not mentioned much, Noront still has three joint ventures. But they're missing one, unless it's been dealt away. And that's the one with Freewest, now Cliffs, in the top left corner of the FWR claims, where that juicy cone sits. I wonder why this wasn't mentioned and is never talked about.
Joint Ventures
Golden Valley
Golden Valley is a joint venture located in the northern portion of the Ring of Fire and operated by White Pine Resources Ltd. (“White
Pine”). The initial drill program to assess geophysical targets north of Oval Lake commenced during fiscal 2009. The large property
surrounds a copper-zinc discovery by Metalex Ventures Ltd.; a total of fourteen holes were completed at the joint venture in fiscal 2009 and
12 holes were drilled in fiscal 2010 yielding copper-zinc-silver anomalies. As per the terms of an option agreement dated August 19, 2008,
White Pine and the Company are earning a 35% interest each in the property from Golden Valley Minerals Ltd.
Garden Island, Quebec
The Company has a 50% interest in the Garden Island property comprised of 568 mining claims totaling 23,763 hectares, most of which
are in Pascalis, Manneville and Senneville townships, which lie along a northwest-southwest trending Abitibi volcanic greenstone belt.
The operator, TSR Resources is expected to submit a further exploration program in fiscal 2013.
Windfall Lake
On July 20, 2009, the Company, entered into a property option agreement (the “Agreement”) with Eagle Hill Exploration (“Eagle Hill”)
pursuant to which Eagle Hill as of April 20, 2012 has earned a 75% interest in the Windfall Lake Property (the “Property”).
The Company retains a 25% carried interest up until the earlier of completion of a bankable feasibility study (the “BFS”) or Eagle Hill gives
notice of its commitment to cause the commencement of commercial production from the Property with such notice specifying the tons of
proven and probable reserves and the anticipated annual rate of production; after which the Company will have the option to convert all of
its interest to a 2% net smelter royalty or retain its 25% interest in the property and be responsible for its working interest of development
expenditures. At the Company’s option, the Company may require Eagle Hill to fund its share of development expenditures with such
advance to accrue interest at 10% per annum and be paid back through the assignment of its share of income from the Property.
If Eagle Hill does not complete a BFS or commit to cause the commencement of commercial production, from one year from the date of
earning its 75% interest being April 20, 2013, then the Company will have the option to purchase back Eagle Hill’s interest in the Property,
for the lesser of i) an amount equal to the expenses incurred by Eagle Hill and ii) $6 million.
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