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#RingOfFire (#RoF) News – July 4, 2016

  • Still? (ON mines) Minister urges Ring of Fire patience in Sudbury trip — Recommendations due any day from four first nations involved in the community corridor study will “inform” decisions the province will make about a transportation route to the Ring of Fire.  The $785,000 study is being led by Webequie First Nation, in partnership with Eabametoong, Neskantaga and Nibinamik First Nations. It is being funded by the Ministry of Northern Development and Mines and Natural Resources Canada.  Among other issues, the study was to look at the cost and viability of moving ore and people by both freight and road in the chromite-rich area about 500 kilometres northeast of Thunder Bay.  Northern Development and Mines Minister Michael Gravelle said … the study will look at the best way to access ore deposits.  The study, which was announced in February 2015, was to be completed in March of this year, but the group conducting it was given a three-month extension.  It was expected to be wrapped up by the end of June, Gravelle said (29 June) after a funding announcement about another issue at Laurentian University.  “I recognize people tend to be impatient about the project moving forward,” said Gravelle of the Ring of Fire. “The fact is, ultimately it will be the markets that will decide” when that happens …”
  • More financing news from Noront … “Noront Resources Ltd. is pleased to announce that it has entered into a second amending agreement dated June 30, 2016 with its largest shareholder, Resource Capital Fund V (“RCF”) to extend the term of its existing US$15 million convertible debenture. The maturity date of the Convertible Debenture has been extended for a year and a half to December 31, 2017. The Second Amending Agreement also requires RCF to accept all interest payments in common shares of the Company, subject to the approval of the TSX Venture Exchange, with interest paid quarterly in arrears with the interest rate remaining the same at 8% per annum …”
  • … while analysts watch Noront stock go up (as of 22 June) and down (as of 27 June).
  • Outside the RoF, more court action on who does what for consultation in Ontario “It’s back to court for Northern Superior Resources.  The Sudbury junior miner is heading to the Ontario Court of Appeal after its $25-million lawsuit against the Ontario government was dismissed by a Superior Court judge in late May.  After taking a few weeks to consult with his lawyer, company president-CEO Tom Morris claims Justice Thomas Lederer’s ruling overlooked many critical issues that forced his exploration firm to abandon their northwestern Ontario gold claims in 2011 due to a conflict with Sachigo Lake First Nation.  “Many of the important issues we brought to trial were simply ignored by the judge or sidestepped.”  According to Morris, it’s tough to play by the Ontario government’s rules on the duty to consult with First Nation communities when there are no clear-cut rules to follow, even by today’s new standards …” – more in the company’s news release here, and court filings here (Notice of Appeal) and here (Trial Judgement Summary).
  • Remember the University of Calgary study looking at the idea of a cross-Canada northern resource corridor (last bullet)? Based on this, TV Ontario asks, “Does Ontario need a cohesive national plan for northern infrastructure?”
  • Speaking of infrastructure … “A new online map is offering a snapshot of northern Ontario’s railways, roads, and even rest stops.  The Northern Ontario Infrastructure Map shows passenger rail and bus routes, major highways, border crossings, airports, and more. Users can click on the interactive map to compare each route along with nearby cities, towns, and First Nations reserves. The publicly available map, commissioned by the Northern Policy Institute, also shows the Ring of Fire and the far north’s ice roads …” Be warned:  the map may take a while to download.

 

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