VAL D’OR AREA, QUEBEC – Noront Resources Ltd. (Noront) is pleased to announce that it has entered into an agreement with a private Quebec company, TSR Resources Inc. (TSR) to acquire an interest in TSR’s Garden Island gold-base metal property.
The Garden Island property is located approximately 15 km northeast of Val d’Or, Quebec and is comprised of 296 mining claims, most of which are in Pascalis and Senneville Townships, which lie along a northwest-southeast trending Abitibi volcanic greenstone belt.
Under the terms of the option agreement with TSR, Noront may earn up to a 33 1/3% interest in the Garden Island property by incurring $500,000 of exploration by December 31, 2007 thereby earning an undivided 25% interest in the project and thereafter at Noront’s option has the right to earn an additional 8 1/3% interest by paying to TSR a further $250,000 or at Noront’s option, the equivalent dollar value in Noront’s common shares on or before December 31st, 2008.
TSR acquired the project to explore for base metal and gold deposits similar to those located in the same greenstone belt to the south and southwest in Louvicourt and Vauquelin Townships respectively.
Initial funding of TSR allowed for the completion of a deep penetrating airborne geophysical survey which located numerous targets warranting further ground investigation along the NW-SE geological trend.
Reconnaissance work todate consisting of prospecting and bedrock sampling with the aid of a small drill has indicated areas for further follow-up. In particular a detail grid is being established in the southeast portion of the property to cover a large gossanous area containing stringers of massive iron sulphides with minor copper and zinc mineralization in mafic volcanics indicative of a stringer zone commonly occurring adjacent to base metals deposits. Any geophysical conductors located in this immediate surrounding area will be the subject of an immediate diamond drill testing program.
Reconnaissance exploration will continue along the volcanic belt where previously untested airborne targets exist.
The contemplated exploration program and diamond drilling will commence immediately upon Noront approving the proposed program and budget, to be presented to Noront by TSR.
SHAREHOLDERS RIGHTS PLAN
The Company is pleased to advise that the Shareholder’s Rights Plan proposed by the Company was overwhelmingly approved by those persons and proxies in attendance at the Company’s Special Shareholders Meeting held on June 19th, 2007. The Shareholders Rights Plan (the “Rights Agreement”) is posted on www.sedar.com and also posted on the Company’s web site.