TORONTO, ONTARIO August 28, 2007 Noront Resources Ltd. (“Noront”)(TSX Venture: NOT) announces that it has been advised by its project manager (Billiken Management Services Inc.) of Toronto results of the first two holes of the diamond drilling program started August 24, 2007 on the recently optioned claims of the Company’s Double Eagle project located in James Bay Lowlands, northeastern Ontario. The first hole of the current drill program NOT-07-01 has intersected visible copper sulphide mineralization (chalcopyrite) in a pyrrhotite – chalcopyrite – peridotite geological setting. The initial hole was drilled at -45 degrees and intersected chalcopyrite and pyrrhotite mineralization between 56 meters to 82 meters, however the total sulphide percentage dropped off between 69 and 82 meters downhole. Between 82 and 122 the mineralization slowly decreases to trace levels beyond 125 meters. The total drill intercept of the mineralized sulphide zone was 69 meters. The first hole continued to 140 meters and was terminated. A second hole drilled from same location, undercut hole NOT-07-01 at -65 degrees. This second hole entered similar mineralization (as in the first hole) at 91.3 meters core length. The hole intersected 72.9 meters of mineralization, the overall tenor of mineralization in the second hole is similar to that of the first hole, however a massive section of pyrrhotite and chalcopyrite over 1.93 meters (104.67 to 106.6) has been observed in the second hole and was not seen in the first hole. Plotting on section for the two holes suggests a vertical dipping structure that is in the order of 50 meters wide (true width). Hole NOT-07-02 was terminated at 191 meters and the drill has been moved 100 meters to the northeast to test for a northeasterly extension of this structure. These above descriptions are taken from preliminary drill logs as prepared by site geologist, and I.Q.P. for the drill program, Dr. Howard Lahti, P.Geo., of Fredericton, New Brunswick. The samples from hole NOT-07-01 have now been selected, and sealed and readied for immediate shipment to ALS Chemex laboratory in Thunder Bay Ontario. The first ten samples have been labeled “RUSH” for assay. All unnecessary communication from the field camp has been curtailed, the local workers (drillers, pilots and First Nation workers) have been briefed on security measures that are now being implemented with respect to information discussion and release. Upon receipt of the assay information, Noront will request a further halt on the trading, until such time as the assay results are fully disseminated.
The positioning of the drill holes is based upon ground geophysical surveying during 2004 where ground geophysical surveys were completed including magnetic and horizontal loop electromagnetics. The anomaly being tested has a magnetically inferred strike length in the order of 500 metres, the electromagnetic anomaly is evident on three lines spaced 200 meters apart.
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.
On May 3rd 2007, (previously announced) The Company 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. (See Press Release dated May 17th, 2007 for terms) www.norontresources.com
The Company had originally budgeted $400,000 for this diamond drill program to test two separate magnetic and electromagnetic anomalies identified on the newly acquired “Condor” claims. Director of Noront, Mr. Neil Novak, P.Geo., along with Mr. Richard Nemis (President and Chairman of Noront) and Mr. John Harvey, P.Eng. (Senior Consultant to Noront) plan to visit the project area in the near future, to review the project and make additional plans for follow-up exploration. Mr. Novak states: “The geological setting as described by Dr. Lahti, is an ideal setting for copper / nickel mineralization, with the potential for platinum group elements. Peridotites are known to exist elsewhere in the Sachigo Greenstone Belt of Northern Ontario. The discovery by Noront is located approximately 4 kilometers to the west of a layered chromitite bearing peridotite, that was recently discovered by others exploring in the McFauld’s Lake area for massive sulphides, and is in the same magnetically rendered system (as interpreted from airborne geophysical surveying completed in 2004 and 2005). The Noront discovery is a cumulate settling type occurrence, and as such, the possibility of the pyrrhotite containing nickel is considered high. While the Noront discovery bears geological similarities, the Noront mineralized zone does not have the chrome layering present in the other nearby occurrence. Olivine crystals are well formed, ranging in size from 5 mm to 10 mm, the chalcopyrite and pyrrhotite sulphides occur interstitially around the olivine phenocrysts. The percentage of sulphide mineralization as well as olivine crystal size is gradational between 56 meters and 125 meters, decreasing with down-hole depth, suggesting that the rock unit is structurally overturned.”