Noront Resources

High-grade Ni-Cu-Pt-Pd-Au-Ag-Rh-Cr-V discoveries in the "Ring of Fire" NI 43-101 Update (March 2011): 11.0 Mt @ 1.78% Ni, 0.98% Cu, 0.99 gpt Pt and 3.41 gpt Pd and 0.20 gpt Au (M&I) / 9.0 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inf.)

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Re: Another "Fire Sale"

Noront Resources

almost 13 years ago

in response to glorieux's message

I've got to agree with you, G. UC worked the RoF properties for about 3 years, without any substantial success, spending somewhat north of $4.5 million dollars. And Voisin was able to secure a complete refund of all expenditures for UC shareholders. Yes, whatever prospectivity remains in those vast claims is no longer a capital asset of the corporation, but the costs of maintaining those claims was prohibitive for such a small corp (~$800k/annum). With no cash, what are you going to do?

In real terms, $6million worth of drilling in Mexico is worth three times the value of drilling in the RoF (based on per metre costs). And getting your money back to spend the same dollars again.....who gets that opportunity? Ask Temex, White Pine, Hawk, or McDonald about that.

Lar