The McFaulds Lake Project is located in the highly prospective Ring of Fire multi metals district in the James Bay lowlands of northern Ontario. With over 117,000 hectares of mineral claims, Noront is one of, if not the largest landholder in this exciting new exploration district.

In August 2007, based on diamond drilling results, Noront announced the initial discovery of the nickel copper Eagles Nest deposit.. Since our initial discovery Noront has invested heavily in exploration, leading to the discovery of the Blackbird chromite deposit, the Eagle Two and AT-12 nickel-copper-PGE targets, the Thunderbird vanadium target and the Triple J gold target. These diverse mineral discoveries within a short month period demonstrate the robust nature of this mineral district.

Noront  has contracted some of Canada's leading geologists and geophysicists, to review our data and provide their analysis. Many of these individuals have worked in and been involved with, some of the most significant Canadian discoveries in the last decade, including: Sudbury, Voisey's Bay, Raglan and Thompson. It is here that our extensive core library provides a unique benefit as it provides vital geological data to accompany the geophysical data and improve the interpretation. This process has identified numerous, untested targets within our existing land package that we plan on examining during our future exploration programs.

Development

In 2010, Noront secured the services of some of the leading engineering companies to complete technical studies on the development of our most advanced exploration deposit Eagles Nest. The engineering team lead by Micon International includes experts from SNC Lavalin, Cementation, Golder Associates and Knight Piesold.

In September, 2010 Noront announced the results of the Preliminary Assessment of the Eagles Nest deposit. The Preliminary Assessment highlights were:

• 1.0 million tonne per year throughput rate;
• underground mining of the Eagle’s Nest Ni-Cu-PGM deposit;
• all major facilities (including the mill) would be located underground;
• tailings would be stored underground as cemented fill;
• minimal surface disturbance;
• construction aggregate would be sourced from underground waste rock;
• the existing winter road from Pickle Lake to Webequie would be upgraded to an all-season road;
• a diesel power plant would be located near Webequie and a transmission line would provide power to the mine site;
• a slurry pipeline would be used to transport concentrate from site to a filter plant located near Webequie;
• initial mine production would be from an internal ramp; and
• a winze (internal shaft) will be developed by year three to access the lower levels of the deposit;

Provided the project technical, environmental and socio-economic aspects remain favourable, Noront intends to advance Eagles Nest through the normal phases of a Feasibility Study and project permitting.

As other deposits are defined through additional exploration they will follow a similar development process.