Noront Resources Ltd. has signed an Exploration and Project Advancement Agreement with the Marten Falls First Nation (MFFN). The agreement compensates Marten Falls for work that has been completed on their traditional land and outlines a one year process that will be used to negotiate a Pre-Development Agreement for the Eagle’s Nest nickel-copper-platinum-palladium mine located in Northern Ontario’ Ring of Fire region.
The company has agreed to issue 311,111 shares of Noront stock valued at $0.225, the closing price on April 12, 2017, subject to TSX Venture approval and the fulfillment of certain obligations and arrangements by Marten Falls.
Chief Bruce Achneepineskum described the agreement as "a step towards a prosperous and sustainable future for both the youth and community of Marten Falls First Nation."
"We are excited to be taking this next step with our friends in Marten Falls," said Noront president and CEO Alan Coutts. "It marks the beginning of a long-term relationship that will provide opportunity and mutual benefits for both parties."
In other news, Noront announced several new additions to its board of directors, including Greg Rickford, former Canadian Minister of Natural Resources, Jean Paul Gladu, president and CEO of the Canadian Council for Aboriginal Business, and Bo Liu, senior manager, global resource development, Baosteel Resources International.
