22:59:05 EDT Thu 16 May 2024
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Noront Resources Ltd
Symbol NOT
Shares Issued 184,133,641
Close 2011-01-31 C$ 0.79
Market Cap C$ 145,465,576
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Noront faces second Marten Falls blockade

2011-02-01 15:48 ET - Street Wire

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by Stockwatch Business Reporter

The Marten Falls First Nation is planning to once again blockade the Koper Lake ice landing strip in the Ring of Fire area of Northern Ontario, where Noront Resources Inc. has just begun a 10,000-metre drill program at its McFaulds Lake project. It could not complete the drilling last year because of the Marten Falls and Webequie First Nation blockade which lasted from January to March. Winter is the only time Noront can drill on its McFaulds Lake project's AT-12 target because of wet ground conditions. Investors are undoubtedly awaiting drilling at AT-12, as the company received encouraging assays from there in late 2009. At the time, the stock was trading over $2. It closed Monday at 79 cents.

Last year Noront's president, Wes Hanson, stopped exploration, claiming the company supported the actions of the blockading Indian tribes. Careful not to ruffle any feathers, he euphemistically called the blockade a "logistics halt" and a "denial of service." On Jan. 25, 2011, Noront received a letter from Marten Falls to "terminate exploration immediately," but unlike last year Noront has chosen to continue with its drill program. Mr. Hanson says this year's "requested work stoppage" comes from a dispute between Marten Falls and KWG Resources Inc./Fancamp Exploration Ltd., and Noront "has more than fulfilled our duties to consult."

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