Noront Resources Ltd. Management’s Discussion and Analysis – Nine Months Ended January 31, 2008

NORONT RESOURCES LTD. - MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE THIRD QUARTER ENDED JANUARY 31, 2008

This management’s discussion and analysis (“MD&A”) of results of operations and financial condition of Noront Resources Ltd. (“Noront” or “the Company”) describes the operating and financial results of the Company for the nine months ended January 31, 2008. The MD&A supplements, but does not form part of the financial statements of the Company and should be read in conjunction with Noront’s audited consolidated financial statements and related notes for fiscal year ended April 30, 2007. The Company prepares and files its consolidated financial statements in accordance with Canadian Generally Accepted Accounting Principles. Unless otherwise stated, all amounts discussed herein are denominated in Canadian dollars.

FORWARD LOOKING STATEMENTS

This MD&A includes certain “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical facts, included in this MD&A that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters are forward-looking statements.

When used in this MD&A, the words “estimate”, “plan”, “anticipate”, “expect”, “intend”, “believe” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to joint venture operations, actual results of current exploration activities, changes in project parameters as plans continue to be refined, unavailability of financing, fluctuations in precious and/or base metals prices and other factors. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements.

Accordingly, readers should not place undue reliance on forward-looking statements.

DATE OF MD&A

This MD&A was prepared on March 28, 2008.

OVERALL PERFORMANCE

Noront is a junior resource company listed on tier 2 of the TSX Venture Exchange (“TSXV”) involved in the acquisition, exploration and development of properties for the mining of precious and base metals, and is currently active with exploration projects in Canada, Mexico, China and Hungary. The Company’s strategy is to concentrate its efforts primarily on its most advanced projects and to acquire by option its early-stage exploration projects on favourable terms, then after the Company has advanced these projects to the point of being attractive options to third parties.

On November 27, 2007, the Company announced that it has entered into an agreement with J.P. Morgan Securities Inc. J.P. Morgan will work alongside co-advisor IBK Capital Corp. to evaluate strategic
alternatives to enhance the development of the Company’s various assets. The Company continues to define its very attractive nickel-copper discovery in the James Bay Lowlands, as well as its high-grade gold discovery at Windfall Lake.

The market has reacted positively to the Company’s significant nickel, copper, PGE discovery buying the stock up to a 52 week high of $7.42 per share

OVERVIEW OF PROPERTIES

Double Eagle Project – McFaulds Lake, James Bay Lowlands, Ontario

The Double Eagle project consisting of approximately 386 claims encompassing an area of 93,100 hectares (230,000 acres) in the James Bay Lowlands in Northeastern Ontario adjacent to the Spider Resources Inc./KWG Resources Inc. joint venture where two significant volcanogenic base metal massive sulphide occurrences were discovered. The Company had previously optioned the Double Eagle project firstly to Hawk Precious Minerals Inc. and thereafter to Probe Mines Limited and was subsequently advised that neither party was willing to proceed further with the options and returned a 100% interest back to the Company in March 2007.

The Company announced on May 17, 2007 that it had 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:
Noront agreed to issue 175,000 shares (issued) 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 total of 400,000 shares have been paid and the Company now holds a 100% interest in the claims subject only to the Net Smelter Royalty hereinbefore set out.

The Company had budgeted $400,000 for a diamond drill program to be conducted on the newly acquired claims as well as perhaps a follow up program covering the Company’s Double Eagle claims that
commenced in August 2007.

On August 28, 2007 the Company announced visual results of the first two holes of the diamond drilling program started August 24, 2007 on the recently optioned claims of the Company’s Double Eagle project.

The first hole of the current drill program NOT-07-01 was drilled at -45 degrees and intersected chalcopyrite and pyrrhotite mineralization between 56 meters to 82 meters, however the total sulphide percentage dropped off between 69 and 82 meters downhole. Between 82 and 122 the mineralization slowly decreases to trace levels beyond 125 meters. The total drill intercept of the mineralized sulphide zone was 69 meters.

The first hole continued to 140 meters and was terminated in granodiorite. A second hole drilled from same location, undercut hole NOT-07-01 at -65 degrees. This second hole entered similar mineralization (as in the first hole) at 91.3 meters core length. The hole intersected 72.9 meters of mineralization, the overall tenor of mineralization in the second hole is similar to that of the first hole, however a massive section of pyrrhotite and chalcopyrite over 1.93 meters (104.67 to 106.6) had been observed in the second hole and was not seen in the first hole. Plotting on section for the two holes suggested a steeply dipping structure that is in the order of 50 meters wide. Hole NOT-07-02 was terminated at 191 meters and the drill was moved 100 meters to the northeast to test for a northeasterly extension of this structure.

On September 10, 2007, the Company announced assay results from the first hole of the diamond drilling program started on August 24, 2007. The assays reported upon were for the first 26 samples that were selected between 55 meters and 92 meters, with additional sample results were to follow. The hole averaged 1.53 % copper, 1.84 % nickel, 1.04 g/t Pt and 2.87g/t Pd and 0.127 g/t Au over 36 meters between 56 and 92 meters downhole, being only the upper portion of the observed mineralized section. Of the 26 samples submitted from the first section of hole NOT-07-01, all of the samples received initial assay of greater than 1 g/t Palladium, eleven of the samples received initial assays greater than 1 g/t Platinum. Additional precious metal analytical results were pending.

Hole NOT- 07-03 and NOT-07-04 were positioned 100 meters to the northeast and southwest of the first two holes respectively. These holes failed to intersect the mineralized zone and were in granodiorite for the entire length. These two holes were designed to test the northeastern and southwestern extension of the electromagnetic and magnetically rendered anomaly. It has been interpreted, from the existing geophysics and geological observations, that these holes respectively undercut and overcut the mineralized zone observed in the first two holes. New grid lines were cut, oriented in two directions; normal to each other, where detailed ground magnetic and horizontal loop electromagnetic surveys were completed. In addition, MISSE A LA MASSE (MALM) borehole and surface surveys were undertaken to provide 3D mapping of this occurrence, results of which were used to facilitate a more detailed interpretation of this new sulphide target.

Diamond drill Hole NOT-04-05, was positioned 50 meters to the northeast of Holes NOT-07-01 and 02 and was drilled vertically at the peak of a magnetic anomaly to ascertain the magnetic body’s more precise location. After 6 meters of overburden and one meter of limestone, peridotite with interstitial chalcopyrite, pyrrhotite and pentlandite was encountered to a core depth of 47.4 meters. Between 47.4 and 112.6 meters massive chalcopyrite, pyrrhotite and pentlandite was observed. Then from 112.6 to 123.3 meters peridotite with interstitial chalcopyrite and pyrrhotite was observed. Between 123.3 and 124.4 meters, another massive section of chalcopyrite, pyrrhotite and pentlandite was observed. The hole then remained in peridotite until 127.4 meters core length, then entered granodiorite until the end of the hole at 143.4 meters.

Diamond drill Hole NOT-07-06 was also drilled 384 meters total depth, it was drilled from the east to undercut Hole NOT-07-5, returning core length intersections not representing true width. The positioning of this drill hole was designed to determine a dip of the sulphide occurrence, however the hole remained in granodiorite for its entire length.

On September 25, 2007, the Company announced final assay results from the first two holes of the diamond drilling program. Diamond drill Hole NOT-07-01final assay results include; 36 meters averaging 1.84% Nickel, 1.53% Copper, 1.14 g/t Platinum, 3.49 g/t Palladium, 0.13 g/t gold and 4.8 g/t silver.

Diamond drill Hole NOT-07-02 final assay results include; 57.9 meters averaging 2.02% Nickel, 1.40% Copper, 1.00 g/t Platinum, 3.27 g/t Palladium, 0.14 g/t Au and 5.3 g/t silver. Then on September 27, the Company reported the final assay results from the fifth hole of the diamond drilling program. Diamond drill Hole NOT-07-05 final assay results include; 68.3 meters averaging 5.9% nickel, 3.1% copper, 2.87 g/t platinum, 9.78 g/t palladium, 0.61 g/t gold and 8.5 g/t silver; a 3 meter section of this hole averaged 8.7% nickel, 10.9% copper, 40.79 g/t platinum, 14.57 g/t palladium, 9.39 g/t gold and 8.7 g/t silver

Many additional press releases were issued during October and the end of December 2007, pertaining to the progress of diamond drilling program on the project, including the following highlights of selected diamond drill holes as the drill holes explored in and around the Eagle One massive sulphide occurrence:

Diamond drill Hole NOT-07-07 that undercut hole NOT-07-05 intersected the mineralized zone at 72.5 meters core length and remained in it until 123.5 meters, including a total of 14.3 meter section of massive sulphide mineralization between 75.2 and 89.5 meters core length that averaged 2.5% Cu, 6.3 % Ni, 5.92 g/t Pt, 16.21 g/t Pd, 0.24 g/t Au and 8.3 g/t Ag.

Diamond drill Hole NOT-07-09 intersected the mineralized zone at 45.8 meters core length and remained in it until 88.55 meters, including two sections of massive sulphide totaling 22 meters, followed by a section of net textured peridotite. Assays for the 17.4 meter upper massive sulphide section averaged 3.87 % Cu, 4.82 % Ni, 1.02 g/t Pt, 14.78 g/t Pd, 0.27 g/t Au and 11.3 g/t Ag, while the lower 4.6 meter massive sulphide section averaged 2.01 % Cu, 8.3 % Ni, 0.14 g/t Pt, 0.23 g/t, 11.53 g/t Pd, Au and 5.1 g/t Ag.

Diamond drill Hole NOT-07-11 encountered two massive sulphide zones separated by weakly mineralized peridotite; first massive sulphide zone between 58.5 and 60.1 meters (1.6 meters averaged 4.82% Cu., 7.11% Ni., 2.53 g/t Pt., 14.65 g/t Pd., 0.19 g/t Au., and 14 g/t Ag.) followed by a second massive sulphide section between 74.5 and 75.8 meters (1.3 meters averaging 4.43% Cu., 7.37% Ni., 1.08g/t Pt., 18.1g/t Pd., 0.22g/t Au and 13 g/t Ag).

Diamond drill Hole NOT-07-12 intersected mineralized peridotite between 81.5 meters and 176 meters including a massive sulphide zone between 82.5 and 92 meters downhole. This 9.5 meter section averaged 1.54% Cu., 6.99% Ni., 2.61 g/t Pt., 10.07g/t Pd., 0.15g/t Au and 5.21g/t Ag. Then from 92 to 113 meters a semi-massive section of sulphides was encountered consisting of pyrrhotite, pentlandite and chalcopyrite, followed by net textured nickel and copper sulphide mineralization to 176 meters.

Diamond drill NOT-07-17 encountered the main mineralized zone between 96.5 meters and 177.5 meters downhole that over 81 meters averaged 0.77% Cu, 1.55% Ni, 0.91 g/t Pt, 2.97 g/t Pd, 0.13 g/t Au and 3.1 g/t Ag including a 7.5 meter wide massive sulphide intersection that averaged 1.54% Cu, 6.81% Ni, 2.17 g/t Pt, 6.62 g/t Pd, 0.15 g/t Au and 6.12 g/t Ag.

Diamond drill NOT-07-18 intersected mineralization between 105.2 meters and 230 meters, however due to lab delays, the semi-massive to massive sulphide section from 215 to 230 is not yet available. A 59.2 meter zone of net textured sulphides between 132.5 meters and 191.7 meters averaged 0.93% Cu, 1.84% Ni, 1.28 g/t Pt, 3.15 g/t Pd, 0.45 g/t Au and 3.9 g/t Ag followed by a 23.3 meter wide semi-massive to massive sulphide mineralized zone that averaged 1.52% Cu, 2.7% Ni, 2.02 g/t Pt, 5.86 g/t Pd, 0.15 g/t Au and 4.97 g/t Ag.

Diamond drill NOT-07-19 encountered the main mineralized zone between 104.2 meters and 110.8 meters over a drill intersection of 6.6 meters that averaged 0.63% Cu, 2.32% Ni, 1.13 g/t Pt, 3.93 g/t Pd, 0.06 g/t Au and 3.01 g/t Ag. This 37.5 meter stepout to the south is quite encouraging as the grade remains consistent.

Assays from holes 20 to 26 are highlighted by hole NOT-07-24 where 54.8 meters averaged 1.91% nickel.

0.26% copper, 1.31 grams/tonne platinum, 3.46 grams/tonne palladium, 0.35 grams/tonne gold and 4.2 grams/tonne silver.

NOT-07-27 intersected mineralization between 112.8 meters and 159 meters that over 46.6 meters averaged 6.25% nickel, 2.75% copper, 1.85 g/t platinum, 10.23 g/t palladium, 3.0 g/t gold and 10.3 g/t silver.

This well mineralized zone contained a 35.6 meter wide massive sulphide mineralized section between 116.8 meters and 152.4 meters that graded 7.91% Ni, 3.45% Cu, 1.66 g/t Pt, 12.79 g/t Pd, 3.87/t Au and 9.27 g/t Ag.

NOT-07-29 intersected mineralization between 18.3 meters and 84.2 meters that over 65.9 meters averaged 1.48% nickel, 1.1% copper, 1.18 g/t platinum, 2.94 g/t palladium, 0.12 g/t gold and 3.3 g/t silver.

Highlights of the drilling completed to the end of December 31, 2007 are summarized by the following table:

The drilling during the quarter ending January 31, 2008, confirmed that the Eagle One Ni-Cu-PGE
occurrence was a massive sulphide magmatic nickel mineralized body, surrounded in part by net textured sulphides in peridotite within a much larger variably mineralized steeply dipping peridotite that has an 80 degree dip to the west, with a steep plunge along a southerly strike.

Also during this period the Company advised that it had a very rigorous QA/QC program underway, and the first three batches of samples fell within the limits as determined by acceptable industry practice.

The Company further announced that it was increasing its land position and staking continues around the “Ring of Fire” and that they had initiated a large airborne survey contract awarded to Aeroquest International Limited, overseen by Scott Hogg and Associates, followed up by a very intense ground geophysical program. The near vertical dipping mineralized Nickel – Copper – PGM Eagle One occurrence averaging 40 to 45 meters in horizontal width remained open along strike, lies conformably near the western edge of a larger peridotite intrusive that has widened to 85 meters in horizontal width at its presently drilled south extent.

Twenty samples from holes NOT-07-01, NOT-07-02 and NOT-07-05 were selected for Precious Group Elements (PGE’s) as part of the ongoing evaluation of Eagle One. The samples were selected on the basis of initial platinum and palladium content, nickel and copper content as well as lithology. The samples initially underwent analysis for rhodium at ALS Chemex Laboratory in Vancouver B.C., then labsplits of the same sample set were sent to ALS’s affiliate lab in Australia, and additional splits were sent to Activation Laboratory in Ancaster, Ontario. The test work recently received confirms that other PGE’s are present in Eagle One and now need to be analyzed for on a regular basis. Variance between the two laboratories was within acceptable limits. The test-work included three consecutive samples selected from Hole NOT-07-05 between 111.5 meters and 115.6 meters down-hole. This 4.1 meter section averaged 3.2% copper, 3.62% nickel, 30.2 g/t platinum, 15.95 g/t palladium, 3.3 g/t gold, 8.1 g/t silver, 0.84 g/t rhodium, 0.15 g/t osmium, 0.21 g/t iridium and 0.42 g/t ruthenium. Noront will now be assaying previous samples from Eagle One for rhodium and completing additional assaying for the other PGE’s on a regular basis, to determine ratios of the other elements with respect to rhodium assays.
The on-going Aero-Tem-2 airborne geophysics was near completion over the Company’s vast land holdings in the Double Eagle project area. Several other anomalies were identified within 5 kilometers of Eagle One exhibiting similar geophysical expressions as Eagle One. These are all high priority targets and plans were being made for drill testing in the next quarter. The Company’s claims cover numerous airborne magnetic anomalies around the Ring of Fire. Ground follow-up program of line cutting and magnetometer and horizontal loop surveys was initiated covering some of the nearby (to Eagle One) airborne anomalies, these were well underway, designed to prioritize the anomalies for immediate diamond drill hole in early 2008. Two new drills were contracted and arrived on site in late January 2008.

The Company has entered into seven Option Agreements with various third parties covering a portion of the Company’s extensive land position in the Double Eagle project.

WSR Gold Inc. Option

November 1, 2007, WSR Gold Inc. and the Company entered into an option agreement pursuant to which WSR has been granted the option to acquire a 50% legal and beneficial interest in a property. The property includes 15 Claim Blocks, approximately 4,400 hectares (9,600 acres) on the “Ring of Fire”, McFauld’s Lake, Ontario.

In order to acquire its interest in the property, WSR is required to:

1. Issue to Noront an aggregate of 400,000 common shares once both parties have received all
required approvals including TSXV and Board of Directors approval of the Option Agreement;
2. Incur aggregate exploration expenditures on the property of $5,000,000 over a three year period (of which $1,500,000 must be expended in the first year);
3. make cash payments to Noront totaling $400,000 within two years of receiving the above noted
approvals of the Option Agreement (of which $200,000 must be paid in the first year, and any
portion of the aggregate of $400,000 may be satisfied at the option of Noront, by the issuance to
Noront of up to 800,000 common shares of WSR at a deemed price of $0.50 per share).
The transaction remains subject to required approvals on both sides including the approval of the TSXV and WSR’s Board of Directors (received subsequent to January 31, 2008).
Upon WSR earning its 50% interest in the property, WSR and Noront shall form a joint management committee to further develop the property and Noront shall act as Operator.

Hawk Uranium Inc. Option

November 21, 2007 - Hawk Uranium Inc. entered into an option agreement with the Company pursuant to which Hawk has the option to acquire a 50% legal and beneficial interest in a property. The property includes 10 Claims(covering a total of 160 claim units, or approximately 6340 acres) on the “Ring of Fire” of the McFaulds Lake area, James Bay Lowlands, Ontario near Noront's nickel copper discovery.

To earn its interest in the property, Hawk is required to:

1. Issue 400,000 common shares of Hawk to Noront immediately following approval of the option
agreement by the TSXV;
2. Complete an aggregate of $3,500,000 in exploration expenditures on the property over a three year period (of which $1,000,000 must be incurred in the first year); and
3. Make aggregate cash payments to Noront of $400,000 within two years of entering into the option agreement (of which $200,000 must be paid in the first year). The cash payments may be satisfied, at the option of Noront and subject to the approval of the TSXV, by the issuance to Noront of
800,000 common shares of Hawk (at a deemed price of $0.50 per share).

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

Southampton Ventures Inc. Option

January 3, 2008 Southampton Ventures Inc. and the Company entered into an option agreement
pursuant to which Southampton has been granted the option to acquire a 50% legal and beneficial interest in 12 claim blocks (covering a total of 168 units or approximately 6,720 acres on the “Ring of
Fire”, McFauld’s Lake, Ontario, near Noront’s nickel copper discovery.

In order to acquire its interest in the property, Southampton is required to:

1. At Southampton’s option, make a payment to Noront of $200,00 or issue to Noront an aggregate of 266,667 common shares of Southampton, on both parties receiving all required approvals, including any TSXV approval and Board of Directors approval of the Option Agreement as may be required;
2. Incur aggregate exploration expenditures on the property of $3,500,000 over a three year period (of which $1,000,000 is firm for the first year);
3. Make total cash payments to Noront totaling $400,000 within two years of receiving the above noted approvals of the option agreement (of which $200,000 must be paid in the first year, and any portion of the aggregate of $400,000 may be satisfied at the option of Noront, by the issuance to Noront of up to 533,334 common shares of Southampton at a deemed price of $0.75 per share).
The transaction remains subject to required approvals on both sides including the approval of the TSXV and Southampton’s Board of Directors (received subsequent to January 31, 2008)
Upon Southampton earning its 50% interest in the property, Southampton and Noront shall form a joint management committee to further develop the property as a joint venture with Noront continuing to act as the operator.

Seafield Resources Ltd. Option

January 15, 2008 Seafield Resources Ltd. and the Company entered into an option agreement pursuant to which Seafield was granted the option to acquire a 50% legal and beneficial interest in 6 claim blocks, (covering a total of 96 claim units or approximately 3,840 acres). The property is located on the “Ring of Fire”, McFauld’s Lake area, Ontario.

The Seafield property covers an 8 km stretch of the “Ring” which is interpreted to be underlain by
metavolcanic and mafic to ultramafic intrusive rocks. Initial exploration over the property will include a stateof–the-art detailed heli-borne magnetic and EM geophysical survey expected to commence later this month, to define targets for follow up drilling.

In order to acquire its interest in the property, Seafield is required to:

1. Make an initial payment to Noront of $120,000 or issue to Noront an aggregate of 342,857 common shares of Seafield. Both parties are required to receive all approvals, including any TSXV approval and Board of Directors approval of the Option Agreement.
2. Incur aggregate exploration expenditures on the property of $2,100,000 over a three year period (of which $600,000 must be expended in the first year);
3. Make total cash payments to Noront of $240,000 within two years of receiving the above noted approvals of the option agreement (of which $120,000 must be paid by the first anniversary, and any portion of the aggregate of $240,000 may be satisfied at the option of Noront, by the issuance to Noront of up to 685,714 common shares of Seafield at a deemed price of $0.35 per share).

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

Temex Resources Corp, Noront Resources Ltd. and Baltic Resources Inc. Acquisition

On December 11, 2007, Noront, Baltic Resources Inc. (“Baltic”) and Temex Resources Corp. (“Temex") announced that they have completed a significant land acquisition campaign in the McFaulds Lake area in the James Bay Lowlands region of northeastern, Ontario. The new properties, located in the general area of Noront’s Double Eagle Ni-Cu-PGE discovery, were acquired by Temex on behalf of Temex, Noront and Baltic collectively the Staking Syndicate (“Staking Syndicate”). A total of 120 mining claims comprising 1900 claim units totaling 76,000 acres (the “Claims”) were acquired on behalf of the Staking Syndicate.

Subsequent to the staking campaign, Temex, Noront and Baltic have entered into a binding Letter of Agreement whereby each party has agreed to grant the other two parties a 100% interest in one third of the total claims staked, with each of the parties retaining a 1% Net Smelter Returns (“NSR”) royalty in the claims granted to the other parties. Therefore each party has a 100% interest in one third of the claim units and a 1% NSR royalty in two thirds of the claim units. Temex acted as operator of the Staking Syndicate.

The Claims cover features that these companies believe represent a geological environment similar to the geological setting near the Noront Ni-Cu-PGE discovery. It is believed that the newly acquired Claims have never been subjected to any previous exploration for Ni-Cu-PGE mineralization, and for the most part, the Claims have not been covered by a modern magnetic and electromagnetic geophysical survey.

Windfall Lake Project, Urban Township, Quebec

This project initially covered two adjacent claim blocks of which Noront holds a 100% interest subject to a some small Net Smelter Royalties (NSRs). The Windfall Lake block consists of 33 claims encompassing 528 hectares (1,320 acres), and the Alcane block of 57 claims comprising 912 hectares (2,280 acres), 38 new claims were recently staked comprising 608 hectares adjoining the Company’s current holdings.

Numerous diamond drill holes were completed on this project with a number of significant gold intercepts. A detailed study of all diamond drilling done to date on the Windfall Lake project was completed by the Company’s “qualified person”. As a result of this study, further fieldwork was recommended to assess the economic potential of the high grade gold intersections previously encountered in the most recent drill programs. The focus of the latest work at Windfall Lake was to further assess an 800-metre-square area immediately east of the original Alto Showing where the best gold mineralization intersected to date has been encountered. This mineralized block is open in all directions. Since exploration drilling commenced in 1998, 141 drill holes have been completed. Gold intersections reported to date vary considerably in width and grade with wide drill hole sections up to 22.8 grams per ton over 9.4 metres and narrow sections up to 383 grams per ton over a one-metre interval having been reported. A diamond drill hole was reported in December 2006 NOT-06-100 which encountered three significant zones, the best of which covered a total width of 4.8 meters (15.7 feet) and consisted of six individual split core samples, two of which contained visible gold. Each of these six samples were assayed twice with the normal fire assay method and a third time with a metallic screen test. The weighted average of the three assay tests were 1792.9 g/t (52.30 oz/t), 800.1 g/t (23.33 oz/t) from the fire assays, and 1327.9 g/t (38.74 oz/t) for the metallic screening assay.

Results to date warrant continuing exploration to assess the economic potential of the property close to surface by attempting to establish sufficient reserves for narrow, high-grade mining or wide, low-grade reserves for bulk mining. An independent detailed study including all of the adjoining Murgor Resources Ltd. (“Murgor”) data was finalized, and it is hoped, will assist the Company in the proposed further underground exploration program currently underway.

On February 5, 2007 Noront entered into an option agreement with Murgor and Freewest Resources Canada (“Freewest”) whereby Noront can earn an interest in Murgor/Freewest’s Windfall Lake project which is contiguous to the Company’s Windfall Lake project. Noront agreed to issue 750,000 common shares and match Murgor/Freewest’s total exploration spending on the project (estimated to be $4 million over three years) in order to earn a participating 50% interest in the claims. Noront will act as operator, and have the right to propose a feasibility study and earn an additional 10% interest if Murgor/Freewest do not pay for the study and it is positive. The parties will operate under a joint-venture agreement providing for a party’s share to be diluted if that party does not participate in exploration and development costs. Noront retained Genivar S.E.C of Quebec to commence the permitting process in order to commence an underground exploration program.

On September 28, 2007 the Company announced the Certificate of Authorization for excavating the underground access ramp on the Windfall Project had been received from the MDDEP (Department of Environmental Protection and Sustainable Development) on the 25th of September 2007.
Permitting regarding expansion of the camp site, septic facilities, and gravel use are already in Noront’s possession. All information regarding the permit with the MRN (Department of Natural Resources) for taking the bulk sample has been submitted and is expected to be approved in a timely manner.
Camp expansion has been completed in order to accommodate all the construction crews and other required personnel. Construction Norascon of Amos (Quebec) has been selected for the surface construction work.

Surface work represents the portal trench and ground support, all the mineralized material and waste storage pads, the settling pond and the polishing pond, all of which have been completed. Mining
contractor Monterie Expert has been selected for all underground excavation.
Genivar SEC. of Val-d’Or (Quebec) is doing the management and supervision of the contractors, the environmental follow up and the detailed engineering regarding the Windfall Lake Project. Noront’s own geological crews will carry out the necessary mapping and sampling of the underground workings under the guidance of Tracy Armstrong, P. Geo., of P & E Mining Consultants Inc. Ms. Armstrong is a qualified geologist in the Province of Quebec.

The proposed ramp, approved by Noront’s directors is designed to assess and sample several areas of gold mineralization intersected in previous surface diamond drill holes. The gold zones include those encountered on Noront’s wholly owned Windfall Lake Property and its optioned Murgor/Freewest Property contiguous to the north where the ramp is being collared.

Costs for that portion of the ramp on the Murgor/Freewest option will be applied against the work
commitment on the optioned property. The ramp will commence on the Murgor/Freewest option ground and drive southward onto Noront’s ground to a vertical depth of at least 100 meters . Total cost of the ramp could exceed $8.0 million depending on the extent of work required to complete the necessary geological assessment of the gold zones.

The exploration ramp is planned in two phases. The first phase will investigate three zones including the NOT-06-100 area. The second phase is contingent on the success of the first and is designed to test five additional zones.

Noront has now been advised that the portal has been completed and driving of the ramp has begun.

Burnt Hill Tungsten Properties, Stanley Parish, York County, New Brunswick

Burnt Hill Property (Tungsten, Molybdenum, Tin)

This property consisted of 53 claims in three different blocks encompassing 384 hectares (960 acres) approximately 60 km north of Fredericton, New Brunswick. A newly staked block of claims has increased the property to 652 claims in one block. The Company is currently negotiating with Cadillac to have all the newly acquired claims fall under the Option Agreement set out herein. The claims host a tungsten
(wolframite) deposit, which has been described as potentially economic by various technical authors that have worked on it. Historical mineral resources range from 252,000 tons at a grade of 1.63% W03 to 2,820,900 tons at a grade of 0.147% W03. All resources identified were open latterly and more particularly, vertically. It was thought that the grades of the rock could be tripled by pre-concentrating the mineralized material utilizing a photometric ore sorter prior to milling, as a result of some test work completed by earlier operators on this project in the late 1970’s. The tungsten mineral wolframite (Fe, Mn) W04 contains 76.5% W03 which is the commodity quoted in world markets.

In October 2005, the Company entered into an option agreement with Limerick Mines Ltd., whereby Limerick could earn a controlling interest in the property, however in November 2006, Noront announced that it advised Limerick Mines Ltd that the latter was in default of its option agreement granting it the right to earn up to 65% of the Burnt Hill tungsten deposit. With that agreement terminated, Noront entered into a new option agreement with a private Ontario company (“the Optionee”) dated October 31, 2006, whereby the Optionee could earn a 51% interest in the property. This earn-in agreement called for exploration
expenditures of $1.5 million over 3 years ($500,000/year), while the Company was to receive 2.5 million shares of the Optionee and/or its assignee ($200,000 of which the Company is obligated to pay to the original vendor of Burnt Hill) and cash payments of $150,000. The Company also granted another option to the Optionee to earn a further 14% in the project for $500,000 cash or in shares equivalent of the Optionee (and/or its assignee), which intends to resume exploration and redevelopment of the project.

The Company announced on April 5, 2007 that it had agreed to the transfer of the Option Agreement from the private Ontario company to Cadillac Ventures Inc. (Cadillac) who has agreed to assume all the obligations called for in the Option Agreement with the Ontario private company.
The following properties also fall under this option agreement:

Tin Hill Property

This property consists of nine claims encompassing 144 hectares (360 acres). The claims host a series of greisenized quartz veins in a porphyritic monzonite. Mineralization mainly consists of cassiterite and wolframite in clusters or pods and can be quite high grade, e.g. up to 9.88% Sn and 2.24% W03. More work is required to understand the geology and mineralization.

McLean Brook Property

This property consists of nine claims encompassing 144 hectares (360 acres). The claims host anomalous values of tin and tungsten in soils. Grown-in trenches are present, and where mineralization was observed, it appears to consist of arsenopyrite with cassiterite and wolframite zones or veins. More groundwork is required.

Todd Mountain Property

This property consists of nine claims encompassing 144 hectares (360 acres). The claims host a large soil anomaly with values of Fluorine(F) (up to 6,800 ppm), Tin(Sn) (up to 2,400 ppm) and Tungsten(W) (up to 121 ppm). Mineralization has been described as arsenopyrite – fluorite-cassiterite veins occurring within a regional joint system. More exploration is required.

In June 2007, the Company amended its agreement with Cadillac whereby Noront, in an effort to accelerate the development of the Burnt Hill project, will now complete a $1.5 million exploration program during the 2007 calendar year on the Burnt Hill project. Furthermore, in order for Cadillac to earn its 51% interest in the project, in addition to paying the Company $100,000 and issuing 2,500,000 Cadillac shares to Noront,

Cadillac will deliver to Noront on or before December 31, 2007, $1.5 million of the capital of Cadillac to be valued at no more than $1.00 per share and/or at the same price as a proposed financing contemplated by Cadillac to be completed in the second or third quarters of fiscal 2008.

In order to provide ease of access to the property with the surface rights holders, Cadillac and Noront signed a License Agreement with a J.D. Irving, Limited company (“Irving”) of Saint John New Brunswick. This agreement contains terms and conditions regarding land usage during the exploration phase of the Burnt Hill Project, and will be in force until June 30th 2008. At present this agreement encompasses the Burnt Hill, Todd Mountain, Tin Hill and Mclean Brook claim groups, as well as the additional 221 claims which Cadillac had undertook to stake. The new claims encompass multiple mineralization showings as identified by Neil Willoughby P.Geo, an independent geologist employed through Billiken Management Services Inc. (“Billiken”) of Toronto, during a detailed surface geological mapping program over the joint-venture claims and an informal prospecting survey of the surrounding area.

Drilling commenced in early September 2007. A drill contract having been entered into with Cabo Drilling of Vancouver for the Project. This program utilized two drills under the auspices of Jim Burns, P.Eng, an independent qualified person. The program had the objective of twinning certain historic holes in order to bring the historical data to a NI-43-101 compliant level, in order to support a current resource calculation.

Mr. Gene Puritch of P&E Mining Consultants Inc. helped design this drill program, and is, in conjunction with Brian Newton, P.Geo and President of Billiken, and Jim Burns, P.Eng, also going to assist in planning the exploration drill program to follow, expected to be in the order of a 6000 metre program. As part of the agreement with Irving, the company’s agreed to carry out this program in compliance with the Mining Act, the Clean Environment Act and other applicable legislation.

Project operations were ongoing for the entire quarter ending December 31, 2007 and in addition to the diamond drill program, consisted of detailed surface mapping as well as the brushing out of existing line, and the cutting of new lines on each of the 4 claim groups. The linecutting facilitated access and the continuation of the detailed surface mapping, as well as an IP survey over selected areas. Logistical preparations included the construction of core logging and core storage facilities on site and at nearby Boiestown,New Brunswick.

As required under the joint venture agreement, and towards earning the initial 51% interest in the project, Cadillac made the 2,500,000 share payment to Noront.

Tie Jiang Ying Zi Property, Inner Mongolia, China

Noront owns a 100% interest in this property, which consists of a mineral rights permit comprising 5.16 square kilometres. The company formed a foreign investment company in Inner Mongolia to carry out mineral exploration and development. BaoTou Noront Mineral Development Co. Ltd. (“BaoTou”) will be able to acquire a 100% interest in the Tie Jiang Ying Zi property and other mineral properties, by purchasing the mineral rights from private Chinese companies or by applying for the mineral rights of new properties from the various Chinese Departments responsible for the Land and Mineral Rights. Since mineral rights belong to the Peoples Republic of China, the process of transferring the rights is quite complex and slow, particularly since Noront was the first foreign enterprise in Inner Mongolia to go through this process.

In 2004, two grab samples were taken from a five-metre-deep pit by Norman Brewster, P.Geo, and Uldis Abolins, P.Eng. and assays were performed by SGS Canada Inc. Mineral Services in Toronto, returning values of 1,715.8 gm/mt Au, 338 gm/mt Ag and over 1% Cu from the bedrock sample, and 11.9 gm/mt Au, 9.2 gm/mt Ag and over 1% Cu from the rubble sample.

In February 2006, Noront announced that it’s wholly owned China subsidiary BaoTou received an
exploration permit covering its China One Copper/Gold project. Noront also agreed in principle with private individuals (“China Group”) to grant them the option to earn a 50% interest in the project for US$90,000. The China Group intends to transfer their rights to a publicly traded vehicle on a recognized stock exchange in North America (the “Transferee”) within 30 days of the agreement, which also calls for exploration
expenditures of US$750,000 by February 1, 2009. $250,000 by February 1, 2007, which was extended to February 2, 2008 in consideration of a further 100,000 common shares of the Transferee and in addition the China Group will also arrange for delivery to Noront of a further 300,000 common shares of the Transferee upon transfer of the option arrangements and 250,000 shares on each of the second and third anniversary of the agreement.

On November 21, 2006 Noront announced that it had been advised that its Option Agreement with the "China Group" had been transferred to Newport Gold Inc. ("Newport")(OTCBB: NWPG). Newport agreed to assume all of the obligations contained in Noront's agreement with the China Group. The China Group had recently completed an IP survey, mapping and sampling over the project through a Chinese consulting group. Noront has been advised that it has applied to expand the project area up to 15 sq km and further the Company’s exploration licence has been extended for two years. Newport also indicated its intention to commence a diamond drill program as soon as it has required permits and registered all claims accordingly.

MEXICAN PROPERTIES

On November 7, 2007, Noront announced it had successfully renegotiated the terms of the following mineral option agreements with private interests in Mexico and Canada.

Volcan 1 Property, Baja, Mexico

The original agreement called for a series of payments totalling $70,000US in cash, 350,000 shares and a work commitment of $15,000 US on or before December 15, 2007. The Optionor would retain a 2% net smelter royalty (NSR). Half of that NSR or 1% may be purchased by Noront at any time for $1 million US.

The Company has entered into an Amending Agreement with the Vendor. The Amendment Agreement calls for a one time stock payment of 40,000 shares in exchange for a 100% interest in the project subject to a 2% NSR. Half of the NSR or 1% may be purchased at any time for $1 million US.

A detailed ground magnetometer survey was recently completed and several strong anomalies have been
located along a north-south trend where previous trenching in 1968 discovered significant copper-nickel sulphide mineralization across widths up to 16 meters in a series of trenches along a 400 meter strike length.

In 2005 check chip channel samples were taken from the 50 foot trench averaged 2.95% Copper and 0.355% Nickel across 50 feet. Cobalt assays gave values ranging from 230 parts per million (ppm) to 950 ppm (0.095% Cobalt) while Precious Metals (Au, Pt, Pd) assay results gave values up to 0.504 grams per ton. (See news release dated December 19, 2005). No diamond drilling, to Noront’s knowledge, has ever been completed on the project. Before drill testing of the magnetic anomalies is considered, further trenching including resurrection of the old trenches and sampling will be completed as soon as equipment becomes available and Noront acquires surface rights allowing the Company to complete the proposed exploration program. The Company has retained Mexican counsel to seek the required surface rights. The shares payable pursuant to the Amending agreement are currently held In Trust with the Company’s lawyers pending the transfer of the claim group to the Company’s wholly owned Mexican subsidiary.

El Verde Project, Mexico

The El Verde property agreement called for payments totalling $745,000 US, 650,000 shares and work costs of at least $600,000 on or before November 10, 2010. By executing these payments and performing the required work programs, Noront would earn a 100% interest in the claims subject to a 1.5% NSR. Noront would have the right to purchase 2/3 of the NSR or 1% at any time by paying $1.5 million US.
The Company has entered into an amending agreement which calls for a one time payment of 60,000 shares in exchange for a 100% interest in the claims subject to a 1.5% NSR. Two thirds of the NSR or 1% may be purchased at any time by Noront for $1.5 million US.

Historical records reviewed established that the El Verde project lies approximately 40 km west of the Glamis Gold Corp’s “El Sauzal” Disseminated Gold Deposit and 19 km S/SE of the Pan American’s “Alamo Dorado” Deposit and peripheral to the large Santos Thomas Copper Porphyry Deposit 6 km to the east.

These records indicate that in the early 1970s, the Mexican government (CRM) completed two short diamond drill holes – reportedly, one of these holes intersected over 26 meters (81ft) an average 9.6% zinc (Zn). The records also report that this diamond drill hole went to a depth of 70 meters. The top of the unit drilled appears to be in an oxidized skarn, well leached, abundant hematite, copper oxide, some zinc, oxides calcite and phlogopite. Results at the bottom of this hole returned values over 1.2 meters of 17.1% zinc 2.95% copper (Cu) and just under 2 oz of silver (Ag). Noront was advised that the drill core splits are apparently still warehoused with the CRM in Durango City. The Company has not been able to verify and log this core at the Government‘s facility in Durango, Mexico since the Mexican authorities have been unable to retrieve the core in their very large storage facilities. .Noront in its attempt to verify the high-grade hole has completed five diamond drill holes. One hole did not hit the target. The mineralized section in each drill hole was sampled and assayed.

On July 20, 2007, the Company published the assay results above. 10% in copper and zinc from the El

Verde drilling:

A review of this Technical Data Has Indicated that “although the mineralized zones intersected to-date are not of economic grades the widths of both the copper and zinc zones are impressive. Up to 67 meters of 1.235% zinc. This along with the bedded style of the mineralization within the limestone unit make the area to the south of the drilled zone a favorable prospecting target. The area to the south exhibits similar rock types and showings of zinc and copper along the eastern flank of a N-S range of hills. Numerous high grade floats are visible in the valley bottom having rolled down the dip slope of the mineralized zones found during the Phase I mapping and prospecting program. It has been recommended this area be thoroughly prospected, mapped, trenched and sampled where needed. If this Phase proves to be successful a road can be constructed to the south of the area drilled in early 2007 and a drill program laid out to test the mineralized zones.” The Company is considering these recommendations and will make a decision shortly.

The shares payable pursuant to the Amending agreement are currently held In Trust with the Company’s lawyers pending the transfer of the claim group to the Company’s wholly owned Mexican subsidiary.

Escondida Project, Mexico

The Escondida project agreement called for a series of cash and stock payments totalling $175,000 US and 300,000 shares for a 10% interest in the mineral claims subject to a NSR equal to 2%. The NSR may be purchased outright at a cost of $500,000 US for each 0.5% or $2,000,000 US for the 2% NSR. Noront has the right of first refusal on any offer for the NSR by a third party.

The Company has entered into an amending agreement which provides for a one time payment of 40,000shares to acquire a 100% in the property. The terms of the net smelter royalty remain unchanged. The vendor will retain a 2% NSR that may be purchased for $2,000,000 US or $500,000 for each one half per cent. Noront has a right of first refusal on any third party offers for the NSR.

The property was explored by shaft and adit in the early 1990’s to a depth of several 100 feet. The shaft appears to be flooded at this time. The Company is now considering an exploration program having completed geophysics over the claims.

The Company had agreed (subject to all regulatory approvals) to pay a finders fee of 18,115 common shares of the Company to Exploration Canada de Oro SA de CU, a Mexican exploration company for the introduction to the property and subsequent option agreement.

The shares payable pursuant to the Amending agreement are currently held In Trust with the Company’s lawyers pending the transfer of the claim group to the Company’s wholly owned Mexican subsidiary.

Hunters Point Package, Atwater and Booth Townships, Quebec

The Hunters Point property was optioned in June of 2006 from Globex Mining Enterprises Inc. Noront Resources Ltd. has the right to earn up to a 100% interest in a package of 6 claim groups that total 763 hectares. The first 75% interest in the claims is accomplished by paying $200,000 cash, issuing 1.1 million shares and expending $2.5 million dollars in exploration over a four year period. A further 25% interest is acquired by paying Globex an additional $500,000 in cash and issuing a further 500,000 shares of Noront to Globex. Globex retains a 2% Gross Metal Royalty. Any additional claims staked within a 25 km. radius of this mineral land package is included in the agreement

Historical values ranging up to 1.12 oz/ton gold and 7.7% uranium from surface grab samples (see Globex news release dated February 21, 2005) and numerous anomalous values in gold, uranium and rare earth elements have also been reported in historical and government data bases. Very little work has been accomplished within this extensive land package since the 1950’s.

Since June of 2006 Noront has made the necessary cash and stock payments to keep the agreement in good standing. As a result of an airborne survey carried out by Noront in the fall of 2006 additional claims were added bringing the total land package to an area in excess 14,000 hectares. The 2007 field program has consisted of data compilation, geological mapping and sampling, prospecting, line cutting and
geophysics..

The Company renegotiated a finder’s fee payable to a third party regarding the acquisition of the Hunters Point uranium-gold project. The original finder’s fee agreement called for staged payments based on a percentage of work expenditures during the course of the option agreement. The sum of $22,500 was paid upon completion of the commitment to earn into the properties and the total fee cannot exceed $107,500.

The fee is payable in cash or stock equivalent.

An amended agreement was negotiated which called for a one time payment of 20,000 shares which was made. Management has concluded that the results of the program did not warrant making the next stage of payments on the property and the project was returned to the vendor.

Mid-Matra Project, Hungary

On November 6, 2006 Noront entered into an agreement with private interests in Hungary to acquire mineral exploration permits, in the Mid-Matra region near the village of Paradsasvar, 110 km northeast of Budapest, that cover approximately 30 square km in known mining area about 6 km east of large Recsk polymetalic deposit of copper, zinc, lead, molybdenum, gold and silver. Noront’s Mid-Matra exploration permits were investigated earlier – several underground adits were driven to detail sample widespread vein type polymetalic mineralization. Similar mineralization was exploited on properties adjacent and west of the Noront permits. Historical data from the latter underground exploration efforts indicate that significant widths of favourable grade zinc, lead, copper, silver and gold mineralization were encountered in the old adits. This data cannot be verified, however a proposed exploration program will focus on re-sampling and assaying the area where the old work was concentrated. After Noront has spent three times (~$60,000) the cost of the permit acquisition, it will have earned a 75% interest in the property.

On November 22, 2006, Noront announced that it entered into an agreement with Znco Minerals Limited (“Znco”) wherein the latter has been granted an option to earn a 100% interest in Noront’s right to acquire a 75% interest in the Mid-Matra Project. In July of 2007, the Company announced that a Canadian company, Jamie Frontier Resources Inc (Jamie) had negotiated and obtained an assignment of Noront’s option agreement with Znco. Jamie has agreed to pay to Noront $25,000 cash, $15,000 within 20 days of the execution of the agreement and which the Company has received and $10,000 within six months. Jamie has further agreed in order to earn Noront’s interest in the project, to issue 600,000 shares of Jamie, staggered over 36 months and incur a minimum of $1 million of exploration work cost over a 30 month period. Noront will, after Jamie has completed its total option payments, retain a 1.5% Net Smelter Royalty (NSR) of which Jamie shall have the right to purchase a .5% interest for $500,000.

Lizar Project, Ontario

In June 2007, the Company acquired the Lizar gold and base-metal property (the “Property”) located in northwestern Ontario. The Property was optioned from Freewest Resources Canada Inc. (FWR:TSX-V), whose exploration activities over the last 5 years on it, resulted in the discovery of several new high-grade gold occurrences. The Lizar property consists of 504 claim units, or 81 square kilometres and is situated in Lizar, Breckenridge, Namiegos and Mosambik townships, 500 kilometres east of Thunder Bay and 90 kilometres east of the Hemlo gold mining operations near Marathon.
The Property is underlain by Archean metavolcanic and metasedimentary rocks of the Kabinakagami greenstone belt within the Wawa Subprovince. Significant producing mineral deposits in the White River-Schreiber area of the Wawa Subprovince include the Winston Lake (3.1MT @ 1.0% Cu, 15.6% Zn, 30.9 g/t Ag) and Geco (58.4 MT @ 1.9% Cu, 3.5% Zn, 50.0 g/t Ag) volcanic-hosted massive sulphide deposits and the David Bell, Williams and Golden Giant gold deposits at Hemlo (22 million contained ounces). Lizar has demonstrated potential to host felsic volcanic-hosted disseminated gold deposits, volcanic-hosted massive sulphide deposits and magmatic copper-nickel-platinum group element deposits.

Gold mineralization at Lizar is hosted within felsic volcanic and intrusive rocks, as irregular and
anastamosing zones of wallrock-hosted quartz-sericite-pyrite alteration. Such is the case at the new discoveries at the Kirk, Kyle, Sting and 42 zones, situated in the central portion of the Property. Grab and channel samples have yielded assays of up to 32.0, 5.1, 13.1 and 106.6 g/t gold respectively, from these zones. Quartz veins are minor and appear to have no relationship with the high gold values. Garnet alteration, sericitic alteration and mafic dyke complexes are common proximal to gold mineralization. Well defined induced polarization (IP) anomalies are closely associated with the auriferous alteration zones and are suggestive of a potentially large mineralizing system. The Property also hosts a number of historic gold occurrences including the Stenabaugh discovery, made by Cominco in 1937. This occurrence reportedly assayed 3.4 g/t gold over 8.8 metres in a channel sample. The Stenabaugh and the new gold occurrences have never been tested by diamond drilling.

Significant base-metal mineralization occurs in the southwest portion of the Property at the Namiegos zone, within felsic volcanic rocks. Heavily disseminated to semi-massive sulphides comprising pyrrhotite, pyrite, and lesser chalcopyrite and sphalerite occur over widths of up to 25 metres and an intermittent strike length of 300 metres. Intense sericite alteration characterizes the host rocks and aluminous alteration including kyanite and staurolite occur in surrounding rocks. The mineralized zone coincides with a strong horizontalloop electromagnetic (HLEM) conductor and as the case with the gold occurrences, has not been tested by diamond drilling.

Komatiitic flows and ultramafic intrusions occur near the base of the volcanic pile at Lizar and offer potential for magmatic nickel-copper-platinum group element deposits. A single historic drill hole completed within the ultramafic rocks yielded assays of 0.5% nickel and 1.3 g/t palladium over a 3-metre core length.
Noront completed a program of diamond drilling comprising in excess of 2000 metres, to test the best gold and base metal occurrences on the property. The results of sampling of drill core during the 2007
exploration program yielded anomalous values of gold (up to 1.67 g/t over 0.8 meters), copper (up to 1,596 parts per million) and zinc (up to 996 parts per million). The Company is currently evaluating these results in order to plan future work.

Under the terms of the option agreement with Freewest Resources Canada Inc. Noront may earn a 60% interest in the Property by incurring $1,000,000 of exploration expenditures over a three-year period and making a one-time cash payment of $20,000. Noront is committed to spending $400,000 on exploration during the first year of the agreement. Upon Noront earning a 60% interest in the Property, further exploration and/or development of it will be under a joint-venture agreement involving Noront Resources Limited (60%) and Freewest Resources Canada Inc. (40%).

Garden Island, Quebec

In July 2007, the Company entered into an agreement with a private Quebec company, TSR Resources Inc.

(TSR) to acquire an interest in TSR’s Garden Island gold-base metal property.

The Garden Island property is located approximately 15 km northeast of Val d’Or, Quebec and is comprised of 296 mining claims, most of which are in Pascalis and Senneville Townships, which lie along a northwestsoutheast trending Abitibi volcanic greenstone belt.

Under the terms of the option agreement with TSR, Noront may earn up to a 33 1/3% interest in the Garden Island property by incurring $500,000 of exploration by December 31, 2007 thereby earning an undivided 25% interest in the project and thereafter at Noront’s option has the right to earn an additional 8 1/3% interest by paying to TSR a further $250,000 or at Noront’s option, the equivalent dollar value in Noront’s common shares on or before December 31st, 2008.

TSR acquired the project to explore for base metal and gold deposits similar to those located in the same greenstone belt to the south and southwest in Louvicourt and Vauquelin Townships respectively.
Initial funding of TSR allowed for the completion of a deep penetrating airborne geophysical survey which located numerous targets warranting further ground investigation along the NW-SE geological trend.

Reconnaissance work to date consisting of prospecting and bedrock sampling with the aid of a small drill has indicated areas for further follow-up. In particular a detail grid is being established in the southeast portion of the property to cover a large gossanous area containing stringers of massive iron sulphides with minor copper and zinc mineralization in mafic volcanics indicative of a stringer zone commonly occurring adjacent to base metals deposits. Any geophysical conductors located in this immediate surrounding area will be the subject of an immediate diamond drill testing program.

Reconnaissance exploration will continue along the volcanic belt where previously untested airborne targets exist.

Iron Lake Project, Quebec

In July of 2007, the Company entered into a Letter of Intent covering the optioning of a 97 leased claim grid units in Kating & Killins Township, located within the District of Algoma, northern Ontario.

The agreement calls for payment of $5000 to the Optionors and expenditures including all lease payments of $50,000 during the first year of the agreement, which will earn the Company an 80% interest in the claim group. An optional second payment of a further $10,000 to the Optionor during the second year of the agreement will earn the Company the balance of the projects (100%).

SHAREHOLDER RIGHTS PLAN

On June 19, 2007, the shareholders of the Company voted to approve the adoption of a shareholder rights plan (the “Rights Plan”). The rights Plan is being adopted in order to reflect developments in Canada with respect to shareholder rights plans and is designed to encourage the fair treatment of shareholders in connection with any take-over bid for the Company. The plan provides the Board and shareholders with more time to fully assess any unsolicited take-over bid without undue pressure, and to pursue, if appropriate, other alternatives to maximize shareholder value and allow additional time for competing bids to emerge.

The plan was not proposed in response to any acquisition or take-over offer and is not intended to prevent one. The rights become exercisable only when a person or party acquires or announces an intention to acquire 20% or more of the outstanding shares of the Company without complying with the “Permitted Bid” provisions of the plan. The Plan is subject to reconfirmation every third annual meeting of shareholders until the plan expires in 2016.

SUBSEQUENT EVENTS

Private Placement

The Company closed a private placement of 6,500,000 units of Noront for aggregate gross proceeds of $26,000,000 in February of 2008.

Each unit was priced at $4.00 and consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share of Noront at an exercise price of $5.00 for a period of two years from the date of issue, subject to accelerated expiry, being 30 days after the common shares of Noront have closed at or above a price of $6.00 for ten consecutive trading days on the principal exchange on which Noront’s common shares are listed for trading. The common shares and warrants comprising the units, and the common shares underlying the warrants, are subject to a hold period which expires on June 7, 2008. IBK Capital Corp. acted as agent and J.P. Morgan Securities Inc. acted as financial advisor for Noront on this transaction.
On March 12, 2008 the Company announced the acceleration of the warrants (3,250,000) to be exercised at $5.00 per common share on or before April 10, 2008.

Lund Gold Ltd. Option

February 4, 2008 Lund Gold Ltd. and the Company entered into an option agreement pursuant to which Lund has been granted the option to acquire a 50% legal and beneficial interest in 13 claim blocks covering a total of 169 units on the ‘Ring of Fire’, McFauld’s Lake, Ontario.
In order to acquire its interest in the property, Lund is required to:
1. Issue to Noront an aggregate of 400,000 common shares of Lund, on both parties receiving all required
approvals, including any TSXV approval and Board of Directors approval of the Option Agreement;
2. Incur aggregate exploration expenditures on the property of $3,500,000 over a three year period (of which $1,000,000 is firm for the first year);
3. Make total cash payments to Noront totaling $400,000 within two years of receiving the above noted approvals of the Option Agreement (of which $200,000 must be paid in the first year, and any portion of the aggregate of $400,000 may be satisfied at the option of Noront, by the issuance to Noront of up to 1,600,000 common shares of Lund at a deemed price of $0.25 per share).

The transaction remains subject to required approvals on both sides including the approval of the TSXV and Lund’s Board of Directors.

Upon Lund’s earning its 50% interest in the property, Lund and Noront shall form a joint management committee to further develop the property as a joint venture with Noront continuing to act as the operator.

Intrinsic Minerals Ltd. Option

February 1, 2008 Intrinsic Minerals Ltd. entered into an option agreement with the Company pursuant to which Intrinsic was been granted an option to acquire a 50% legal and beneficial interest in a property consisting of 9 claim blocks (covering a total of 144 claim units) along the Ring of Fire located in the McFaulds Lake area in northeastern Ontario.
To earn and maintain its interest in the property, Intrinsic is required to:
1. Pay to Noront a sum of $180,000 consisting of $90,000 in cash and 180,000 common shares of Intrinsic;
2. Fund $3,150,000 of exploration expenditures on the property over a three year period (of which $900,000 must be incurred in the first year); and
3. Make additional aggregate cash payments to Noront of $360,000 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 720,000 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.

Intrinsic Minerals Ltd. Second Option

February 1, 2008 Intrinsic Minerals Ltd. entered into a second option agreement with the Company pursuant to which Intrinsic was 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.

Burnt Hill Tungsten Properties

In March of 2008, the Company received a further 1,875,000 common shares of Cadillac Ventures Inc. (Cadillac) representing payment to the Company for the Company’s $1,5 million exploration payment made on behalf of Cadillac and thereby Cadillac has earned its 51% interest in the Burnthill Project.

RESULTS OF OPERATIONS
Summary of Quarterly Results

The following tables set out financial performance highlights for the last eight quarters.

Third Quarter Fiscal 2008

In the three months ended January 31, 2008, the Company saw a moderate increase in its interest income over the second quarter 2008, primarily as a result of an inflow of proceeds from the exercise of options and warrants as the Company’s share price performed well in the public market. These funds are invested in four separate short term Guaranteed Investment Certificates in order to provide liquidity while minimizing risk.

The average yield of these investments at October 31, 2007 was 4.06%, as compared to 4.61% in the prior quarter.

The Company does not hold investments with exposure to the sub-prime lending market, asset backed commercial paper, nor any derivative thereof.

The Company saw expenses in the third quarter rise sharply over the second quarter of fiscal 2008 primarily due to the increase in stock based compensation charges. While the third quarter of fiscal 2008 saw two separate stock option grants while the first quarter of 2008 saw three grants, the third quarter saw 225,000 more options granted than the prior quarter with a significantly higher fair value being assigned.

With stock based compensation and the write-off of deferred exploration expenses factored out for analytical purposes, quarter over quarter increases in aggregate expenses may be seen. With this being considered, the normalized increase in expenses quarter over quarter is driven by a number of factors including, but not limited to an increase in variable overhead costs associated with increased corporate activity. As the Company services its growing portfolio of mining properties, costs such as general travel and office consumables have increased in turn.

Moderate increases in regulatory and filing fees have also been seen as these costs are activity and market capitalization based. The Company has also seen an increase in shareholder information costs, which include costs associated with mailings, press releases and sundry shareholder communication.

Understandably, the increase in shareholders associated with last December’s private placement, coupled with the significant increase in exploration activity, has meant the Company has had to communicate with more shareholders on a more frequent basis.

Management and consulting fees have also increased as the Company adds to its ranks to accommodate the rise in activity in its core exploration programs.

Nine Months Ended January 31, 2008 vs Nine Months ended January 31, 2007

When contrasted against the nine months ended January 1, 2007 the Company reported higher interest income, and significantly increased expenses. The Company has benefited from a December 2006 private placement which saw $15 million added to its interest bearing cash reserves, resulting in an increase in interest income from the receipt of proceeds late in Q3 2007 onward. Furthermore, the rise in the
Company’s share price has also yielded additional funding as warrant and option holders exercised their securities.

An increase of $2,381,754 is seen in the aggregate expenses reported for the nine months ended January 31, 2008 over the comparative period January 31, 2007. This variance is a function of:
i) Five separate stock option grants to consultants and service providers during the nine
months ended January 31 with a fair value of $2,261,793, compared to four with a fair value
of $807,575 during the same period in 2007. Furthermore, the Company’s favourable
exploration results seen the last several months have translated to a significant increase
shareholder value, resulting in an inherent increase in the value of option compensation
granted during the corresponding period, as the Company’s underlying share price has
risen.
ii) The write-off of the deferred expenses pertaining to the Company’s Lawson Township and
Larder Lake interests, amounting to $182,560 in aggregate. Management has assessed
these projects and has concluded that further expenditure is not warranted at this time.
iii) A significant rise in the cost of servicing the Company’s shareholders. Over the past nine
months, the company has seen its share price rise significantly with its favourable
exploration program results, resulting in a sharp rise in exercise of stock options and
warrants. This has in turn lead to a significant rise in the number of issued and outstanding
shares. The result has been a rise in transaction based costs and regulatory fees incurred
by the Company to accommodate the needs of its growing shareholder base.
iv) Greater use of consultants in the day to day administration of the Company and its projects
has led to comparative increases in reported expenditures in this area. Existing consultants
are being utilized to a far greater extent as both the number and size of the Company’s
projects continues to rise smartly.
v) An increase in general corporate expenditures. For information and disclosure purposes,
the table below denotes the three and nine month detail for general corporate expenditures
for the periods ended January 31, 2008 and 2007:

During the nine months ended January 31, 2007, Company’s general corporate expenses rose over comparative periods due to the following:

a) During the nine months ended January 31, 2007, the company incurred an Ontario Employer
Health Tax liability brought on by the value of the stock options being exercised. In the absence
of such activity in the comparable quarter of this fiscal year and also in the prior fiscal year, there
was no such cost incurred in the comparative periods. This expenditure variance was partially
mitigated by a $17,892 part 12 administrative tax paid to the Canada Revenue Agency related to
the company’s flow-through filings.
b) Shortly after the commencement of the fiscal year, the Company secured comprehensive
Directors’ and Officers’ insurance coverage. The addition of this coverage has served to
increase the overall insurance expense when contrasted against comparative periods.
c) The combination of the rise in the number of shareholders, coupled with the overall increase in
activity of the Company during this fiscal year has led to significantly higher printing and
reproduction costs. As the number of shareholders has increased and the number of projects
under administration and management has increased, so has the cost of printing and
reproduction.
d) Travel expenses have increased with the demands associated with administering the
Company’s growing portfolio of active interests.
e) In 2007, the Company has improved the format and content of its corporate web site, resulting in a marked increase in expenditure in this area.

LIQUIDITY AND CAPITAL RESOURCES

Noront reported working capital as at January 31, 2008 of $21,410,769 (April 30, 2007 – $16,043,182) and cash & cash equivalents of $26,009,077 (April 30, 2007 – $15,323,039). The comparative improvement in the Company’s working capital position is driven by strong cash proceeds received on exercise of its issued and outstanding stock options and warrants.

The Company’s finances were further buoyed by a private placement closing subsequent to period end, on February 6, 2008. An aggregate of $26,000,000 was raised on the issuance of 6,500,000 units, with each unit consisting of one common share and one half common share purchase warrant exercisable at $5.00, providing as further $16,250,000 should all of the warrants issued with this financing be exercised. The warrants are subject to an accelerated expiry clause, being 30 days after the common shares of the common shares of the Company have closed have closed at or above the price of $6.00 for ten consecutive trading days. On March 12, 2008, the terms of the acceleration clause were met, resulting in a revised expiry date for these warrants of April 10, 2008.

In addition to equity financing to fund its operations, the Company has chosen to enter into a number of joint venture agreements in relation to its properties. This carries with it the benefit of bringing the financial resources of other entities to the exploration effort, providing yet another resource from which to draw.

The Company has financed a portion of its exploration activities through the issue of flow-through shares, which transfer the tax deductibility of exploration expenditures to the investor. Proceeds received from the issue of such shares have been credited to capital stock and the related exploration costs have been charged to mining and resource properties. Proceeds raised are being used for continued exploration of Noront’s properties. Resource expenditure deductions for income tax purposes related to exploration and development activities funded by flow-through share arrangements are renounced to investors in
accordance with income tax legislation. When these expenditures are made, temporary taxable differences created by the renunciation will reduce share capital.

Noront has no credit facilities with financial institutions, so its financial instruments consist of cash, marketable securities, accounts receivable and accounts payable and accrued liabilities. Unless otherwise noted, the Company does not expect to be exposed to significant interest, currency or credit risks arising from these financial instruments. Noront estimates that the fair value of cash and cash equivalents, accounts receivable, accounts payable and taxes payable approximate the carrying values.

Although the Company has sufficient capital resources to meet its current obligations, the Company may seek to raise additional funding to finance future exploration programs. The timing and ability to do so will depend on the liquidity of the financial markets as well as the acceptance of investors to finance resource based junior companies, in addition to the results of the Company’s exploration programs and the acquisition of additional projects. At this time, the Company is not anticipating an ongoing profit from operations, therefore it will rely on its ability to obtain equity or debt financing for growth. Noront may need additional capital, and may raise additional funds should its Board deem it advisable.

The Company has not yet determined whether its resource assets contain reserves that are economically recoverable but is in the process of doing so. The recoverability of the carrying values of exploration properties is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain necessary financing to complete the development and future profitable production there from or alternatively upon the Company's ability to dispose of its interests on an advantageous basis. Changes in future conditions could require material write downs of the carrying values.
Management is confident that it will be able to raise sufficient capital to further explore and develop its properties and projects in the coming year. The ability of the Company to develop its existing assets into commercial and profitable operations, however, will require participation by outside parties for capital or will require additional financing from other outside sources. There can be no guarantee that the Company will be able to secure any required financing.

OFF-BALANCE SHEET ARRANGEMENTS

Noront does not have any off-balance sheet arrangements that have, or are reasonably likely to have, an effect on the results of operations or financial condition of the Company.

TRANSACTIONS WITH RELATED PARTIES

During the three and nine months ended January 31, 2008, $55,500 and $118,491 respectively (three and nine months ended January 31, 2007 - $10,000 and $78,449) was paid as remuneration to Richard Nemis, the Chief Executive Officer of the Company. The Chief Executive Officer was also paid for out of pocket expenses that occurred in the normal course of operations.

During three and nine months ended January 31, 2008, $49,772 and $84,343 respectively (three and nine months ended January 31, 2007 - $1,238 and $1,238) was paid to a company controlled by a David Graham, a Director of the Company for consulting services. The Director was also reimbursed for out of pocket expenses which were incurred in the normal course of operations.

PROPOSED TRANSACTIONS

There is no imminent decision by the Board of Directors of the Company with respect to any transaction.

CRITICAL ACCOUNTING ESTIMATES

Noront did not rely on any critical accounting estimates in the most recent quarter.

CHANGES IN ACCOUNTING POLICIES

The first quarter of 2008 saw the adoption of a number of new accounting standards, the most significant being those related to financial instruments, and the recognition in the statements of a new category of income referred to as comprehensive income. In terms of their immediate impact on the Company, these new standards effectively require the Company to calculate the market value of its marketable securities and record the theoretical gain or loss should those marketable securities have been sold on the financial statement date. The resulting theoretical gain or loss presented on a separate statement of comprehensive income(loss) whereby the change in the market value of these investments for the period is shown, along with its impact on the normal net income(loss) of the Company. On the balance sheet, there is a new line item called “accumulated other comprehensive income” which effectively represents the difference from original cost of the Company’s marketable securities since adoption of the new standard, and the market value of these investments at the financial statement reporting date. In conjunction with the adoption of these new accounting standards, marketable securities have been recorded at their market value on the financial statements for the current quarter. As adoption of these standards are prospective, commencing May 1, 2007, the comparative value of marketable securities for the period ended April 30, 2007 remains at original cost.

Canadian Institute of Chartered Accountants ("CICA") Handbook Section 1506, "Accounting Changes" prescribes the criteria for changing accounting policies, changes in accounting estimates and the correction of errors. The Company has adopted these new standards effective May 1, 2007.

a) Financial Instruments - Recognition and Measurement Section 3855 prescribes when a financial instrument is to be recognized on the balance sheet and at what amount. It also specifies how financial instrument gains and losses are to be presented.
This Section requires that:
• All financial assets be measured at fair value on initial recognition and certain financial assets to be measured at fair value subsequent to initial recognition;
• All financial liabilities be measured at fair value if they are classified as held for trading purposes.
• Other financial liabilities are measured at amortized cost using the effective interest method; and all derivative financial instruments be measured at fair value on the balance sheet, even when they are part of an effective hedging relationship.
b) Comprehensive Income
Section 1530 introduces a new requirement to temporarily present certain gains and losses from
changes in fair value outside net income. It includes unrealized gains and losses, such as: changes in the currency translation adjustment relating to self-sustaining foreign operations; unrealized gains or losses on available-for-sale investments; and the effective portion of gains or losses on
derivatives designated as cash flow hedges or hedges of the net investment in self-sustaining
foreign operations.
c) Hedges
Section 3865 provides alternative treatments to Section 3855 for entities which choose to designate qualifying transactions as hedges for accounting purposes. It replaces and expands on Accounting Guideline 13 “Hedging Relationships”, and the hedging guidance in Section 1650 “Foreign Currency Translation” by specifying how hedge accounting is applied and what disclosures are necessary when it is applied.
d) Impact upon adoption of Sections 1530, 3855 and 3865

The primary impact on the financial statements resulting from the adoption of sections 1530 and
3855 is as follows:
(1) The Company’s marketable securities are classified as “available-for-sale” and are
measured at fair value. Changes in fair value are recognized in other comprehensive
income until their disposition, at which time they are transferred to net income. Investments
in securities having quoted market values and which are publicly traded on a recognized
securities exchange and for which no sales restrictions apply are recorded at values based
on the current bid prices.

The Company’s investments in equity securities that do not have a quoted market price in
an active market are measured at cost.
(2) The Company has recorded the following transition adjustments in its financial statements
as at May 1, 2007 resulting from the adoption of sections 1530 and 3855:
(i) an increase of $629,000 representing a fair value adjustment to the value of marketable securities.;
(ii) an increase in accumulated other comprehensive income of $629,000, representing the fair value adjustment to the value of marketable securities, net of taxes of $113,597 and a recovery of non-capital loss carry forwards amounting to $113,597.
(3) The Company has evaluated the impact of section 3865 on its financial statements and
determined that no adjustments are currently required.

FINANCIAL AND OTHER INSTRUMENTS

The Company is not involved in any hedging program, nor is it a party to any financial instruments that may have an impact on its financial position.

RISKS AND UNCERTAINTIES

Noront’s business of exploring mineral resources involves a variety of operational, financial and regulatory risks that are typical in the natural resource industry. The Company attempts to mitigate these risks and minimize their effect on its financial performance, but there is no guarantee that the Company will be profitable in the future, and Noront common shares should be considered speculative.

The business of exploration for minerals and mining involves a high degree of risk. A relatively small proportion of properties that are explored are ultimately developed into producing mines. At present, there are no known bodies of commercial ore on any of the mineral properties in which the Company holds interest or intends to acquire an interest and the proposed exploration program is an exploratory search for ore. Unusual or unexpected formations, formation pressures, fires, power outages, labour disruptions, flooding, cave-ins, landslides and the inability to obtain suitable or adequate machinery, equipment or labour are other risks involved in the conduct of exploration programs. The Company has limited experience in the development and operation of mines and has relied on and may continue to rely upon consultants and others for exploration and operating expertise. The economics of developing gold and other mineral properties is affected by many factors including the cost of operations, variation of the grade of ore mined, and fluctuations in the price of any minerals produced.

The success of the Company is dependent, among other things, on obtaining sufficient funding to enable the Company to explore and develop its properties. There can be no assurance that the Company will be able to obtain adequate financing in the future or that the terms of such financing will be favourable. Failure to obtain such additional financing could result in delay or indefinite postponement of further exploration and development of its projects with the possible loss of such properties. The Company will require new capital to continue to operate its business and to continue with exploration on its mineral properties, and there is no assurance that capital will be available when needed, if at all. It is likely such additional capital will be raised through the issuance of additional equity, which will result in dilution to the Company’s shareholders.

Problems such as unusual or unexpected formations and other conditions are involved in mineral exploration and development. The Company may become subject to liability for pollution, cave-ins or hazards against which it cannot insure itself or against which it may elect not to insure itself. The payment of such liabilities may have a material, adverse effect on the Company’s financial position.

The operations of the Company may require licenses and permits from various local, provincial and federal governmental authorities. There can be no assurance that the Company will be able to obtain all necessary licenses and permits that may be required to carry out exploration, development, or mining operations, at its projects.

Even if the Company’s exploration programs are successful, factors beyond the control of the Company may affect the marketability of any mineral products discovered. The prices of mineral products have historically fluctuated widely and are affected by numerous factors beyond the Company’s control, including international, economic and political trends, expectations for inflation, currency exchange fluctuations, interest rates, global or regional consumption patterns, speculative activities and worldwide production levels. The effect of these factors cannot accurately be predicted.

The mining industry is intensely competitive in all its phases. The Company competes with many companies possessing greater financial resources and technical facilities than itself for the acquisition of mineral interests as well as for the recruitment and retention of qualified employees, contractors and consultants.

The Company’s operations are subject to environmental regulations promulgated by local, provincial and federal government agencies from time to time. Environmental legislation provides for restrictions and prohibitions of spills, releases or emissions of various substances produced in association with certain mining industry operations, such as seepage from tailing disposal areas, which could result in environmental pollution. A breach of such legislation may result in the imposition of fines and penalties. In addition, certain types of operations require submissions to and approval of environmental impact assessments.

Environmental legislation is evolving in a manner, which means stricter standards and enforcement, and fines and penalties for non-compliance are more stringent. Environmental assessments of proposed projects carry a heightened degree of responsibility for companies and directors, officers and employees. The cost of compliance with changes in governmental regulations has a potential to reduce the profitability of operations.

The Company intends to fully comply with all environmental regulations.
Certain directors or proposed directors of the Company are also directors, officers or shareholders of other companies that are similarly engaged in the business of acquiring, developing and exploiting natural resource properties. Such associations may give rise to conflicts of interest from time to time. The directors of the Company are required by law to act honestly and in good faith with a view to the best interests of the Company and to disclose any interest, which they may have in any project opportunity of the Company. If a conflict of interest arises at a meeting of the board of directors, any director in a conflict will disclose his interest and abstain from voting on such matter. In determining whether or not the Company will participate in any project or opportunity, the directors will primarily consider the degree of risk to which the Company may be exposed and its financial position at that time.

The Company does not have a historical track record of operating upon which investors may rely.
Consequently, investors will have to rely on the expertise of the Company’s management. Further, the Company’s properties are in the exploration stage and are not commercially viable at this time. The Company does not have a history of earnings or the provision of return on investment, and there is no assurance that it will produce revenue, operate profitably or provide a return on investment in the future.

ADDITIONAL DISCLOSURE FOR VENTURE ISSUERS WITHOUT SIGNIFICANT REVENUE

The balance of Mining Properties and Deferred Exploration Expenditures increased to $18,875,525 on January 31, 2008 (April 30, 2007 - $4,452,201), details of which are provided in the consolidated financial statements.

DISCLOSURE OF OUTSTANDING SHARE DATA

Noront shares trade on the TSXV under the symbol NOT. The Company is authorized to issue an unlimited number of common shares without par value. On March 28, 2008, there were 125,563,082 common shares issued and outstanding, 2,875,000 stock options outstanding with a weighted average exercise price of $1.37 expiring between 2008 and 2012, and 5,283,500 warrants outstanding with a weighted average exercise price of $0.75 expiring in 2008.

ADDITIONAL INFORMATION

Additional information relating to Noront is available on the Internet at the SEDAR website www.sedar.com at Company’s website located at www.norontresources.com, or at the Company’s investor relations hub located at www.agoracom.com/IR/Noront.