NEW YORK Noront
Resources Ltd. plans to use funds generated from the sale of
its rights to a northern Quebec gold project to develop its
Eagles Nest nickel project.
Noront sold its
25-percent stake and all other interests in the Windfall Lake
high-grade gold exploration project to Eagle Hill Exploration
Corp. for $5 million and 25 million freely tradable common
shares of Eagle Hill, the Toronto-based company announced Aug.
The sale, announced in
June, ends a four-year agreement between Noront and Eagle Hill,
who had shared ownership of Windfall Lake since 2009, and
transfers full control of the project to Eagle Hill.
Noront will use the
capital raised from the sale "to fund the development of our
Eagles Nest project in the Ring of Fire (in the James Bay
Lowlands in Ontario)," Noront chairman and interim chief
executive officer Paul Parisotto told AMM.
The Eagles Nest
project contains high-grade nickel, copper, platinum and