from Noront's MD&A

GOLDEN VALLEY
Golden Valley is a joint venture located in the northern portion of the Ring of Fire and operated by White Pine Resources Ltd. (“White Pine”). The initial drill program to assess geophysical targets north of Oval Lake commenced during fiscal 2009. The large property surrounds a copper‐zinc discovery by Metalex Ventures Ltd.; a total of fourteen holes were completed at the joint venture in the fiscal 2009 year yielding two copper‐zinc anomalies. As per the terms of the option agreement, White Pine Resources and Noront are earning a 33.3% interest each in the property from Golden Valley Minerals Ltd.
The operator completed an Airborne EM survey (ZTEM) to detect deeper anomalies around the known mineralization and completed 1,600 metres of drilling in December 2009. The assay’s from the drilling in December are expected in the fourth quarter of fiscal 2010.