TORONTO, ONTARIO - (June 24, 2008) -
Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) is very pleased to announce it has been named to the 2008 TSX Venture 50, a ranking of Canada's top emerging public companies listed on TSX Venture Exchange. Within the TSX Venture 50, Noront Resources was the #1 ranked company in the mining category. The TSX Venture 50 identifies the top 10 companies in five major industry sectors, based on a ranking formula that includes revenue, return on investment, market cap growth and trading volume.
In a ceremony that took place at the Toronto Stock Exchange on the evening of June 19th, Kevan Cowan, the President of the TSX Venture Exchange, announced Noront Resources as the top ranked company in the mining sector and awarded President and CEO, Richard Nemis with the TSX Venture 50 Top Mining Company award for 2008. A video of the announcement and award, as well as, photos of the Noront Team, can be viewed at:
http://www.agoracom.com/executive/TSX-Venture-50/noront-top-ranking.html Richard Nemis, President and CEO of Noront Resources, discusses the importance of this historical achievement via the following video address outside the Toronto Stock Exchange prior to the ceremony:
http://www.agoracom.com/executive/TSX-Venture-50/richard-nemis-interview.html DOUBLE EAGLE "RING OF FIRE"This award is representative of the exceptional year experienced by Noront Resources Ltd. In September 2007, Noront announced the discovery of high grade nickel, copper, platinum,
palladium, as well as, indications of rhodium on its Double Eagle property in the James Bay Lowland area of north-eastern Ontario, Canada. The discovery was then tested by several drill holes, three of which returned assays as follows:
- NOT-07-05 for which final assay results included 68.3 meters averaging 5.9% nickel, 3.1% copper, 2.87 g/t platinum, 9.78 g/t
palladium, 0.61 g/t gold and 8.5 g/t silver. (See press release September 27, 2007)
- NOT-07-18 for which final assay results included 124.6 meters averaging 2.39% nickel, 1.09% copper, 1.12 g/t platinum, 3.86 g/t
palladium, 0.28 g/t gold and 3.89 g/t silver. (See press release January 3, 2008)
- NOT-07-27 for which final assay results included 46.2 meters averaging 6.3% nickel, 2.8% copper, 1.9 g/t platinum, 10.2 g/t
palladium, 3.0 g/t gold and 7.3 g/t silver. (See press release January 28, 2008)
The consistency of exceptional drill results at the Double Eagle project continued to add to the potential of this discovery. Thirty five holes were completed by early 2008 on the Eagle One magmatic massive sulphide deposit, the assay and drill hole data is currently being reviewed and compiled as required for an initial resource estimate, that is progressing extremely well. Noront continues to actively explore and stake ground in the area and currently holds 100% of over 48,600 hectares of prospective ground and is joint venture with several other resource companies on approximately 68,000 hectares. Collectively Noront holds interest in approximately 116,800 hectares or 1,166 square kilometers of staked land within the Ring of Fire exploration area.
The Noront discovery triggered an unprecedented staking rush in the area, including in excess of 100 mining exploration companies and a few major mining companies. The Ring of Fire area now totals approximately 4,000 square kilometers of staked land.
WINDFALL LAKEThe Windfall Lake underground exploration programme is proceeding on schedule. The main ramp is currently nearing strike extensions of the F-17 zone. The ramp will be advanced a further 110 m to the next remuck bay before entering the F-17 zone. This schedule will allow the underground contractor to advance on multiple headings. The F-11 access ramp is about 80 m south of the zone. It is anticipated that the ramp will reach the zone in mid-July, when a pair of drifts will be driven on the zone. The schedule allows exploration to focus on the zones in sequence, i.e., F-11, F-17 and then NOT-06-100.
Although the late spring has been exceptionally cool and wet, the ramp is sufficiently dry to permit reuse of waste water for underground service. Since June 6 the mine service water system has operated in closed circuit with minimal releases to the environment. A self-contained, automated, water treatment plant was installed during the past week. Currently environmental and water chemical engineers are working to maintain the mine service water to acceptable environmental discharge specifications through a combination of chemical and physiochemical treatments. The environmental authorities have been and will be kept informed of progress of all environmental concerns.
On June 4, 2008 Noront met with representatives of Waswanipi Cree First Nation ("WCFN") to officially open the Windfall Project ramp at the site and to deliver the requisite "Mining Liaison Service' and "Interference Compensation" payments to the community. The payments made, sealed the commitment to a Memorandum of Understanding ("MOU") entered into on October 19, 2007, between the Company and the Cree First Nation of Waswanapi. The parties agreed to seek to negotiate in good faith, but without obligation to agree, to develop and, if ultimately approved by their respective decision making processes, to execute an Impact Benefit Agreement ("IBA") for the project having such terms and conditions as the parties may agree, guided by the principles set out in the MOU. The MOU covers many principles that have been agreed upon by both parties to the agreement, focusing on the implementation and protection of these principles pertaining to; ongoing communication, environmental concerns (including preservation of traditional pursuits and knowledge), social support, training employment and contract opportunities, education, socio-economical and remedial fund, pre-IBA support, as well as certain legal provisions. These principles are intended to support, rather than substitute for, specific programs and arrangements which may be made by the WCFN and Noront and are not intended to be a complete or exhaustive list of the matters that will be discussed in the IBA negotiations.
In the past week the project manager has met with WCFN officials to explore avenues for employment of First Nations enterprises and residents on current and future programmes. Initially, the progressive rehabilitation of historical drill sites, access trails and stripped areas have been identified as necessary projects, for which several First Nation enterprises have the skills and equipment to complete. Noront is reviewing other employment opportunities with WCFN.
Drilling results in this press release have been reviewed and approved for dissemination by Noront's senior management including Neil Novak P.Geo., a director and Vice President , Corporate and Aboriginal Affairs and John Harvey P.Eng. Chief Operating Officer 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 129,804,783 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.
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".
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
President and Chief Executive Officer
(416) 864-1456
Fax: (416) 367-5444
or
Noront Resources Ltd.
Neil Novak
VP Corporate and Aboriginal Affairs
(416) 864-1456
Fax: (416) 367-5444
Email: info@norontresources..com
Website:
http://www.norontresources.comor
AGORACOM Investor Relations
Email: NOT@agoracom.com
Website: http://www..agoracom.com/ir/noront