Toronto, Ontario, December 14, 2009. Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture: NOT) announces its offer to acquire all the common shares of Freewest Resources Canada Inc. (“Freewest”) expired as of 11:59 p.m. (Toronto time) on December 11, 2009 and was not extended. Noront, in accordance with the terms of its offer, has taken up and will pay for the 11,755,018 Freewest shares that were properly tendered and deposited with the Company’s depositary, Equity Transfer & Trust Company. As a result, Noront will own 4.5% of Freewest on a fully diluted basis. Noront intends to issue an aggregate of approximately 3,358,576 Noront common shares and 1,679,288 Noront common share purchase warrants to Freewest shareholders who tendered to the Offer.
Wes Hanson, President and CEO of Noront stated, “We realized from the onset that the successful takeover of Freewest would be a challenge, but it offered significant potential value to all shareholders, thereby justifying the effort. Although our bid was unsuccessful, we welcome those Freewest shareholders who tendered their shares to our Offer. You are joining a company with demonstrated exploration capability. Our focus in the coming months will be directed at increasing shareholder value through continued exploration at Eagle’s Nest, the evaluation of other targets within our land package and determining the initial development plan and schedule for the Eagle’s Nest – Blackbird Complex.”
Noront management continues to focus on aggressively developing its Ring of Fire assets including, the Eagle’s Nest nickel-copper-PGE deposit, the Blackbird chromite deposit, the AT12 nickel-copper-PGE deposit and the Triple J gold zone – all located in the Ring of Fire mineralization district.
Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite, gold and vanadium discoveries in an area known as the “Ring of Fire”, an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the dominant land holder at the Ring of Fire and continues to delineate and prove up its discoveries with NI 43-101 technical and economic reports and an aggressive and well financed drill plan for 2010. All material information on Noront can be found on the Company’s website at www.norontresources.com or at SEDAR at www.sedar.com
For further information regarding this Offer, please contact Wes Hanson, President and Chief Executive Officer or Joanne Jobin, Vice President Corporate Communications at (416) 367-1444, or visit Noront’s website at: http://www.norontresources.com.
Wesley (Wes) Hanson
President & Chief Executive Officer