Company Overview

In 2007, Noront discovered a nickel, copper, platinum and palladium discovery called Eagle One (renamed Eagle's Nest) Since then, Noront has also discovered the Eagle Two, nickel, copper discovery and the AT-12 nickel, copper, platinum and palladium discovery, a Vanadium discovery called Thunderbird and a gold zone called the Triple J Gold Zone.

Since the discovery of Eagle One (renamed Eagle's Nest) in August 2007, Noront has invested approximately $65 million in exploration to date in the Ring of Fire.

Fiscal 2011 Objectives

Noront is investing between $17 and $20 million (approximately 50 cents on every dollar of its spend in the Ring of Fire) on 1)upgrading the resource classification and potentially increasing the size of its Eagle's Nest (nickel, copper, PGM) deposit and, 2) identifying other potentially economic Nickel, Copper, PGE deposits through regional exploration. Noront's drilling and exploration program plans are to complete the infill drilling necessary to upgrade the Eagle's Nest resource to a depth of approximately 1,200 metres, continue to follow the Eagle's Nest deposit to depth potentially increasing its size and to test favourable geophysical anomalies within our Ring of Fire land holdings. The company will constantly evaluate and re-interpret data as it is collected, seeking to maximize the return on our exploration expenditures.

Noront has initiated its feasibility study on the Eagle's Nest Complex. The Company is planning to spend between $9 and $12 million on these studies to identify the optimal project, allow accurate estimates of capital and operating costs, reduce the risk associated with the project and quantify the value of the project. We have contracted some of Canada's leading engineering firms to assist us with this work. Preliminary estimates are anticipated during the second half of calendar 2010 with a feasibility study targeted for completion in the first half of calendar 2011.

Noront is committed to responsible development. The Company is engaging local First Nations communities and forging strong relationships with all levels of government. The Company will be consulting with all stakeholders through the development of its projects in order to minimize its environmental impact and to maximize the benefits of development to local communities and all Ontarians. We intend to be leaders in terms of engagement and inclusion and we will set the standard for corporate social responsibility in Canada.