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

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

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Message: Marketwire today (Eagle 2 repeat)
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Marketwire today (Eagle 2 repeat)

posted on Oct 14, 2008 11:52AM
October 14, 2008
RETRANSMISSION: Noront Announces Assays Increasing Eagle Two Potential
TORONTO, ONTARIO--(Marketwire - Oct. 14, 2008) - Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) wishes to present the following update on its nickel - copper - platinum group metal exploration activities in the Ring of Fire portion of the McFaulds Lake area of northern Ontario in the James Bay Lowlands.

 
EXPLORATION HIGHLIGHTS

   At Eagle Two, hole NOT-08-1G40 encountered 5.4 meters that averaged
   2.17% Ni, 0.77% Cu and 0.23 g/t Pd. This was contained within a much
   broader mineralized zone of 24.7 meters that averaged 1.03% Ni, 0.31% Cu,
   and 0.11 g/t Pd between 270.8 and 295.5 meters down-hole.
   Hole NOT-08-1G42 encountered 2.19% Ni, 0.78% Cu over 1.8 meters starting
   at 425 meters down-hole.
Three drills continue with an aggressive drilling program on Noront's 100% owned Double Eagle Project, with one drill testing the chrome potential of Blackbird Two chrome occurrence, which is located approximately 1 kilometre east of Blackbird One (chrome component of the AT2 anomaly and stratigraphically related to Eagle Two). A second drill continues to test anomaly AT12 located 9.5 kilometers to the northeast of the Eagle One Deposit (see press release dated October 6, 2008), while the third drill has been moved to continue to test the depth and strike extension potential south of the Eagle One Magmatic Massive Sulphide Deposit.

Information on the Blackbird One chrome occurrence, as well as other news related to the chrome potential of the area as encountered at Blackbird Two will be the subject of a separate chrome update release. This update will include some holes mentioned herein, where significant chrome mineralization was encountered - notably holes NOT-08-1G40 and 1G43.

EAGLE TWO Ni-Cu DEPOSIT

Complete assays from several holes at the Eagle Two Shear Hosted Sulphide ("SHS") deposit, that have been received since the last press release (September 15, 2008) are described below. The assay results reported herein continue to extend the moderate grade Ni-Cu-PGM mineralization to depth. The Eagle Two occurrence occupies a position conformable with and near the stratigraphic bottom of a wide Peridotite Sill which in turn unconformably overlies older Granodiorite basement rock. Diamond drilling has traced the Eagle Two deposit over a strike length of 300 meters and down plunge for about 500 meters. The observed width (not true width) of mineralization is variable along the plunge axis. Assays are pending for six remaining holes drilled to test Eagle Two. The interpretation of the new holes at Eagle Two confirms that the SHS zone continues to dip flatly at 50 to 60 degrees to the west and strikes north-south within the Peridotite sill or the "ROF".

 
Table 1 New Assays for Eagle Two

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hole ID           from       to     int     Cu     Ni     Pt     Pd      Au
                    (m)      (m)     (m)     %      %    g/t    g/t     g/t
----------------------------------------------------------------------------
NOT-08-1G38      206.4    235.5    29.1   0.11   0.47   0.05   0.16    0.02
----------------------------------------------------------------------------
including        209.3    211.9     2.6   0.19   0.98   0.07   0.33    0.04
----------------------------------------------------------------------------

----------------------------------------------------------------------------
NOT-08-1G39      410.4    420.0     9.6   0.45   0.64   0.01   0.09    0.09
----------------------------------------------------------------------------

----------------------------------------------------------------------------
NOT-08-1G40      270.8    295.5    24.7   0.31   1.03   0.03   0.11    0.14
----------------------------------------------------------------------------
including        270.8    274.0     3.2   0.40   1.68   0.04   0.15    0.20
----------------------------------------------------------------------------
                 278.3    283.7     5.4   0.77   2.17   0.05   0.23    0.45
----------------------------------------------------------------------------

----------------------------------------------------------------------------
NOT-08-1G42      340.6    352.4    11.8   0.44   0.81   0.02   0.10    0.17
----------------------------------------------------------------------------
including        345.9    351.7     5.8   0.49   1.00   0.02   0.12    0.19
----------------------------------------------------------------------------
                 425.0    426.8     1.8   0.78   2.19   0.02   0.09    0.06
----------------------------------------------------------------------------

----------------------------------------------------------------------------
NOT-08-1G43      292.9    302.5     9.6   0.05   0.25   0.02   0.08    0.61
----------------------------------------------------------------------------
including        300.7    302.5     1.8   0.06   0.40   0.02   0.08    0.40
----------------------------------------------------------------------------

----------------------------------------------------------------------------
NOT-1G47         287.7    291.2     3.5   0.07   0.25   0.03   0.14    0.38
----------------------------------------------------------------------------

----------------------------------------------------------------------------
NOT-1G51         408.3    416.8     8.5   0.16   0.20   0.03   0.13    0.27
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Drilling has concluded at present at Anomaly AT2. There are still a number of assays pending from six holes drilled to test Eagle Two's Ni-Cu-Pt-Pd potential that will be released when available.

OTHER ANOMALY DRILLING UPDATE

Anomaly testing on airborne anomalies designated AT5 and AT6 was completed during the months of June and July, 2008. Drill hole locations were reported in a press release dated July 17, 2008.

Anomaly AT5

This anomaly is located approximately 1.1 kilometers east of the Eagle One Deposit and has been described as a 500 meter long, 100 meter wide, moderate to strong magnetic anomaly with weak electromagnetic response. Three holes tested this anomaly, holes NOT-08-1G41 (abandoned), 1G44 and 1G46. The latter two drill holes were sampled whenever trace sulphides were identified in the core logging. The selected samples returned only geochemically anomalous values of Nickel (maximum 0.23% Nickel over a short interval). No further work is currently planned on this anomaly at this time.

Anomaly AT6

This anomaly is located approximately 2.0 kilometers northeast of the Eagle One Deposit. It is described as a string of electromagnetic anomalies over a distance of 450 meters along the southern flank of a strong magnetic anomaly. Three holes tested this anomaly, encountering iron formation, thus explaining the geophysical anomalies. Assay results have been recently received for hole NOT-1G50, 1G53 and 1G54. No significant assays were received. No further work is planned on this anomaly at this time.

INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL

A thorough quality control program is in effect for the Double Eagle Project which, has included grouping samples into batches of 35 into each of which were added 2 certified reference material standards, 2 field blanks comprised of sterile drill core, and a field duplicate. Coarse reject and pulp duplicates also form part of each batch. It can be said with confidence that all assays as reported in this Press Release have passed the strict quality control guidelines as set out by Independent Qualified Person ("IQP") Ms. Tracy Armstrong P.Geo. of P&E Mining Consultants Inc.

All samples reported upon herein were completed by Activation Labs (Actlabs) of Ancaster, Ontario. The samples submitted to Actlabs were analyzed using four acid digestion followed by ICP multi-element analysis.. The Cu and Ni samples that received values greater than the maximum limit using the multi-element analysis underwent further analysis using ICP-OES. For precious metals the assay methodology was Fire Assay/ICP. For more information on assay methodology please visit the Activation Laboratories Ltd. Website at http://www.actlabs.int.com

Drilling results in this press release have been reviewed in the field and approved for dissemination by Noront's senior management including John Harvey, P.Eng. Chief Operating Officer of Noront and Dr. Jim Mungall P.Geo., Noront's Chief Geologist, both being Qualified Persons under Canadian Securities guidelines. Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 129,894,783 shares issued to date.

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

ON BEHALF OF THE BOARD OF DIRECTORS:

R. Nemis, President and Chief Executive Officer
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