Page 54 By Frank Giorno Noront Resources Ltd released re sults on September 4 2012 of an updated National Instrument 43101 Standards of Disclosure for Min eral Projects NI 43101 compli ant Feasibility Study FS for a stand alone nickel copper platinum group element NiCuPGE mine and mill complex at its 100 owned Eagle s Nest deposit near McFaulds Lake the Ring of Fire gle s Nest is economically viable and establishes the capital operating and of certainty which will allow Noront to initiate discussions with various posed mining project said Olya Communications for Noront in a tele phone interview with Mining Life The Ring of Fire is located about 500 kilometres northeast of Thunder Bay and about 70 km east of the W e bequie First Nation It is about 150 km west of the DeBeers V ictor Diamond Mine The area consists of muskeg swamps and has the potential to become a ma jor mining site for chromite nickel copper gold and other minerals Noront plans to develop a stand alone nickel copper platinum and palla dium mine and mill complex at its Eagle s Nest location near McFauld Lake The mine mill and tailing stor age facility will all be situated under ground Noront s feasibility study assumes that 10 million tonnes per year of nickel and copper ore will be extract ed from the under ground mine using blast hole sublevel stoping On site processing will produce approxi mately 150000 tonnes of high grade nickelcopper concentrate per year which will be trucked to a rail siding located approximately 300 kilometres to the south The feasibility study s discounted that Noront s Eagle s Nest project will produce an after tax Net Present V alue at an 8 discount rate NPV8 of 543 million based on the As sumed Metal Prices ment of 609 million capital cost of 160 million road access fees of 97 per tonne or 234 per pound of nickel equivalent High Grade Ore from Eagle s Nest Contd on pg 56 Nor ont Resour ces Releases NI 43101 Compliant Feasibility Study to minus 031 per pound of nickel net byproduct credits and years based on a 100 equity project gle s Nest would generate approxi mately 420 million in tax revenues include any future reserve increases resulting future exploration ef forts in the camp Along with its feasibility study Noront has also submitted its terms of reference for their comprehensive environmental assessment to the On tario Ministry of the Environment The terms of reference will serve as the basis for completing the environ mental assessment The major challenge for Noront in developing the Eagle s Nest site is the lack of existing infrastructure in the One of the most crucial elements of the infrastructure is the construction of a road that will open up the area and allow materials to be trucked in to develop the site and ores and concen trates shipped out Noront s feasibility study assumed that ore concentrate would be trucked along a northsouth all season road to a CNR loading facility near Nakina where it will be transferred to rail for further shipment The proposed northsouth route has been proposed by Clif fs a multina develop their chromite assets in the Ring of Fire In their prefeasibility study Noront assumed an eastwest road would be the primary means of access to the Ring of Fire At this time Noront con tinues to identify this eastwest route