TSXV
Trading Symbol: NOT May 17, 2007
DOUBLE
EAGLE PROJECT, MCFAULDS LAKE AREA,
JAMES BAY LOWLANDS
Noront Resources Ltd. (“Noront”)
announces that it has been advised by Probe Mines
Limited
(Probe) of Toronto that it does not plan to proceed
this year
with further exploration on the Company’s Double
Eagle
project located in James Bay Lowlands, northeastern
Ontario
and has returned the property to the Company, which
now holds
a 100% interest.
The Company further announces that it has
entered into an option agreement with Condor Diamond
Corp.
and Greenstone Exploration Company Ltd.
(Condor/Greenstone)
to acquire two claims consisting of 8 units adjoining
the
Company’s Double Eagle project on the following
terms:
Subject to all regulatory approvals, Noront
has agreed to issue 175,000 shares and complete,
during the
calendar year 2007, a minimum of one Diamond drill
hole to
test several highly rated airborne geophysical targets
established
on the claim group and confirmed by ground geophysics
after
which it will have earned an undivided 50% interest on
the
claims, and further have the right during the second
year
of the agreement, to earn the balance 50% upon the
issuance
of a further 225,000 common shares of the Company.
Condor/Greenstone
shall retain a 1% net smelter royalty which may be
purchased
by the Company at any time upon payment of the sum of
$500,000
and/or at the Company’s option, issuance of an
equivalent
number of common shares of the Company.
The Double Eagle project consists of 34 claims
comprising 533 units encompassing an area of 8,528
hectares
(21,320 acres) in the James Bay Lowlands in
northeastern Ontario
adjacent to Spider Resources KWG joint venture where
three
significant volcanogenic base metal massive sulphides
have
been discovered.
The Company is currently budgeting for a Diamond
drill program to be conducted on the newly acquired
claims
this summer as well as perhaps a follow up program
covering
the Company’s Double Eagle claims or alternately
the
Company may seek a new joint venture partner with one
of several
parties that have shown an interest in this large
project.
This press release includes certain “Forward-Looking
Statements” within the meaning of the US Private
Securities
Reform Act of 1995. Other than statements of
historical fact,
all statements are “Forward-Looking
Statements”
that involve such various known and unknown risks,
uncertainties
and other factors. There can be no assurance that such
statements
will prove accurate. Results and future events could
differ
materially from those anticipated in such statements.
Readers
of this press release are cautioned not to place undue
reliance
on these “Forward-Looking Statements”. All
dollar
amounts are Canadian dollars unless otherwise noted.
Noront is a tier 2 junior resource company
on the TSX Venture Exchange, trading symbol NOT, with
90,057,692
shares issued to date.
For
further information, please contact Richard Nemis at
416-864-1456,
or visit the Company’s web site www.norontresources.com
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.
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