On October 13, 2009, the Company formally commenced a bid to acquire all of the outstanding common shares of Freewest Resources Canada Inc. (“Freewest”). On November 13, 2009, the Company extended the expiry date of the offer and on December 1, 2009, the Company further extended the expiry date, revised the consideration payable under the offer to include warrants, and removed all conditions for the take up and payment of all tendered Freewest shares upon expiry of the offer. Although the Company was unsuccessful in its bid to acquire all the issued and outstanding shares of Freewest, 5,053,518 Freewest shares were validly tendered , taken up and paid for by the Company resulting in the issuance of 1,443,789 Noront shares and 722,150 Noront share purchase warrants. The Freewest shares received by the Company were subsequently converted into shares in Cliffs Natural Resources (“Cliffs”) following Cliffs successful bid to acquire all of the outstanding common shares of Freewest.

In the fourth quarter of fiscal 2010, the Company sold its shares in Cliffs and received net proceeds of $4.9 million as a result.

In October 2007, the shareholders of the Company voted to adopt a shareholder rights plan (the “Rights Plan”). This Rights Plan expired in October 2009.

Noront controls mineral claims, held directly or indirectly, through joint ventures, optioned claims and earn

‐in programs of approximately 125,000 hectares (309,000 acres) in the Ring of Fire area making Noront the largest claim holder in the region.

Joint Ventures

On May 19

th , 2009, the Company entered into a Joint Venture Agreement with Probe Mines Ltd. covering 87 claims approximately 8 kilometres from Eagle’s Nest.

..........more to come.