HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: Sideplays and Noront

 

Bentonstock and others,

Thanks for the updated map on Probe.  I stand corrected on the Probe claims if this map reflects the latest changes in the area, which I have no reason to believe is not the case given your credentials as part of the NOT brotherhood.

The information I am looking for at this point is what properties Probe returned to Noront as of May 17, 2007 (original NOT NR below).

I believe that the area that has driven up the NOT SP of late is not the properties that Probe returned in May, but the ones optioned from Condor/Greenstone as of May 17, 2007.

If probe still has remaining property (that which was not given back to Noront) that is that close to the find, than that will explain why the SP has jumped today as it has.  Congrats to the PRB holders and Benton for finding this jewel in the mix.

Original Noront NR dated May 17, 2007:

Noront Resources Ltd. (“Noront”) announces that it has been advised by Probe Mines Limited (Probe) of Toronto that it does not plan to proceed this year with further exploration on the Company’s Double Eagle project located in James Bay Lowlands, northeastern Ontario and has returned the property to the Company, which now holds a 100% interest.

The Company further announces that it has entered into an option agreement with Condor Diamond Corp. and Greenstone Exploration Company Ltd. (Condor/Greenstone) to acquire two claims consisting of 8 units adjoining the Company’s Double Eagle project on the following terms:

Subject to all regulatory approvals, Noront has agreed to issue 175,000 shares and complete, during the calendar year 2007, a minimum of one diamond drill hole to test several highly rated airborne geophysical targets established on the claim group and confirmed by ground geophysics after which it will have earned an undivided 50% interest on the claims, and further have the right during the second year of the agreement, to earn the balance 50% upon the issuance of a further 225,000 common shares of the Company. Condor/Greenstone shall retain a 1% net smelter royalty which may be purchased by the Company at any time upon payment of the sum of $500,000 and/or at the Company’s option, issuance of an equivalent number of common shares of the Company.

The Double Eagle project consists of 34 claims comprising 533 units encompassing an area of 8,528 hectares (21,320 acres) in the James Bay Lowlands in northeastern Ontario adjacent to Spider Resources KWG joint venture where three significant volcanogenic base metal massive sulphides have been discovered.

The Company is currently budgeting for a diamond drill program to be conducted on the newly acquired claims this summer as well as perhaps a follow up program covering the Company’s Double Eagle claims or alternately the Company may seek a new joint venture partner with one of several parties that have shown an interest in this large project.

This press release includes certain “Forward-Looking Statements” within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are “Forward-Looking Statements” that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these “Forward-Looking Statements”. All dollar amounts are Canadian dollars unless otherwise noted.

Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 90,057,692 shares issued to date.

For further information, please contact Richard Nemis at 416-864-1456, or visit the Company’s web site www.norontresources.com


ON BEHALF OF THE BOARD OF DIRECTORS
“R. Nemis”
President and Chief Executive Officer

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