On December 22, 2006, Noront’s Board of Directors voted to adopt a shareholder rights plan, to encourage the fair treatment of shareholders in case of a take-over bid for the Company.

The Plan was approved by Shareholders on June 19

, 2007. The Plan provides the Board and shareholders with more time to fully assess any unsolicited take-over bid without undue pressure, and to pursue, if appropriate, other alternatives to maximize shareholder value and allow additional time for competing bids to emerge.

The plan was not proposed in response to any acquisition or take-over offer and is not intended to prevent one.

The rights become exercisable only when a person or party acquires or announces an intention to acquire 20% or more of the outstanding shares of the Company without complying with the “Permitted Bid” provisions of the plan.

Although the plan took effect immediately, Noront will submit the plan for confirmation at a special meeting of shareholders within the next six months, and it will be subject to reconfirmation every third annual meeting of shareholders until the plan expires in 2016.

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