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UPDATE 1-Noront delays Ontario mine feasibility study
2012年5月28日 / 下午1点57分 / 5 年前

UPDATE 1-Noront delays Ontario mine feasibility study

* Eagle’s Nest feasibility delayed for road review

* Mine located in remote Ring of Fire region

* Ontario government, Cliffs to build road in area

* Noront shares rise 1 pct to C$0.495 on TSX Venture

TORONTO, May 28 (Reuters) - Noront Resources Ltd said on Monday that it has delayed the release of a feasibility study for its flagship Eagle’s Nest project in Northern Ontario in order to review the impact a proposed road development will have on its plans.

The $600 million all-season road, to be built by Cliffs Natural Resources Inc and the Ontario government, is expected to connect the remote Ring of Fire mining district to an existing rail line to the south.

Noront had proposed an alternative route that would connect the Ring of Fire to a highway west of its mine.

The Toronto-based miner’s stock rose 1 percent to 49.5 Canadian cents Monday morning on the TSX Venture Exchange after the company said it will review the impact of the government- backed road construction on its Eagle’s Nest nickel mine.

Noront had originally expected to release its feasibility study within weeks. Noront did not say when it now expects to issue the study.

The Ring of Fire is a crescent shaped series of deposits rich in chromite, nickel, zinc, copper and platinum group metals. The remote region, located hundreds of miles northwest of Toronto, has no roads, no rails and no power infrastructure.

Cliffs is developing a massive chromite deposit northeast of Noront’s nickel project. The Cleveland-based miner expects to issue its definitive feasibility for that mine next year.

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