Intrinsic Minerals Ltd. Announces Second Option Agreement With Noront Resources Ltd. to Acquire 50% of 17 Claim Blocks in the "Ring of Fire"

TORONTO, ONTARIO--(Marketwire - Feb. 11, 2008) - Intrinsic Minerals Ltd. ("Intrinsic") is pleased to announce that it has entered into an option agreement with Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) pursuant to which Intrinsic has been granted an option to acquire a 50% legal and beneficial interest in 2 properties consisting of a total of 17 claim blocks (covering a total of 212 claim units) for a total area of 3,392 hectares along the Ring of Fire located in the McFaulds Lake area in northeastern Ontario. This is the second such agreement between Intrinsic and Noront.

To earn and maintain its interest in the property, Intrinsic is required to:

1. Pay to Noront a sum of $260,000 payable in the form of 520,000 common shares of Intrinsic;

2. Fund $4,550,000 of exploration expenditures on the property over a three year period (of which $1,300,000 must be incurred in the first year); and

3. Make additional aggregate cash payments to Noront of $520,000 within two years of entering into the option agreement. The cash payments may be satisfied, at the option of Noront, through the issuance to Noront of 1,040,000 common shares of Intrinsic.

Upon Intrinsic earning its 50% interest in the property, Intrinsic and Noront shall form a joint management committee to further develop the property as a joint venture with Noront acting as the operator.

About Intrinsic:

Intrinsic is a private company incorporated in May 2007 for the purpose of acquiring and exploring highly prospective mineral properties. The company's investors, management, Board of Directors and Advisory Board include a respected team of professional geologists with a wealth of exploration, evaluation, negotiation and development expertise, as well as individuals from related technical service sectors and the investment industry.

In addition to its participation in the Ring of Fire, Intrinsic has a portfolio of properties prospective for nickel in Northern Labrador, several of which are under option to Celtic Minerals Ltd., as well as properties forming part of the Sops Arm Group, located on the eastern margin of the Humber Zone of the Appalachian Orogen in northern Newfoundland, and host to many of the gold and base metal occurrences in the area.

Investors are invited to visit Noront's IR Hub at http://www.agoracom.com/IR/Noront where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to NOT@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

ON BEHALF OF THE BOARD OF DIRECTORS:
R. Nemis, President and Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.