Noront involved in big new play

Noront Resources (VSE), recently reactivated with strong financial backing as the exploration arm of Central Crude (VSE), is spreading its wings.

Although not yet finalized, the company has reached an agreement in principle with a major company relating to several thousand claims covering a large mineralized belt in eastern Canada, President Richard Nemis tells The Northern Miner. Details will be revealed just as soon as the deal is formalized, Nemis says, adding that this should be “very shortly.”

The major company would be responsible for all development and senior financing by way of purchase of Noront treasury shares or some other financing arrangement that could see Noront ending up with a 100% interest in this unusually large spread of ground by spending up to $30 million.

Noront, it will be recalled (N.M., Oct. 3/88), is the company that recently acquired some key ground in Ontario’s bustling Mishibishu gold area now being explored and financed by the team of Noranda (TSE) and Hemlo Gold Inc. (TSE). It recently raised $900,000 through private placement and flow- through financing, with substantial additional financing now being arranged.

Noront’s board of directors and officer slate has recently been revamped as follows: Richard Nemis, president and chief executive officer; V. Noble Harbinson, executive vice-president; Uldis Abolins, vice-president exploration; Steven Hedford, vice-president; John Francis, secretary-treasurer and Elaine Findlay, assistant secretary. It is expected that further changes in the board will be made.