Noront Resources Ltd. V.NOT

'Any forecast is purely speculation'

[ppprecies]

Mr. Paul Semple P. Eng, Noront's Chief Operating Officer stated, "The
development plans and schedules we are currently proposing are based on
months of strategic planning and numerous conversations with First Nations
leaders, industry professionals and Federal and Provincial government
officials. We are confident of the schedules that we are proposing for the
nickel copper projects and at the same time we intend to work diligently on
developing the more complex chromite projects. These projects are
multifaceted and will require extensive consultations, discussions and
negotiations. Until we complete these steps, we cannot responsibly report on
the development plans including the capital costs, schedule or the project
economics of the Ring of Fire chromite deposits." Mr. Semple further
stated, "Based on Noront's due diligence regarding the chromite market,
the technical demands of a ferrochrome project, the unknown aspects of the
permitting process, the complexity of developing a large infrastructure
project especially as a private public partnership along with the current
the status of Ontario's infrastructure,
 we currently believe that the
project costs, scope, smelter location, project economics or development
timeline can not be accurately forecast or estimated.
 We believe any
forecasts on the chromite projects, at this stage, absent of a project
definition being completed, consultation with impacted First Nations being
initiated and intensive discussions with the Provincial and Federal
governments is purely speculation."