Why is no one commenting on this news release posted by Boatboy; only 8 green thumbs, this is very good news!!!!!

A part of the news release:

"Noront's CEO Richard Nemis is very pleased to report that the positive results of this study show that the direct shipping of high-grade material outlined at Eagle One is viable even at these depressed commodity prices. Mr. Nemis goes on to state that:

"this shows that the Eagle One deposit could support itself (at these depressed prices) and what really excites us is the fact that it brings down the economic thresholds for the other Copper Nickel deposits and chromite deposits that we have discovered over the past 14 months". "

Get your white proxy form out and vote for Noront.

Re: News out eom. details

Posted by: Boatboy on October 21, 2008 08:35AM

In response to: News out eom. by Boatboy

Noront Resources Ltd. TSX VENTURE: NOT

TORONTO, ONTARIO--(Marketwire - Oct. 21, 2008) - Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) is pleased to report the results of a strongly positive Preliminary Economic Assessment ("PEA") by P&E Mining Consultants Inc. of Brampton, Ontario on its recently discovered Eagle One Cu-Ni-PGE Deposit, lying within the Double Eagle Project located in the James Bay Lowlands, northeastern Ontario. The complete report will be filed on SEDAR and the Company's web site, www.norontresources.com, within 45 days of the issue of this press release.

The Eagle One deposit would be accessed by a proposed all weather road from the northern Ontario community of Nakina which would take approximately two years to complete. A gravel airstrip would be constructed in the first year to service the project construction phase and subsequently be utilized for production crew rotation. Underground mine production would commence after road completion with mining and direct shipping of massive sulphide mineralization to a Sudbury area mill/smelter complex at a rate of 1,000 tonnes per day. Upon exhausting the potentially mineable massive sulphide mineralization in approximately 1.2 years, the remaining potentially mineable disseminated sulphide mineralization would be mined and subsequently processed in an on-site mill at 1,500 tonnes per day over an additional five year period. For the purposes of this preliminary economic assessment, both indicated and inferred resources have been included in the potentially mineable resource.

On an initial capital cost of C$173 million, assuming 100% financing of the project through equity and the use of Sep 30, 2008 48-month trailing average metal prices for Ni, Cu Au, Pt, Pd and Ag, the project has a pre-tax payback of 2.2 years and generates an undiscounted net pre-tax cash flow of C$719 million over an estimated mine life of 7 years. This results in a pre tax IRR of 160% and an NPV of C$464 million at a discount rate of 10%. The sensitivity of the 48 month metal price base case to changes in metal price assumptions is summarized in the table below.

                  
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Parameter                              36-Month  48-Month  60-Month
                                        Average   Average   Average
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Ni US$/lb                                $12.50    $11.00    $10.00
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Cu US$/lb                                 $3.25     $2.75     $2.50
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Au US$/oz                                  $700      $625      $600
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Pt US$/oz                                $1,350    $1,225    $1,150
--------------------------------------------------------------------
Pd US$/oz                                  $350      $300      $300
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Ag US$/oz                                $13.00    $11.50    $10.50
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CAD/USD                                    0.90      0.90      0.90
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Pre Tax IRR (%)                             200%      160%      137%
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Pre Tax NPV@ 10% $C                       $606m     $464m     $381m
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Undiscounted cumulative cash flow $C      $931m     $719m     $595m
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Capital Payback (years)                     2.2       2.2       2.3
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Assumptions

1. Average estimated on site operating costs for the project include mining $69/tonne, processing $37/tonne and G&A $11/tonne for a total of $117/tonne.

2. Mining dilution was estimated at 15% and mining recovery at 95%.

3. The base case NSR calculation was derived from metal prices of US$11.00/lb for Ni, US$2.75/lb for Cu, US$625/oz for Au, US$1,225/oz for Pt, US$300 for Pd and US$11.50 for Ag at a $C/$US exchange rate of $0.90.

4. Process recoveries to concentrate were estimated at an average of 85% for Ni, 97% for Cu, 65% for Au, Pt, Pd and Ag at average concentration ratios of 4:1 for Ni and 9:1 for Cu in massive sulphide and 16:1 for Ni and 45:1 for Cu in disseminated sulphide.

5. Concentrate shipping was estimated at C$130/tonne and smelter treatment charges at US$130/tonne for Ni and US$150/tonne for Cu concentrates.

6. Smelter payables were 92% for Ni, 97% for Cu, 90% for Au, 65% for Pt, 70% for Pd and 90% for Ag. Refining charges were US$0.50/lb for Ni, US$0.10/lb for Cu and US$15/oz for Au, Pt and Pd and US$0.30/oz for Ag.

7. The potentially mineable portion of the resource for Eagle One was estimated on the basis of approximate $US four year trailing average metal prices of $11.00/lb nickel, $2.75/lb copper, $625/oz/gold, $1,225/oz platinum, $300/oz palladium and $11.50/oz silver and the $US exchange rate was $0.90.

8. An NSR cut-off of $117/tonne for underground mining, milling and G&A was utilized to report the potentially mineable portion of the resource.

The diluted potentially mineable portion of the resource estimate for the Eagle One deposit is shown in the following table:

POTENTIALLY MINEABLE PORTION OF THE MINERAL RESOURCE ESTIMTE

                  
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Indicated              Tonnes    Ni    Cu    Au    Pt     Pd    Ag
                                  %     %   g/t   g/t    g/t   g/t
------------------------------------------------------------------
Massive               250,000  5.87  3.10  0.23  1.77  10.95   8.9
------------------------------------------------------------------
Disseminated        1,612,000  1.11  0.71  0.13  0.85   2.29   2.4
------------------------------------------------------------------
Total Indicated     1,862,000  1.75  1.03  0.14  0.97   3.45   3.3
------------------------------------------------------------------

                  
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Indicated         Ni lbs    Cu lbs     Au      Pt      Pd       Ag
                millions  millions     oz      oz      oz       oz
------------------------------------------------------------------
Massive             32.4      17.1  1,800  14,200  88,000   71,500
------------------------------------------------------------------
Disseminated        39.4      25.2  6,700  44,100 118,700  124,400
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Total Indicated     71.8      42.3  8,500  58,300 206,700  195,900
------------------------------------------------------------------

                  
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Inferred               Tonnes    Ni    Cu    Au    Pt     Pd    Ag
                                  %     %   g/t   g/t    g/t   g/t
------------------------------------------------------------------
Massive               233,000  6.30  2.56  0.17  2.74  10.53   7.9
------------------------------------------------------------------
Disseminated          876,000  1.06  0.74  0.11  0.82   2.28   2.6
------------------------------------------------------------------
Total Inferred      1,109,000  2.16  1.12  0.12  1.22   4.01   3.7
------------------------------------------------------------------

                  
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Inferred          Ni lbs    Cu lbs     Au      Pt      Pd       Ag
                millions  millions     oz      oz      oz       oz
------------------------------------------------------------------
Massive             32.4      13.1  1,300  20,500  78,900   59,200
------------------------------------------------------------------
Disseminated        20.5      14.3  3,100  23,100  64,200   73,200
------------------------------------------------------------------
Total Inferred      52.8      27.4  4,400  43,600 143,100  132,400
------------------------------------------------------------------
(1) The potentially mineable portion of the resource for Eagle One was
    estimated on the basis of approximate $US four year trailing average
    metal prices of $11.00/lb nickel, $2.75/lb copper, $625/oz/gold,
    $1,225/oz platinum, $300/oz palladium and $11.50/oz silver and the $US
    exchange rate was $0.90. An NSR cut-off of $117/tonne for underground
    mining, milling and G&A was utilized to report the potentially mineable
    portion of the resource.
(2) Potentially mineable portions of resources are not mineral reserves and
    do not have definitively demonstrated economic viability. The estimate
    of the potentially mineable portion of mineral resources may be
    materially affected by environmental, permitting, legal, title,
    taxation, socio-political, marketing or other relevant issues. There is
    no guarantee that Noront will be successful in obtaining any or all of
    the requisite consents, permits or approvals, regulatory or otherwise
    for the project or that the project will be placed into production.
(3) The quantity and grade of reported Inferred potentially mineable portion
    of resources in this estimation are uncertain in nature and there has
    been insufficient exploration to define these Inferred potentially
    mineable portion of resources as an Indicated or Measured potentially
    mineable portions of mineral resources and further exploration drilling
    is required to determine whether they can be upgraded to an Indicated or
    Measured category.
(4) The potentially mineable portion of resources in this press release were
    estimated using the Canadian Institute of Mining, Metallurgy and
    Petroleum (CIM), CIM Standards on Mineral Resources and Reserves,
    Definitions and Guidelines prepared by the CIM Standing Committee on
    Reserve Definitions and adopted by CIM Council December 11, 2005.
(5) The preliminary assessment is preliminary in nature and includes
    inferred mineral resources that are considered too speculative
    geologically to have the economic considerations applied to them that
    would enable them to be categorized as mineral reserves, and there is no
    certainty that the preliminary assessment will be realized.
(6) The effective date of the potentially mineable portion of resource
    estimate is October 20, 2008.

                  

James Pearson, P.Eng., Alexander Partsch, P.Eng., Alfred Hayden, P.Eng and Eugene Puritch, P.Eng. of P&E Mining Consultants Inc., are the authors of the Preliminary Economic Assessment Technical Report on the Eagle One deposit to be filed within 45 days of this news release. All data was verified in Noront's NI 43-101 Resource Estimate entitled "Technical Report and Resource Estimate On The Eagle One Deposit Double Eagle Property Mcfaulds Lake Area James Bay Lowlands, Ontario" and filed on www.sedar.com. They are independent Qualified Persons in accordance with NI 43-101 - Standards of Disclosure for Mineral Projects. Mr. Puritch has reviewed and is responsible for the information presented in this news release.

P&E Mining Consultants Inc. has recently been involved in Ni-Cu-PGE preliminary economic analysis and feasibility studies for Barrick Gold Corporation, Lac des Iles Mines Ltd, Marathon PGM Corp., Ursa Major Minerals Inc. and Canadian Royalties Inc.

Noront's CEO Richard Nemis is very pleased to report that the positive results of this study show that the direct shipping of high-grade material outlined at Eagle One is viable even at these depressed commodity prices. Mr. Nemis goes on to state that:

"this shows that the Eagle One deposit could support itself (at these depressed prices) and what really excites us is the fact that it brings down the economic thresholds for the other Copper Nickel deposits and chromite deposits that we have discovered over the past 14 months.

While recent worldwide market turmoil due to the sub-prime mortgage fiasco in the U.S. and predicted pending worldwide recession have decimated the public markets, Noront maybe one of the few Junior Mining stocks still holding some of its recent share price gains because of its important mineral discoveries.

We at Noront as shareholders and employees are not happy with our depressed share price. However, management believes that Noront's true value will be better reflected in the future when the markets return to normal levels. Noront is working to further advance other potentially viable Copper-Nickel-PGE and Chromium properties in the McFaulds Lake area and for the benefit of all shareholders. These projects will continue to create additional jobs for Northern Ontario residents and the potential for large tax revenues. We are particularly thankful to the Native communities in Ontario who are very adequately and diligently supplying some of our exploration work force".

These above forward looking statements are the views and objectives of Noront's current management team.

Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 129,894,783 shares issued to date.