selkirk are you familiar with Noront Resouces

[selkirk]

some these shareholders do a great deal of research, and also money in a few companies.

probably many people on that board have a large percentage (most) of their money on this play or this a few other jr. mining companies.

best bit of info from the whole conversation is getting a fourth drill, up there, if I were them would want this property to be proven or unproven very quickly. within the next few months....if not then the stock could just drift.

not sure I agree with both of them that nothing is being given for blue sky (great future drilling results), the company has a market cap of over 800 million (if warrants excercised), and will also have to raise more money going forward.

the market is paying 800 million for something and at this point it is not cash flow, earnings, because there is not mine and still in the early stages.


agree with the last statement, well most of it, about drilling, and it is now a waiting game however

"Remember, the more drilling we do the more money we will get. When this thing gets taken out by a major we want as much of the discovery proven so we don't get something pathetic like $15."

$15 would be great so would $10, anytime an invesmtent can go up 200-400% would not call that pathetic.
did an option trades on BSC, I will be overjoyed if I can make 20%-30% by May. (uncovered calls).

also at $15 we will have a market cap of 3 billion, this will have to be a huge mine to justify the expense of putting a mine up there.

still own my orginal position 1000 shares, half is trading the other half is a lottery ticket, with better odds hopefully.

one final note: jr. mining companies and small caps are desperate for cash. well some are.....normally get about 3-4 phone calls (month) from a company/promoter about a company, or a financing....sometimes not even two.

lately been getting 3-4 a week. you know they are desperate when they are trying to get a hold of me.... turn down 99% of these deals as most of them go to zero. if it is a really good deal ussually have to phone them and hope you get half.

thanks
selkirk

 

[LOR]

Here's an article from Nat. Post a very good read on Noront NOT/NOSOF & the Ring of Fire. Alot of rumors on AB that this is going to be a good month with alot of good news releases. As with everything time will tell!


All eyes on the Ring of Fire
Investors await junior miner's report on size of mineral deposits at the site

Peter Koven, Financial Post Published: Monday, April 14, 2008

AT MCFAULD'S LAKE, Ontario -Thousands of investors have their eyes on the Ring of Fire. But on first visit, it is hard to believe.

The Ring of Fire, located in the McFauld's Lake area in the James Bay Lowlands, is as remote as it gets. Flying over in a helicopter reveals nothing but frozen lakes and forest stretching as far as the eye can see. James Bay lies about 150 kilometres to the east, and the closest community is Webequie (population 642), a First Nations village about 100 kms away.

But in a world where quality mineral discoveries are becoming increasingly rare, this place has captured the imagination of investors like no other in recent memory -- even if the idea of building a mine here is unfathomable at this point, and truly big discoveries have not been made.

The interest started last year when junior miner Noront Resources Ltd. made an ultra-high-grade nickel-copper discovery, also turning up significant grades of platinum and palladium.

That triggered a wild staking rush as a battalion of juniors swooped in and claimed almost every inch of prospective land in what became known as the Ring of Fire (after the Johnny Cash song). The staking continues and is thought to total about 4,000 sq. kms.

"I think it's the most exciting discovery of the last 10 years in Canada, no question," says mining veteran Pierre Lassonde. "It's got an enormous amount of potential and you've just got to love the grade."

Noront has become a phenomenon. Online message boards are filled with commentary posted on a minute-by-minute basis as retail investors track virtually every big trade of the stock.

The bigger players believe in it as well; Noront's major shareholders include celebrated names in the mining industry such as Mr. Lassonde, Eric Sprott, Rob McEwen and Sheldon Inwentash, Pinetree Capital founder.

Investors have been enticed by the incredible potential of the discovery: Richard Nemis, Noront's chief executive, compared the geology to the giant Voisey's Bay deposit in Labrador, and suggested it could be even bigger.

But at the Ring of Fire it is clear a lot of work has to happen first. Apart from the staking lines and a few small camps, from the air the ring looks indistinguishable from any other corner of Northern Ontario. While an incredible amount of land has been staked, only a few companies (including Noront) are active with drilling, and it will take a very long time to drill all the targets. While a few of the juniors have reported interesting developments, there has not been anything of the calibre of Noront's flagship "Eagle One" discovery that got the area going. And Eagle One, while high grade, is not enormous.

"Until you have a number of these deposits that can carry the burden of infrastructure, it's way too early to talk about [mining]. This is just a drilling play right now," Mr. Inwentash says.

Finding the resource in the Ring of Fire has been very hard, because there is no "outcropping" of metal on the surface. Many of the world's top geologists have identified the best targets, but they are educated guesses. The land position is so vast and remote that most of the geophysical work must be done with helicopters, which are constantly flying supplies to various camps. Just getting to Noront's camp requires a 10-minute helicopter ride from the main camp.



In the coming weeks, drilling will get even tougher as the lakes melt and the lowlands become a swamp. While the drillers on site have not enjoyed the -40? winter weather, they consider it a welcome respite from the plague of mosquitos and black flies around the corner.

This all means it will take a very long time for the full potential of the Ring of Fire to be realized, and key shareholders say they are committed for the long-haul. But as the news flow slows, trading volumes on Noront shares have eased and the initial excitement has worn off.

Some of that will return when the company completes an initial resource estimate (expected soon), but that is just the start. The question on everyone's mind now is how big this discovery will turn out to be.

Geologists say so-called "volcanogenic massive sulphide" occurrences like the one at Eagle One tend to appear in large and small clusters. Noront hit another one with Eagle Two, about two kilometres from Eagle One. But the really big targets, if they exist, have not been found.

"We still need confirmation this is a world-class district," says John Kaiser, publisher of the Bottom Fishing Online report. "But these things are not big and they can be very hard to find."

The Ring of Fire may turn out to be a collection of small, high-grade deposits that are collectively world-class, rather than anything as huge as Voisey's Bay, he says.

Mr. Lassonde has his own theory. He thinks the geology bears almost no similarity to the Sudbury Basin or Voisey's Bay, but that it looks a lot like old nickel mines discovered by Western Mining Corp. in Australia and Jinchuan Group in Asia. In each case, the largest deposits were found deep below the original discoveries.

"The key will be to first drill on surface and discover the ore bodies closest to surface, because that's where you will get your money back," Mr. Lassonde says.

"It will take two or three years to define that. After that, the key will be to start drilling down deeper."

He said he will be "absolutely the most surprised person in the world" if the discovery does not get bigger in the months and years to come.

In the meantime, everyone is just happy that the Ring of Fire has revived interest in Canadian exploration.

"It's very exciting for the company and Ontario to have these type of results," says John Hughes, an analyst at Desjardins Securities.

"After several years in Canada of seeing exploration budgets increase on an annual basis, we're finally starting to see some new finds with potential new resources, which is really what we need in this country."

pkoven@nationalapost.com

 

[LOR]

Posted On: Tuesday, April 15, 2008, 2:42:00 PM EST

Major Companies Certain to Target Juniors in Search For New Resoures

Author: Jim Sinclair










Dear CIGAs,

With the world's mineral resources being depleted by unprecedented demand from developing nations, mining companies and end users are desperately looking for new sources of supply.

That being said, is it any wonder that some of the most pre-eminent names on the global mining scene (Homestake, Placer Dome, Inco and Falconbridge to name a few) have simply disappeared - gobbled up by competitors who realize that buying mineral resources on the open market is a lot easier than discovering the resources themselves.

Given the high capital cost and risk associated with exploration in virgin territory, most of these predatory companies are looking closely at established mineral belts where mines have been found and are still being discovered. It's not rocket science but just common sense.

What we've seen so far on the merger front is only the tip of the proverbial iceberg. In the coming years, companies with good land positions in the world's most prolific mineral belts will reap the rewards of their efforts at premiums that will shock you by today's standards. In fact, the targeting process is happening as I speak.

 

[selkirk]

SR. companies often take over mid cap and jr. mainly because they have decent projects and often are neglated and their share price drifts lower.

it costs so much and often takes so long that it is just easier to buy future production. going forward do not believe the sr. gold companies are worth their multiple (most of them) and they will spend more money just to maintain production.

not sure I agree with the amount that is implied on the takeover.

Placer Dome was a company with great assets, however management was not that strong and the shareholders suffered, so Barrick made a good deal for themselves and the shareholders finally got relief. same goes for lac minerals.

Inco, and Falconbridge, should have merged together, Inco should have made the deal for BAM interest, would have hired someone to phone them every day. both companies (owned both, not enough) were sold for far, far, far to little. we know this since both purchases paid for themselves in 2.5 years or less. at the time you think it is a decent offer, but truth be told you cannot replace a Inco or Falconbridge, ever. they went cheap how many other transactions have a 2-3 year payoff. often great resource companies are undervalued by the market.

though increased demand from the emerging markets is one reason for the higher prices, the main reason is that there was so little exploration. during the late 90s who wanted in invest and fund a mine. there was no very little development.

also for every Quebec and Nevada there are many places you cannot look for minerals, actually most of the states and provinces do not want any exploration and mining.

thanks
selkirk

 

[selkirk]

own 500 shares, down from 1000. the trading portion hit my stop.

one half for trading the other half is a lottery ticket... will have to see what the drilling results are, time will tell, may regret having a small position.....will await next round of results.

thanks
selkirk

 

[LOR]

Hi selkirk, Here's 2 rumors from AB, this guy has been right on target with his previous rumors.

bmk hit and DE4
Posted by: HSS on May 05, 2008 08:13AM
In response to: Re: Norilsk 2 - did you hea... by Laphroigh
Rumor 1
i know for 100% sure that DE 4 is located in the DE row and BMK has a few hit indications and since that there is al lot of intress in BMK. The BMK management is more active then a half year ago.
But the importants thing is.....i can say everything but things are 100% when NOT or BMK put out the news!!
Rumor 2
elephants have sex with elephants and mouses have sex with mouses......more big banks have intrest in Canada. For example a few Dutch banks.....Fortis and ABN AMRO are opening offices in Canada and are exploring the Canadian Minning World and make new investments Funds. Good good....i always follow the big boys.....
Personal i think NOT and BMK are the best players at THIS moment.

selkirk, I haven't sold any of my shares of NOT or BMK. In fact I'm thinking of buying more but I keep thinking about what you said "NEVER, NEVER, NEVER, NEVER. dollar cost average down on penny stocks, I hear of two or three people a year that do this wise move. once you have a positon you have two choices, sell, or hold....never buy more to average down"
With NOT I would not be averaging down, as I'm on the plus side and think its going to move up alot over the next month or 2. MCDMF I would be averaging down if I were to buy more at this level. Did you buy back the NOT shares you sold?

 

[LOR]

Here's a post from AB. The map won't down load on here, it is worth seeing by going to the agroa fourm. Lor
Map - update May, 6th
Posted by: Helium on May 06, 2008 09:43AM







Property Holders Claim blocks Claim units
Alberta Ltd. 17 268
Alberta Ltd. / Canadian Orebodies 40 613
Boyer, Jean-Michel 4 64
Canadian Orebodies Inc. / Temex Resources JV 39 624
Canstar Resources 5 70
Cascadia International Res. 7 98
Casey Enterprises Inc. 12 192
Cliche Martin 2 16
Coulombe, Stephane 6 82
Coyne, Gary Leo 18 264
De Beers Canada Inc. 9 65
Diamondex Resources Ltd 211 1675
East West Resource Corp. 69 1097
Fancamp Exploration 4 64
Freewest / Spider / KWG Resources JV 5 76
Freewest Resources 4 64
Gauthier, Francois 13 208
Gervais Larry, No?l 1 1
Golden Valley Mines Ltd. 85 397
Goldeye Explorations Ltd. 15 218
Goldey / Tribute JV 52 702
Greenstone Exploration Ltd. 26 416
Melkior Resources Inc. 93 1194
International Nickel Ventures Corp. 115 1690
James Bay Resources Ltd 77 1018
Kodiak Exploration Ltd. 1 14
Lake Shore Gold Corporation 5 56
Lavoie Denis 3 48
MacDonald / Temex / Canadian Orebodies JV 55 842
MacDonald Mines 68 1001
MacDonald Mines / Hawk Uranium JV 5 80
MacDonald Mines / WSR Gold JV 47 704
Metalex Ventures / WSR Gold 133 1208
Noront Resources 199 2880
Noront Resources / Bold Ventures JV 6 96
Noront Resources / Temex Resources JV 29 464
Noront Resources / Hawk Uranium JV 10 160
Noront Resources / Lund Gold JV 13 172
Noront Resources / Intrinsic Minerals JV 17 212
Noront Resources / Seafiels JV 6 96
Noront Resources / Southampton JV 12 168
Noront Resources / WSR Gold JV 27 307
Northern Shield Resources 459 7110
O'Keefe Glenn, Ernest 3 48
Paquette, Boby Y. 1 16
Paquette, Ren? Mario 11 173
Paquette, Yann Rony 9 142
Peever, Charles Darrell 2 32
Peplinski, Michael Walter 11 153
Platinex Inc. 65 992
Plomp, Frederick Gordon 1 2
Probe Mines 47 586
Probe Mines / Mantis Mineral Corp JV 24 360
Property holder not found 205 0
Provencher, Luc Michel 4 64
Quedent Lloyd 1 1
Renforth / Spider / KWG Resources JV 25 364
Renforth Resources Inc. 9 105
Robert, Alexandre 6 96
Southernera Diamonds Corp. 23 93
Special Projects Inc. 2 2
Spider / KWG Resources JV 25 321
Superior Diamonds Inc. 146 1916
Temex Resources / MacDonald JV 112 1650
Temex Resources 205 2847
Temex Resources / Mill City Gold Corp. JV 65 1028
Trillium North Minerals Ltd. 2 24
UC / Spider / KWG Resources JV 134 1918
Vale Inco Ltd. 8 124

Total claimblocks / claimunits 3170 39851


Major changes:

The post by 11Jimmymac regarding additional staking by Diamondex Res. is confirmed in the area of the said "Gravity anomaly".

Same story for Melkior.

More staking by Casey Enterprises

Multiple staking by a new company, Platinex Inc. in the center of the ROF and to the South West.

Platinex Inc. is a Canadian exploration company based near Toronto and focuses on carefully selected Platinum Group Element targets.

A downloadlink to the detailed map will be shortly available.

Helium

 

[LOR]

Resource World Magazine - Nemis/Harveyfrom NOSOF on the cover


http://www.resourceworld-digital.com...

 

[selkirk]

LOR still have not back in the half I sold. so own 500 shares currently, the other half was for trading, so may try to increase the position if the results are good and it goes on a run.... would miss some of the run, but that is fine, still own a small amount.

do not like the amount of time to get news on the drilling, though it was the lab that made the mistake managment has to make sure these samples get tested and processed in a timely manner. the fact the lab is busy is a mistake or excuse hear to much of...

still if the news is good they should get plenty of attention.

when I play small caps, ussually like to sell a small positon when have a profit, just try to get my orginal invesment back... may wait if the stock is on a run, however will try to get some money out... so the speculation is free. now small cap mining stocks are slightly different; in most cases you will over time lose money.

there is the odd exception like diamond fields, Bre-X (okay it was a scam however it did go from $1 to $250,) and YRI the last few years have done well, and others, though for everyone one of these there are about 10 maybe more jr. mining caps that go to zero.

you follow the stock far more closely than myself, so it is up to you if you want to add more, just ask your self a question, if the stock drops 50% how much do I lose. if you can handle the amount then..... if not.....
as for valuation if the drill results are good or bad decides short term move in this stock. still do not see $15 like that one poster thought, the drill results would have to be incredible, just incredible.....

interesting post as for rumour 2, if the news is good there will be plenty of retail and mutual fund interest...most banks are not interesting in a speculation... and until they build a mine and churn out cash flow and earnings....then most large bank (all including forgein banks) will not invest.....

if a large bank I owned decided to invest money in spec. operations without guarantees would find another bank to invest in.... (even small amounts)

a waitng game now, not sure when the results are supposed to come out.... hate delays.....

thanks
selkirk

 

[LOR]

Here's a post from AB.

I spoke to Richard CEO of Noront
Posted by: tcp1002 on May 07, 2008 11:13AM

I had to call as I was wondering why it's taking so long to get some news.

He couldn't talk much as he was in a meeting but he gave me a chance to ask a few questions, here's a couple of things.

The positive thing he said to me is that things will be back to normal soon as far as updates and news releases go. He is unhappy about the delays but that is to change soon. 43-101 on DE will be a while still before we get any results. I said they're not even providing visual updates as they use to and he said it's all because of the delays from the lab.

On Windfall he said they are 141 meters underground and I asked if they will test the stuff they're taking out for minerals. he said once they get close to the target they will begin to do Bulk sampling.

On China there is a lot of work being done by the operator but didn't say when we will hear something.

On The Tungsten property, I asked about the 43-101 and he said Cadillac has filed it and to check Cedar for the results as he has not read it yet. If anyone can check on this it would be appreciated.

I'm glad he gave me the one minute we spoke on all this. I felt good after the conversation.

We just need to let them do their work and be patient.

GLTA, Tcp

 

[selkirk]

LOR I understand they have more than this one project however most of their market cap depends on this one project.

good or bad drill results, it just cost so much to develop projects or even a chance of one, that a jr. has one or at most two projects to focus on...

managment has to make sure the lab they send the results have them done quickly. delays just cost more money, and not sure why the person asking the questions is happy, I mean this probably could have been done better.

also there is still no timeline when they will have results.... he may be in a meeting, maybe he should be calling the lab on an hourly basis....or getting a firm timeline in place.

thanks
selkirk

 

[LOR]

NEWS Today is good, BUT I would of thought this would be on DE2 not DE1. Hopefully soon we will get the news on the assay results from DE2.

NEWS - Noront Receives Analytical Results Eagle One Deposit

Posted by: AGORACOM on May 09, 2008 08:33AM

TORONTO, ONTARIO-(May 9, 2008) - Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) is pleased to announce the receipt of final assays on holes NOT-07-28, and NOT-08-30 to NOT-08-35 on its 100%-owned Eagle One deposit within Noront's Double Eagle Project in the McFauld's Lake Area of northeastern Ontario. "After much anticipation, the outstanding assays for the last series of holes into Eagle One have been reviewed and approved for entering into the resource data base. The results presented are encouraging and do not differ from what was expected by management" states Richard Nemis, President and CEO of Noront.

HIGHLIGHTS

- Hole 28 averaged 6.73% nickel, 5.11% copper, 0.05 g/t platinum, 14 g/t palladium, 0.41g/t gold and 12.9 g/t silver over 1.5 metre core length, within a much larger 73.2 metre section that averaged 1.31% nickel;

- Hole 30 averaged 3.5% nickel, 3.54% copper, 0.48 g/t platinum, 8.96 g/t palladium, 0.22 g/t gold and 9.3 g/t silver over 11.1 metres, within an 84.7 metre core length that averaged 1.1% nickel;

- Hole 34 averaged 6.88% nickel, 5.05% copper, 2.53 g/t platinum, 14.07 g/t palladium, 0.39 g/t gold and 15.1 g/t silver over 10.6 metres, within an 38.5 metre core length that averaged 2.34% nickel.

- Exploration continues on project through breakup period, third drill getting ready for anomaly testing;

- All analytical results for holes NOT-07-01 through to NOT-08-35 have been delivered to P&E Mining Consultants for incorporating into a resource study.

Seven holes testing Eagle One were completed during late January and early February 2008, including one hole (hole 28) that was started prior to the Christmas break, that is reported herein. As announced earlier (see press releases dated April 25 and May 2, 2008), delays at the laboratory were complicated by a series of quality assurance, quality control (QA/QC) issues. All outstanding work orders are now received and have passed Noront's QA/QC program. The remaining work orders for analysis with respect to the anomaly drilling in the vicinity of Eagle One, including Eagle Two are currently being processed and reviewed, results of which will be released as soon as they are available.

A full complement of exploration personnel has been actively exploring the Double Eagle project, completing line cutting, followed by very intense geophysical surveying using magnetic, gravimetric and electromagnetic (MaxMin, TerraTem, TDEM) techniques, following up on the earlier Aeroquest Aerotem2 survey, as well as a Geotech VTEM survey over specific areas.


HIGHLIGHTS OF ASSAYS RECENTLY RECEIVED

----------------------------------------------------------------------------
Palla-
Hole # from to int Copper Nickel Platinum dium Gold Silver
----------------------------------------------------------------------------
(m) (m) (m) % % g/t g/t g/t g/t
----------------------------------------------------------------------------

----------------------------------------------------------------------------
NOT-07-28 169.0 242.2 73.2 0.71 1.31 0.63 2.62 0.34 2.2
----------------------------------------------------------------------------
including 169.0 175.0 6.0 0.21 0.43 0.30 0.91 0,02 0.3
----------------------------------------------------------------------------
followed by 175.0 217.0 42.0 0.84 1.62 0.80 3.13 0.49 2.8
----------------------------------------------------------------------------
followed by 217.0 218.5 1.5 5.11 6.73 0.05 14.00 0.41 12.9
----------------------------------------------------------------------------
followed by 218.5 242.2 23.7 0.33 0.63 0.45 1.44 0.16 0.8
----------------------------------------------------------------------------

----------------------------------------------------------------------------
NOT-08-30 12.5 97.2 84.7 0.77 1.10 0.33 2.12 0.60 2.8
----------------------------------------------------------------------------
including 12.5 23.6 11.1 3.54 3.50 0.48 8.96 0.22 9.3
----------------------------------------------------------------------------
followed by 23.6 99.2 75.6 0.35 0.76 0.31 1.09 0.65 1.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
NOT-08-31 no significant assay intervals
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
NOT-08-32 182.8 240.5 57.7 0.87 1.89 1.13 3.70 0.16 9.0
----------------------------------------------------------------------------
including 182.8 190.4 7.6 1.68 6.64 0.10 3.87 0.05 0.4
----------------------------------------------------------------------------
followed by 190.4 196.1 5.7 0.19 0.08 0.66 0.87 0.06 0.3
----------------------------------------------------------------------------
followed by 196.1 221.3 25.2 1.17 1.58 1.92 5.37 0.28 7.0
----------------------------------------------------------------------------
followed by 221.3 240.5 19.2 0.37 0.94 0.64 2.27 0.06 1.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
NOT-08-33 9.5 72.5 63.0 0.31 0.65 0.32 1.02 0.07 4.5
----------------------------------------------------------------------------
including 9.5 19.4 9.9 0.24 0.54 0.10 0.31 0.03 0.3
----------------------------------------------------------------------------
followed by 19.4 46.2 26.8 0.23 0.41 0.22 0.72 0.06 1.5
----------------------------------------------------------------------------
followed by 46.2 61.5 15.3 0.66 1.48 0.68 2.39 0.12 1.9
----------------------------------------------------------------------------
followed by 61.5 72.5 11.0 0.68 0.17 0.25 0.50 0.07 0.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
NOT-08-34 26.0 64.5 38.5 1.65 2.34 2.21 5.45 0.16 4.9
----------------------------------------------------------------------------
including 26.0 36.6 10.6 5.05 6.88 2.53 14.07 0.39 15.1
----------------------------------------------------------------------------
followed by 36.6 64.5 27.9 0.36 0.63 2.08 2.18 0.07 0.9
----------------------------------------------------------------------------

----------------------------------------------------------------------------
NOT-08-35 9.5 45.0 35.5 0.51 1.14 0.67 2.05 0.12 4.4
----------------------------------------------------------------------------
including 9.5 24.0 14.5 0.87 2.29 0.78 3.02 0.17 3.7
----------------------------------------------------------------------------
followed by 24.0 45.0 21.0 0.26 0.48 0.61 1.39 0.09 1.0
----------------------------------------------------------------------------


Due to the irregular shape of the Eagle One Magmatic Massive Sulphide body, the drill intersections presented above are not true width. True width determinations will be referred to once the resource estimate is completed.

HOLE LOCATIONS
----------------------------------------------------------------------------
Hole Northing Easting Northing Easting Azimuth Dip Length
----------------------------------------------------------------------------
number (local) (local) UTM UTM (degrees) (deg- (m)
rees)
----------------------------------------------------------------------------
NOT-07-28 1069 5174 5843598 547363 270 -52 253
----------------------------------------------------------------------------
NOT-08-30 1146 5080 5843597 547221 90 -45 298.8
----------------------------------------------------------------------------
NOT-08-31 1179 5207 5843712 547287 133 -45 101
----------------------------------------------------------------------------
NOT-08-32 1247 4974 5843600 547080 90 -45 266
----------------------------------------------------------------------------
NOT-08-33 1123 5107 5843600 547253 90 -46 111
----------------------------------------------------------------------------
NOT-08-34 1177 5156 5843675 547255 90 -45 89.6
----------------------------------------------------------------------------
NOT-08-35 1136 5036 5843562 547195 90 -45 80.6
----------------------------------------------------------------------------


The above table provides local and UTM grid co-ordinates for holes mentioned in this press release. Each of these holes was designed to provide infill or extensions (to depth and/or along strike) of known mineralization in Eagle One. All holes have been surveyed down-hole with light logging equipment, to provide more accuracy with respect to location of holes within the occurrence, as required for resource evaluation and modeling.

GEOLOGIC SUMMARY OF HOLES (ASSAYS REPORTED)

Hole NOT-07-28 was set at the same collar location as hole NOT-07-26. After 14.8 meters of overburden and limestone, this hole entered a mafic dike until 17.8 meters. Between 17.8 and 128.1 the hole entered granodiorite, followed by an olivine rich gabbro until 140.1 meters. Variably mineralized peridotite was encountered between 140.1 to 242.2 meters, including mineralized peridotite between 169 and 175 meters, followed by net textured mineralized peridotite between 175 and 217 meters, followed by massive sulphides between 217 and 218.5 meters, then net textured peridotite from 218.5 to 223.2 meters. The latter part of the peridotite was weakly mineralized. The hole then entered granodiorite at 242.2 and remained in granodiorite until 253 meters, when the hole was stopped.

Hole NOT-08-30 was drilled at local grid collar location 11+46 N at 50+80 E with initial azimuth of 090 degrees and initial dip of -45 degrees. After passing through 12 meters of overburden and limestone the hole entered granodiorite until 12.5 meters. Several massive sulphide lenses intermingled with net textured mineralized peridotite, and thin felsic dikes were encountered between 12.5 meters and 99.5 meters, when weakly mineralized peridotite was encountered. Massive sulphide intersections included 12.5 meters to 13.5 meters, 15.8 meters to 17.8 meters, and 21.3 meters to 22 meters, the rest of this section consisted of mostly net textured mineralized peridotite. At 101.4 to 102.2 meters down-hole a fault was encountered followed by a gabbro until 111.1 meters. Granodiorite with several mafic dikes were encountered between 111.1 to the end of the hole at 298.8 meters. Mafic dikes encountered were between 151.6 and 153.6 meters, 175.3 and 178.8 meters, 216.9 and 218.3 meters and then 274.5 and 285.5 meters down-hole.

NOT-08-31 was drilled at local grid collar location 11+79 N at 52+07 E with an initial azimuth of 133 degrees and an initial dip of -45 degrees. This hole was designed to test the northeast extension of Eagle One. After 11.4 meters of overburden and limestone, granodiorite was encountered until 14.1 meters. Then a mafic volcanic flow was encountered to 35.3 meters, followed by a mafic dike until 40.9 meters down-hole. Granodiorite was then encountered to the end of the hole at 101 meters. No samples were taken from this hole.

NOT-08-32 was drilled at local grid collar location 12+47 N at 49+74 E with an initial azimuth of 090 degrees and an initial dip of -45 degrees. This hole initially passed through 11.1 meters of overburden, limestone and sandstone, and then entered granodiorite with two thin mafic dikes until 182.2 meters down-hole. Massive sulphide mineralization was encountered between 182.2 to 198.7 meters, including highly altered, silicified quartz feldspar porphyry between 190.4 and 196.1 meters. The massive sulphide zone was then followed by variably mineralized peridotite and net textured peridotite until 248.2 meters down-hole when the hole entered granodiorite. The hole was stopped at 266 meters total depth.

NOT-08-33 was drilled at local grid collar location 11+23 N at 51+07 E with an initial azimuth of 090 degrees and an initial dip of -46 degrees. After drilling through 9.5 meters of overburden and limestone the hole entered peridotite until 17.2 meters, followed by a felsic dike between 17.2 and 18.5 meters then gabbro until 19.4 meters. Peridotite was then encountered between 19.4 meters and 37.3 meters, followed by another felsic dike until 40.4 meters down-hole. Variably mineralized peridotite was then encountered between 40.4 meters and 72.5 meters including net textured mineralized peridotite between 46.2 meters and 61.5 meters. At 72.5 meters granodiorite was encountered until 81.3 meters when a mafic dike was intersected until 85.4 meters, after which granodiorite was encountered to the end of the hole at 111 meters.

NOT-08-34 was drilled at local grid collar location 11+77 N at 51+56 E with an initial azimuth of 090 degrees and an initial dip of -45 degrees. After drilling through 14.6 meters of overburden and limestone, the hole entered gabbro until 18 meters. This was followed by granodiorite until 25.3 meters, then a mafic dike until 26 meters. Massive sulphides were then intersected between 26 meters and 36.6 meters followed by peridotite until 48.3 meters then mineralized peridotite until 64.5 meters. Granodiorite was encountered between 64.5 meters and 69.3 meters, followed by a mafic dike until 72.3 meters then granodiorite until the end of the hole at 89.7 meters.

NOT-08-35 is the last hole drilled into Eagle One at this time. It was collared at local grid co-ordinate 11+36 N at 50+36 E with an initial azimuth of 090 degrees and an initial dip of -45 degrees. After drilling through 9.5 meters of overburden and limestone the hole entered mineralized peridotite to 45 meters followed by weakly mineralized peridotite to 64.6 meters. A felsic dike was then encountered to 65.9 meters followed by peridotite until 80.6 meters when the hole was terminated.

ON SITE QUALITY ASSURANCE / QUALITY CONTROL MEASURES

The aforementioned assay and sample information, as well as geological descriptions are taken from drill logs as prepared by the Project geologist for the drill program, Mike Kilbourne. Billiken Management Services Inc. is providing all services on site for the Noront Double Eagle Project, from their base camp at McFaulds Lake. Billiken is a holder of Certificate of Authorization issued by the Association of Professional Geoscientists of Ontario.

All samples from the early part of the 2008 exploration program were submitted to SGS Laboratory in Toronto, Ontario. Samples were selected in the field under the supervision of the site geologist, then were cut by diamond saw. One half of the sample is retained for record at the base camp, the other half of the sample was placed in a plastic bag and individually sealed. The sealed bags are then placed in durable rice bags in batches of 5 and a numbered security tag seals each rice bag. The rice bags are placed in plastic pails and batches of 40 samples were sent by bonded courier to SGS Laboratory in Toronto Ontario.

INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL

A thorough quality control program was implemented for the Double Eagle project which included grouping samples into batches of 35 into which was added 2 certified reference material standards, 2 field blanks comprised of sterile drill core, and a field duplicate. It can be said with confidence that all assays as reported in this Press Release have passed the strict quality control guidelines as set out by Noront's QP.

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".

Drilling results 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 125,568,083 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.
For more information, please contact
Noront Resources Ltd.
Richard Nemis
(416)864-1456
(416) 367-5444 (FAX)
Email: info@norontresources.com
Website: www.norontresources.com

 

[LOR]

A post from AB, looks like DE2 results will be coming soon!

I partially agree with you, having a mixed feeling about the NR: the market wants another eagle 1 hit, this NR does not show it, but it is still about outstanding assay results regarding Eagle 1. 35 holes completed, resource estimate on it's way.

"nothing has been released about Eagle 2", then read this in the NR:

"Seven holes testing Eagle One were completed during late January and early February 2008, including one hole (hole 28) that was started prior to the Christmas break, that is reported herein. As announced earlier (see press releases dated April 25 and May 2, 2008), delays at the laboratory were complicated by a series of quality assurance, quality control (QA/QC) issues. All outstanding work orders are now received and have passed Noront's QA/QC program. The remaining work orders for analysis with respect to the anomaly drilling in the vicinity of Eagle One, including Eagle Two are currently being processed and reviewed, results of which will be released as soon as they are available."

Eagle 1 is outstanding, assay results from holes 28 to 35 take away any doubt. Eagle 2 is on it's way, mayby not next week but be ready for it - Helium

 

[LOR]

selkirk, I am patiently waiting to read what your thoughts are on my last two post. You really have a way of putting things into their proper perspective. Thanks, Lor

 

[selkirk]

LOR though I have invested in the mining industry in the past always worried about more jr. in this sector.

the first stock ever bought was a mid cap gold play bought at 825-8.50 and after six months (maybe longer sold ) at 9.25-9.75. however next four weeks hit 11.75 and higher...

made a great return on Diamond Fields and though thought it was skill really 90% BS luck. read an issue of the northern miner and sent away for the annual report. they barely mentioned voisey bay in fact they were promoted an African play where they would use ship to mine underwater.... most of the boats could not float never mind mine. still a great run.... remember sitting at a brokers office (friend) trying to get warrents on another jr. (made 15% woud have made more on that but had to hold for six months....) he told me diamond fields would hit 125 then it was 75. frankly agreed and held my postion but that sounded like a boring return.
young and dumb.

then got into BRE-X, yes read the northern miner again (good paper, for getting info, the internet not as big of a force back then), picture of old David Walsh. claimed he had 18 million ounces, told this to a friend who also traded and so bought in again around 4.50-8. this was a great ride to, and though not sure believed they did have the gold.... looking back at it a twelve year old could tell it was a scam.

however did very well on Bre-X though sold some to early better than holding and got stopped out on the rest. also invested in a small cap (Marathon cdn. equity. went from 10-16 in about 3-4 monts (counting distributions)...got out at 14, when it started tanking.

with these successes have had about 8-10 (maybe more, selective memorey...lol.) companies that have lost me anywhere from 15%-60%. most lost me 20%, however lost around 60% in one. a blogger in 99 shorted the stock I went long..... yikes..


anyways here are a few things you know or can take from these experiences...

1. most jr. gold companies go to zero...would say 85-95%

2. you should also consider the environment, there were two periods of time when these mining companies went on runs in the 90s (maybe more) these were sector plays.

BRE-x would not have happend if Diamond fields did not hit, and moose pasture went through the roof. 50% was not a good return 1000% or higher...greed clouds judgement.
so the higher gold can go the better it is for jr....you have to create in interest. for instance if gold does not move or go down then the results sometimes be ignored.
for an example of this just look at the move in cdn. natural gas stocks, when natural gas was at 8-9 and now at 11....big difference, now people want them.

3. most jr. mining stocks the ones that are legit and find a mine....that is economical...often make most of their move before they go to a mine.

take a look at the diamond mine in northern cdn. they went on a huge run on drilling results. then sometimes realtly hits, mine costs, and questions.

sometimes better to sell some when the stock goes on a run after drilling results...that is why hate the delay.... a string of good results might have got the stock to pop.

4. one negative for any new mine is the cost of building a mine and the road blocks.

here is some....
a) just all of the reports that take time and may raise questions, pre -feasiblilty, feasibility, enviormental impact, how closely are they working with the closest natvie bands up there....better be friendly.... ect.

b) lack of skill labour and materials are making any project very expensive....10% ++++ inflation is tame on most projects.

LOR the results are good however believe management should not have any delays, hope that is not a sign of things to come.

for me it is an interesting specualtion.

thanks
selkirk

 

[LOR]

selkirk, Thank you for the reply! Here is another post of interest from AB.

My Geologic Inferences for McFaulds from Dr. Mungall Book..
Posted by: johndefur on May 11, 2008 11:49AM
My Geologic Inferences for McFaulds from Dr. Mungall Book..
YES...those 2 Sections of Dr. Mungall's book Book Explorations for PGEs , Paragraphs posted below, most certainly speak directly not only to the SPQ/FWR jv discovery with respect to their Chromite/sulfides PGEs, but they also speak to that one part of NOT?s E2 which contains similar mineralization to SPQjv, as well as to the second part Of E2 with similarities to the spectacular discovery E1 and that part of E2 which contain Massive Sulfides with NO Chromite...and just as important it speaks volumes as to some reasons why these deposits were formed somewhat different , but that in fact they must have actually come from the same "Large Mother" deeper source.
I have received a number of PMs, and as well the same sentiment was posted on these forums/boards, that my posts on Geology are not sometimes fully understood, and so I shall try to make my points this time, in as plain English as possible, under the understanding that Geology is an exceedingly complex subject, that cannot always be described so plainly?
Before I begin?A word to the wise about PGEs.. PGEs are precious and Strategic metals, that means they are rare and very valuable to the world?s economic systems. As you all probably know PGEs are used in catalysts of all kinds, more importantly Autos and in particular the new hydrogen fuel cell technology using as much as 4 ounces of PGes in each new car?Now that figure has been reduced so far to 3 ounces with research, however they are unable to get it down much further. PGEs are the only viable way to Fuel cells, some other materials also work, but NOT as efficiently and for normal speeds power, and so for the moment PGEs are it?.
The other important Point to make is that the World?s 2 Major providers of PGEs are South Africa and Russia.. We all know the political ?risks? in both, especially Russia, But South Africa is just as risky as they are mining some 14,000 Ft below surface, and require tremendous amounts of Energy, due to refrigeration etc, energy which the SA does not have , since they are now in an energy crisis?So one can just imagine how important a New discovery of PGEs in good old safe Canada would be worth?A final note, it does not take a lot PGEs to make a mine anything over 2 ppms or Gms of PGEs, with the added values of Cu Ni etc would be sufficient for an economic mine, since the costs factor would be evened out/offset by NOT?s very high grades in Ni Cu etc?
So we begin with a LARGE rising Intrusive, probably a Magma Plume, that initially is slightly Ni Cu/PGEs rich, say a couple of 2 to 4 ppbs per ton,(part per Billoin) that thru various Magma processes, segregation, partition. Magma mixing,etc..etc.. eventually is leached/concentrated from a very Large volume of Magma into a much smaller volume of magma and thru repeated/successive magma processes becomes super rich in PGEs say 2 to 5 PPMs (part per Million)? The two principal collector phases are sulfide liquid and chromite?These super rich sulfides/chromite smaller volumes of magmas, then tend to settle in Geo- favorable settings such as sills/conduits, and as the Plume extends laterally throughout McFaulds, a list of these is in Par.1 and 2. The same process of concentration/enrichment applies to Ni CU,of course in a much greater amount.
In Paragraphs 3 and 4 we see to an extent, some explanations and end results of Magma silicate partition and Sulfides partition , with some important reactions?In Paragraph 4 we clearly see that PGEs have a natural preference in forming bonds with Iron (fe) and Ni, but more importantly, they form covalent bonds with Cu, Au Ag, so PGEs as ?Calcophiles? as copper loving elements? To bring us back to Mcfaulds, E1 contained both of the partition elements, for this deposit, that is it had the Py(fe), Copper(Cu) as well as Pentlandite , so there were no other Magma segregations/partitions of the immiscible sulfides, thus we find Ni Cu +PGEs Au and Ag?In E2 we find that there were additional Magma segregations/partitions of the immiscible sulfides melt, which corresponds with the last part of Paragraph 4?E2 has been described as containing Chromite, Copper(cy) Pyrhotite and Magnetite probably containing some Au and Ag, some of which are disseminated sulfides, and some in sulfides in veins?
Although assay results are not back, I have been saying for some time now, that this portion the E2 deposit is a partition of the original cumulates sulfides, into a NiCu rich portion on one side of E2,and a second portion of Cu, Au AG Chromite, as Dr. Mungall pointed out that the 2 PGEs? collectors? are the sulfides and the Chromite, portion?we have both styles of silfides . In E2, then we have the partition of these sulfides, separated into a Calcophile (CU) portion, and a NiCu portion? Also let?s remember Dr. Mugall?s finding, Pr. 3. Deficiencies in Cu, Pt, Pd and Au may point to the existence of a migrated PGErich zone outside of known limits to the mineralization. So substantial potential still remains PGEs rich only deposits?.
In the same way that E2, this one deposit was portioned by Magma forces/processes, it is my believe that also further partition of these cumulate sulfides occurred throughout McFaulds Areas from an original Mantle Plume source?As explained in my previous posts, a Large Mantle Plume perhaps ascended at McFaulds, due to pressures, gravity and numerous other factors was forced to spread out laterally at some point in it?s ascent , perhaps the entire length of McFaulds,, The process described above of mineral deposition as well the varying Magma processes and partitions of sulfides, occurred throughout McFaulds?I would therefore suggest that is one of the reasons we have so many Jr. Explorers as well MAJORS so interested/staking in McFaulds?
SO the FACTS we know thus far are that NOT?s deposits extent South West towards North East towards SPW/FWR jv, who released their own ?visuals? that were eerily similar to E2, and contained Chromite layers, magnetite and sulfides , Cy Copper, Pyrhotite, Magnetite, and as outlined above all the ingredients for PGEs?
So in conclusion, we may have at McFaulds varying/differing styles of mineralization, some will look like E!, others like E2 , others like the SPQjv, and yet others varying and different as well, such as the 500 FT core section of BMK .20% Ni, some 20 miles west of NOT, other pure PGEs ?SO there is some evidence that the NI Cu PGEs Au came from the same Magma Plume ?mother? perhaps at greater depths, and the sulfide melts either stayed the same E! or partitioned E2, SPQjv?.and let?s not forget the numerous Diamond Kimberlites , as well as other potential forms/styles of mineralization in VMS, such as the 12 already discovered, and others yet to be discovered, and always the potential for Gold as well..?I would submit that a Bright future is indeed in store for McFaulds?
IMCO
JD*
Dr. Mungall?s Book
1.. The mineralized zones formed by concentrations of the collector phase may be zones of disseminated or massive sulfide which form as pools along the bases of magmatic conduits or chambers, stratiform bodies enriched in sulfide or chromite, or they may be wispy, layered, or tubular concentrations of chromite hosted by ultramafic cumulate rocks
?2.?Typical environments of this sort include embayments in the margins of dikes or sills, hollows in the bases of ultramafic lava channels, sharp bends or sudden widenings of dikes or sills, magmatic breccias, or the entry points of dikes into larger magma chambers Once sulfide magma has segregated into a mass or dissemination within a larger igneous body, it may become internally differentiated into a cumulate body rich in IPGE and Ni, and a residual sulfide liquid rich in Cu, PGE and possibly also Ni.
?3.?Deficiencies in Cu, Pt, Pd and Au may point to the existence of a migrated PGErich zone outside of known limits to the mineralization. In some instances the only parts of a deposit worth mining are the fractionated Cu- and PGE-rich vein systems, so their recognition is of prime importance in exploration.
?4. ?The platinum-group elements (Ru, Rh, Pd,Os, Ir, and Pt) are Group VIII and VIIIA transition metals with positions in the fifth and sixth rows of the periodic table under Fe, Co, and Ni. All six ofthe PGE share with Fe and Ni the tendency to prefer the formation of metallic bonds over ionic bonds,behavior which places them in the siderophile (i.e.,iron-loving) group of elements (e.g., Barnes &Maier 1999).? ?The PGE also share with Cu, Ag and Au a tendency to favor the formation of covalent bonds with sulfur in preference to ionized bonds with oxygen, behavior which places them in the group of chalcophile (i.e., copper-loving) elements.?

 

[LOR]

Here is a couple of follow up post from AB on the post above.

In response to: My Geologic Inferences for ... by johndefur

Hey Jon......thanks again for shedding some light on the geology. This answers some of my questions about the variety of mineralizations and the possible genesis. I've been wondering whether there are similar areas of similar mineralization that are rich, polymetallic, and covering a large area, that have NOT turned into a mine or mining camp. This is a bit of 'devils advocate" question as we naturally compare Mcfaulds to Sudbury or Voiseys or Bushveld....etc....all successful mines and camps.
We have a not quite similar PGE occurence near me.....in Princeton BC.....it is a single mafic intrusion that had Gold and Platinum. These minerals ended up in the creeks and produced some VERY rich placers.....but.....search as they did, over decades, the consensus seems to be that the mafic intrusion never had enough Pt in hard rock to make an economic mine....not enough Pt per ton, but erode most of the mountain, you get the placers.
That was an example of, 'close but no cigar'..... although not completely comparable to Mcfaulds.
I personally don't believe that we will have that type of situation at Mcfaulds, but was just curious if you had run across other large area & polymetallic occurences that never got developed.......thanks again.....cheers......sambone

In response to: My Geologic Inferences for ... by johndefur
The said partition of the Sulfide melt can occur pre- deposition, at Magma Chambers etc..or it can occur post-deposition, such as by faulting, tectonic squeezing, metasomasim etc etc...within our "solid" earth such as likely occured ar E2...
JD*



In response to: Re: My Geologic Inferences ... by johndefur
well...lol...indirectly you're trying to pin me down to say McFaulds will definitely be a $$$Norilsk or $$$Bushweld or$$$...lol...but all kidding aside...
NO I do not kknow of any NiCu PGEs area of this "size potential" that is not being mined....Now having said that there a number of isolated sometimes Cu or Ni or both with very low % which could not be economical at this point in time..When/If Ni Cu go up to $25 and $10 respectively, that would be another matter...
However the example you gave was a single Mafic intrusion, and not of LARGE extant...This immediately differs completely from McFaulds, since we have/seem to have a myriad of mafic/ultramafic intrusions....
I suppose mining all starts with economics...some porphyry Cu deposits open pit are mined with "ore" valued at $135.00/ton...This of course is dependant on numerous factors, but just to point out some comparissons...Now the reasons I believe McFaulds will become a viable MAJOR Camp are as follows:
NOT's E1,E2,E3, SPQjvs,will have provided a substancial entry point/down payment for infrastructure, so anything else found will be added gravy...and there is the "key" TONNAGE"...So far my estimate for E! is about 5 Millions tons + of great grades of Ni Cu PGEs...that's a very good start...of course E2,E3,SPQjv and many others will continue to add tonnage , I can say this not only because of the Geology, but because we've had visuals from these awaitiing assya, and because Ni and PGEs have been found within at least a 65 mile wide area from BMK's BIG Mac on the east limb of McFaulds, to BMK's Macnnuget property on the west limb of McFaulds, and of course the known 7 miles od MMS NiCu PGes already identifies, between Noront and SPQ/FWR jv...So absolutely no question that HUGE potential in additional tonnage is in sight added to what we have already found...
Thus the LARGE amounts of Moneys$$ coming into McFaulds...The potential is great...
Another important point is the PGES...miners/governments will move moutains to get at PGEs...I think this is one v.i. point that seems to be lost in conversations about McFaulds...the World economies desperately need PGES, so in my view that changed McFaulds completely from just beiing an ordinary Ni Cu area...
A last word...most people , even on this Forum, want an "instant" super mine.....just a reminder that Sudbury discovered more than 100 years ago, is still drilling and finding "ore" even deeper...So these New discoveries take much time to understand, drill, and put into production...If one is thinking this will happen this year, one is dreaming in technicolour..lol......D.D> information,facts, knowledge and PATIENCE is what will seperate the investment winners from the losers...

JD*

 

[LOR]

NOSOF News today, its not the news I was expecting (assay results DE2)but it has the sp up 21 cents so thats a good thing! Lor




NEWS - Noront and Freewest to Jointly Explore Key Airborne Geophysical Target Located Proximal to the Eagle One Deposit in the McFaulds Lake Area, Northern Ontario

Posted by: AGORACOM on May 14, 2008 08:45AM

TORONTO, ONTARIO - (May 14, 2008) - Richard Nemis, President and CEO of Noront Resources Ltd. (TSX VENTURE:NOT) and Mackenzie I. Watson, President and CEO of Freewest Resources Canada Inc. (TSX VENTURE:FWR) today announce that their respective companies have agreed to jointly explore a key airborne geophysical anomaly, situated in the Eagle One deposit locale in the McFaulds Lake area. The McFaulds Lake area exploration play is situated in the Sachigo greenstone belt, 300 kilometres north of Nakina in the James Bay Lowlands of northern Ontario.

Under the terms of the agreement ("FWR-NOT JV"), Freewest will contribute 68 acres (27.5 hectares) comprising a small portion of their 100%-owned property. Noront in turn, will contribute 70 acres (28.3 hectares) of their adjoining land to collectively form the joint-venture property ("the Property"). Freewest and Noront shall share exploration costs on a 50%-50% basis and will share any mineralization found on the Property on a similar basis. Freewest will act as the operator of the initial exploration program which is to be agreed upon by both parties.

The Property covers a prominent bulls eye-shaped magnetic anomaly strikingly similar to the magnetic anomaly intimately associated with the Eagle One deposit, located some seven (7) kilometres to the southwest. The magnetic anomaly on the Property is also coincident with an electromagnetic anomaly (conductor), defined in a recent airborne geophysical survey completed by Aeroquest Intl. Limited, utilizing their AeroTEM II helicopter-borne system. A map showing the location of the Property and the subject airborne geophysical anomaly (Figure 1) comprises part of this news release and is posted on the Freewest website at www.freewest.com.

At the Eagle One deposit, Noront has encountered some exceptional 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 in drill hole NOT-07-27. Noront is currently completing an NI 43-101 compliant resource estimate with an accompanying technical report on its Eagle One deposit and is also drilling several other targets within their large land tracts (see Noront news release dated May 9, 2008).

Following the spring break-up, a deep-penetrating ground electromagnetic survey (TDEM) will be completed on the property in an effort to more closely locate diamond drilling targets. It is anticipated that the geophysical survey will be completed in June with diamond drilling following shortly thereafter.

Donald Hoy, P. Geo., Ontario, Vice President of Exploration and a Director of Freewest Resources Canada Inc is the qualified person on the Property under National Instrument 43-101 and is responsible for the preparation of this news release.

A thorough quality control program was implemented for the Double Eagle project which included grouping samples into batches of 35 into which was added 2 certified reference material standards, 2 field blanks comprised of sterile drill core, and a field duplicate. It can be said with confidence that all assays as reported in this Press Release have passed the strict quality control guidelines as set out by Noront's Qualified Person ("QP").

Freewest is a well-funded mineral exploration company with working capital in excess of $9 million, exploring for gold and base-metals in Eastern Canada. Corporate information can be accessed on the Internet at www.freewest.com. Freewest's shares are listed on the TSX Venture Exchange under the symbol FWR.

As well this press release has 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 129,403,883 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.

Please note: Figure 1 is available at the following link:

http://media3.marketwire.com/docs/Fr...

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.


CONTACT INFORMATION:

Noront Resources Ltd.
Richard Nemis
President and CEO
(416) 864-1456
Fax: (416) 367-5444
E-mail: info@norontresources.com
Website: www.norontresources.com

 

[LOR]

NOSOF is halted, news pending.

 

[LOR]

Noront Receives Assays From Earlier Holes and Significant Visuals From New Holes at Eagle Two Occurrence Part 1
TORONTO, ONTARIO--(Marketwire - May 27, 2008) - Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) wishes to present the following progress report on its exploration activities in the McFaulds Lake area of northern Ontario in the James Bay Lowlands. The anomaly drill testing program on the Double Eagle Project continues with two machines testing visible copper-nickel sulphide and chromite mineralization located by geophysical surveying. Acceptable assay results are again being received by the Company and both SGS Laboratory in Toronto and Activation Laboratory in Ancaster, Ontario are submitting results complying with the Company's strict QA/QC program supervised for Noront by P&E Mining Consultants of Brampton Ontario. Noront's geologists report the following highlights from their most recent results emanating from its diamond drilling programs.

HIGHLIGHTS

1) Latest drilling at Eagle Two (Anomaly AT2) continues to delineate, at depths now exceeding 400 meters vertically below surface, significant copper - nickel mineralization. The most visually impressive and deepest core intercepts of mineralization have been encountered in some of the most recently completed holes, indicating significant improvement with depth.

2) Hole 40 is visually the most interesting hole drilled to date at Eagle Two, encountering a total core length of 24.7 meters, of intermittent sulphide lenses within the shear hosted sulphide zone, starting at a vertical depth of 270.8 meters, of which 17.2 meters contained strongly mineralized sulphides in one continuous lense with visual copper (chalcopyrite) and nickel (pentlandite) mineralization.

3) Noront management feels that the drill results obtained to date at Eagle Two are consistent with the conceptual model it has developed to date, which would suggest that there is potential for the discovery of another Eagle One - type deposit, as the Eagle Two mineralization is traced northwestward into a possible feeder conduit. The potential for both Chromite and Ni-Cu deposits within the Ring of Fire Intrusion ("RFI") itself remains virtually untested.

With the exception of diamond drilling, the Noront operated exploration programs were suspended for a short spring breakup period, while plans were being finalized for the commencement of very aggressive spring-summer field programs. In anticipation of the upcoming field season, line cutting and ground geophysical surveying have already commenced on the Double Eagle - Grid Two and other projects around the Ring of Fire in joint venture with other companies, and being operated by Noront. Numerous additional claims staked by Noront earlier this year will be surveyed by contracted Airborne geophysical equipment over the next few months. A third drill has commenced on the Double Eagle Project to test airborne anomalies AT-5, 6, 7 and 12 all east and north of Eagle One.