TORONTO, ONTARIO - (April 8,
2008) - Noront Resources Ltd. (TSX VENTURE:NOT)("Noront") and
Bold Ventures Inc. (TSX VENTURE:BOL)("Bold") are pleased to
announce that they have entered into an option agreement pursuant to which
Bold Ventures has been granted the option to acquire a 50% legal and
beneficial interest in 6 claim blocks covering a total of 3800 acres
strategically located on the 'Ring of Fire', in the McFaulds Lake area, of
Northern Ontario, approximately 30 km north of Noront's Eagle One Nickel,
Copper, PGM discovery.
Terms and Conditions of Option Agreement
In order to acquire its interest in the property, Bold is required to:
1. Make
an initial payment to Noront of $120,000 or issue to Noront a total of
240,000 common shares of Bold, on both parties receiving all required
approvals, including any TSX Venture Exchange approval and board of
director approval of the option agreement;
2. Incur total exploration expenditures on the property of $2.1 million
over a three year period (of which $600,000 must be expended in the first
year);
3. Make total cash payments to Noront of $240,000 within two years of
receiving the above-noted approvals of the option agreement (of which
$120,000 must be paid by the first anniversary, and any portion of the
total of $240,000 may be satisfied at the option of Noront, by the issuance
of to Noront of up to 400,000 common shares of Bold at a deemed price of
$0.50 per share).
Upon Bold earning its 50% interest in the property, Bold and Noront shall
form a joint management committee to further develop the property as a
joint venture, with Noront continuing to act as the operator.
The Ring of Fire - McFaulds Lake area, Ontario
In September 2007, Noront announced the discovery of Eagle One a magmatic
massive sulphide occurrence. As time and drilling progressed Eagle One
yielded some encouraging base metal and precious metal (platinum, palladium
and gold) grades, including; 5.90% nickel, 3.10% copper, 2.87 g/t platinum
and 9.78 g/t palladium over 68.3 metres (NOT-07-05) as well as 6.30%
nickel, 2.80% copper, 1.90 g/t platinum and 10.20 g/t palladium over 46.2
metres (NOT-07-27). Additional drilling has encountered many more
intersections in the Eagle One occurrence of similar grade mineralization.
Just recently, in a press release dated February 25, 2008, Noront announced
the discovery of Eagle Two, a second nickel-copper sheared massive sulphide
occurrence situated 2 kilometres southwest of Eagle One.
Bold's property is located approximately 30 kms directly north of Noront's
Eagle One discovery and covers a prospective area along the Ring of Fire.
Bold's management team is encouraged by the proximity to the Eagle One
significant discovery and believes there is potential for this property to
also host mineralization.
Airborne Geophysical Survey
Noront has recently advised Bold that an AEROTEM2 airborne geophysical
survey on the property was completed by Aeroquest International Limited of
Mississauga, Ontario. The data is currently being examined by Scott Hogg
and Associates of Toronto, Ontario. The results of the survey are expected
shortly and will be used to outline a future work program. Results and work
plans will be released as they become available.
"We are very excited to work on another project with Richard Nemis and
his team at Noront," says Gary F. Zak, Director of Bold Ventures.
"Richard and I worked extensively together beginning in September 1996
when I managed Alto Ventures Ltd. (ATV) and Alto optioned Noront's Windfall
Lake claim group. During the fall 1997 drill program, we made the Windfall
Lake discovery of high-grade gold intersections and subsequently the
Noront/Alto joint venture was formed. We look forward to duplicating this
winning formula, ten years later on the McFaulds Lake "RING STAR"
project now optioned with Noront."
Comments in this press release have been completed under the supervision of
Noront's senior management including Neil Novak P.Geo., a director and Vice
President-Exploration and John Harvey P.Eng. Executive Vice President of
Noront, being Qualified Persons under Canadian Securities guidelines.
Noront is a tier 2 junior resource company on the TSX Venture Exchange,
trading symbol NOT, with 125,573,082 shares issued to date.
Investors are invited to visit Noront's IR Hub at http://www.agoracom.com/IR/Noront
where they can post questions and receive answers or review questions and
answers already posted by other investors. Alternatively, investors are
able to e-mail all questions and correspondence to NOT@agoracom.com where
they can also request to be added to the investor e-mail list to receive
all future press releases and updates in real time.
ON BEHALF OF THE BOARD OF DIRECTORS:
R. Nemis, President and Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION:
Noront Resources Ltd.
Richard Nemis
(416) 864-1456
Fax: (416) 367-5444
Website: http://www.norontresources.com