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)

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Message: From today's Fall economic update

Opening Up the Ring of Fire 

Ontario’s Ring of Fire represents a promising mineral development opportunity. The government is taking a new approach to develop the area. It will focus on working directly with willing First Nation partners to develop all season roads that will enable access to communities as well as resources in the Ring of Fire.

A transformative project of this nature with nationally significant jobs and economic benefits also requires the federal government to take action to invest and expedite its development. Ontario expects the federal government to take a cost-sharing approach with the Province on road construction and invest in supporting First Nations. This is critical to unlock economic development opportunities in the Ring of Fire to create jobs, generate revenue and bring prosperity to First Nations and communities across the North.

Noront Resources, the major claim holder in the Ring of Fire region, is planning to develop its Eagle’s Nest nickel mine first, followed by chromite mining in the future. The company is partnering directly with First Nations to encourage further economic development. Earlier this year, the company announced Sault Ste. Marie as the future home of its new plant that would process chromite into ferrochrome, a key ingredient in stainless steel.

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