Noront Identifies Precious Metal Mineralization at McFaulds Lake

TORONTO, Nov. 29 – Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture: NOT) is pleased to report the following assay results from the Eagle’s Nest Complex and the regional exploration at the Company’s McFaulds Lake Project in the James Bay lowlands, Ontario.

HIGHLIGHTS:

Eagle’s Nest Footwall

Hole NOT-10-096 intersected 0.4 metres of 11.2 gpt Pt, 25.1 gpt Pd,2.08% Cu, 2.42 gpt Au

AT1 Target (Blackstone)

Hole NOT-10-1G184A intersected 8.75 metres of 0.28 g/t Pt and 0.62 g/tPd including:

  • 0.3 metres averaging 0.56 gpt Pt and 1.41 gpt Pd
  • 0.2 metres averaging 1.26 gpt Pt and 3.33 gpt Pd
  • and 0.4 metres averaging 0.79 gpt Pt and 1.81 gpt Pd
  • also intersected 15.6 metres of 0.17 g/t Pt and 0.39 g/t Pd including:

  • 1.4 metres averaging 0.39 gpt Pt and 0.83 gpt Pd
  • 0.5 metres averaging 0.56 gpt Pt and 1.36 gpt Pd
  • and 1.5 metres averaging 0.37 gpt Pt and 1.03 gpt Pd
  • also intersected 14.1 metres 0.51 gpt Au including:

  • 0.2 metres averaging 9.35 gpt Au and
  • 0.6 metres averaging 1.63 gpt Au

Eagle’s Nest Deep Drilling:

Hole NOT-10-085-W1 intersected 104.7 metres averaging 1.66% Ni, 0.81% Cu(previously reported) with 0.96 g/t Pt and 3.78 g/t Pd;

Hole NOT-10-085-W2 intersected 203.3 metres averaging 1.69% Ni, 1.01% Cu(previously reported) with 1.30 g/t Pt and 4.12 g/t Pd;

Noront’s President and CEO, Wes Hanson, notes: “The elevated platinum, palladium and gold may be indicative of alayered intrusive complex, similar to what is typical of the BushveldComplex in South Africa, an interpretation supported by our TechnicalAdvisory Board. This footwall discovery of a zone enriched preciousmetals demonstrates the significant exploration potential at ourMcFaulds Lake Project.”

Exploration drilling has intersected elevated platinum, palladium andgold mineralization in footwall veins proximal to Eagle’s Nest as wellas at the new Blackstone chromite zone. This discovery enhances themineral potential of the Eagle’s Nest Complex which includes theEagle’s Nest, Blackbird, Triple J and Blackstone deposits which are inclose proximity to one another. The Company has also intersected theTriple J Gold zone above Blackstone which extends the mineralization by500 metres to the northwest.

The recently identified footwall mineralization, though narrow, returnedelevated platinum, palladium, gold and copper which the Companybelieves represents a new style of mineralization, distinct from theEagle’s Nest nickel, copper sulphides. This mineralization is hostedwithin structures that splay off of the main Eagle’s Nest body into thesurrounding granitic host rocks (https://norontresources.com/find/id/53/k4). This interval is the second occurrence of footwall mineralizationproximal to Eagle’s Nest. The first was intersected in holeNOT-09-070W1 as noted in the Company’s press release dated December 8,2009.

Subsequent to the reporting of the new chromite mineralization at theAT1/Blackstone area, halfway between the Blackbird and Eagle’s Nestdeposits, the Company has received assay results for platinum,palladium and gold. Hole NOT-10-1G184A contains several zones ofanomalous mineralization within the over 600 metre thick sequence ofultramafic host rocks. Recent drilling has identified new pockets ofthese host rocks and in particularly thick intervals. The presence ofplatinum, palladium and gold outside of visible mineralization isparticularly encouraging, especially the continuation of the Triple Jgold zone (https://norontresources.com/find/id/52/6o).

Eagle’s Nest Previously Reported Intervals with updated Pt and Pdgrades.

HOLE ID FROM
(m)
TO
(m)
INT.
(m)
Ni % Cu % Pt gpt Pd
gpt
NOT-10-085-W1 1099.2 1203.9 104.7 1.66 0.81 0.96 3.78
1165.1 1167.5 2.4 7.45 0.23 0.11 7.21
NOT-10-085-W2 1147.5 1350.8 203.3 1.69 1.01 1.30 4.12

The following table summarizes the significant results of holeNOT-10-1G184A.

HOLE ID FROM
(m)
TO
(m)
INT.
(m)
Pt
gpt
Pd
gpt
Au
gpt
Cr2O3 %
NOT-10-1G184A 138.3 138.44 0.14 42.2
490.2 498.9 8.7 0.28 0.62 0.20
511.4 527.0 15.6 0.17 0.39 0.04
538.3 552.4 14.1 0.04 0.06 0.51
Blackstone
NOT-10-1G184A 605.9 606.2 0.3 0.15 0.44 5.73
612.6 614.1 1.5 0.25 0.27 46.79
614.1 614.7 0.6 0.21 0.34 43.21
617.7 618.4 0.7 0.28 0.31 42.18
619.8 620.6 0.8 0.27 0.29 42.48
620.8 621.2 0.4 0.25 0.27 44.1
621.2 622.5 1.3 0.32 0.33 44.73
622.5 624.2 1.7 0.34 0.31 41.90

The mineralized intervals do not represent true widths, which cannot bedetermined at this time. Missing values in the table were left outbecause they were not significant.

Exploration Update:

Eagle’s Nest Deep

The Company has terminated deep drilling at the Eagle’s Nest Complex dueto continued difficulties in completing wedged holes from NOT-10-094.Hole NOT-10-094 drilled beneath the intersection reported inNOT-10-085-W2 returned a borehole geophysical target indicating thatthe Eagle’s Nest deposit continues at depth but the mineralizationtrends to the south west. The Company lost three attempted wedge holestargeting the geophysical target. In light of the inability to completethese deep wedge holes and the high costs associated with this type ofdrilling, the Company has decided to terminate the deep drillingprogram while it re-evaluates various alternatives.

The Company is confident, based on the down hole geophysical results,that Eagle’s Nest mineralization remains open at depth and definitionof the deposit below the 1,400 metre level will occur at a future dateas part of advanced exploration and potentially from underground drillstations.

Regional Exploration:

A total of 13 holes testing various targets proximal to Eagle’s Nesthave been completed. Results for all thirteen holes are pending at thistime (https://norontresources.com/find/id/54/S7).

North of Eagle’s Nest, the Company extended the favourable intrusiveultramafic complex over one kilometer beyond the previously interpretedlimit, offering new exploration potential for future consideration.

Winter Program

The Company plans to resume drilling in mid-January. During the wintercampaign, the Company will operate two drills testing targets to thenortheast, in and around the AT-12 discovery. The particularly wetconditions in this area prevented any drilling here during summermonths. With the onset of winter, access to these targets is greatlyenhanced and drilling costs significantly reduced. The objectives ofthe Company’s winter drilling will be continued focus on new nickel,copper sulphide discoveries and to follow up on the newly discoveredplatinum, palladium and gold mineralization intersected in the granitichost rocks of the Eagle’s Nest Complex.

For previously reported results from AT12, please refer to the Company’spress release dated March 8, 2010 (http://norontresources.mediaroom.com/index.php?s=43&item=80).

INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL

A thorough quality control program has been in effect for the McFauldsLake Project, which includes grouping samples into batches of 35 intowhich are added 2, certified reference material standards, 2 field andpulp duplicates also form part of the quality control program. It canbe said with confidence that all assays are reported in this PressRelease have passed the strict quality control guidelines as set out byNoront’s Qualified Person.

All samples reported upon herein were completed by Activation Labs(“Actlabs)” of Ancaster, Ontario. The samples submitted to Actlabswere analyzed for multi-elements, including Ni and Cu using a four aciddigestion and by ICP analysis. The samples that received base metalvalues greater than the upper limit for the method underwent furtheranalysis using ICP-OES. For the Au, Pd and Pt, the assay methodologywas Fire Assay on a 30 gram aliquot with an ICP finish. Silver wasanalyzed using a 3-acid digest with an ICP analysis. For moreinformation on assay methodology please visit the Actlabs website at http://www.actlabsint.com.

For further information on the McFaulds Lake Project, please refer tothe Company’s NI 43-101 compliant technical report “PreliminaryAssessment, McFaulds Lake Property, Eagle’s Nest Project, James BayLowlands, Ontario, Canada” (effective September 9, 2010) available onthe Company’s website and at www.sedar.com.

Preparation of drilling results in this press release has beensupervised by Noront’s senior management including Jeremy Niemi, P.Geo.Vice President, Geology, who is a Qualified Person under CanadianSecurities Administrators guidelines.

About Noront: Noront Resources Ltd. is focused on its significant and multiple,high-grade nickel-copper-platinum-palladium, chromite, gold andvanadium discoveries in an area known as the “Ring of Fire”, anemerging multi-metals district located in the James Bay Lowlands ofOntario, Canada. Noront is the dominant land holder at the Ring of Fireand continues to delineate and prove up its discoveries with NI 43-101technical and economic reports and an aggressive and well financeddrill plan for 2010. All material information on Noront can be found onthe Company’s website at www.norontresources.com or at SEDAR at www.sedar.com For further information please contact Noront at (416) 367-1444, orvisit Noront’s website at: http://www.norontresources.com.

Wesley (Wes) Hanson
President & Chief Executive Officer

FORWARD LOOKING STATEMENTS

This release contains “forward-looking statements” within the meaning ofapplicable Canadian securities legislation, including predictions,projections and forecasts. Forward-looking statements include, but arenot limited to, statements that address activities, events ordevelopments that the Company expects or anticipates will or may occurin the future, including such things as future business strategy,competitive strengths, goals, expansion, growth of the Company’sbusinesses, operations, plans and with respect to exploration results,the timing and success of exploration activities generally, permittingtime lines, government regulation of exploration and mining operations,environmental risks, title disputes or claims, limitations on insurancecoverage, timing and possible outcome of any pending litigation andtiming and results of future resource estimates or future economicstudies.

Often, but not always, forward-looking statements can be identified bythe use of words such as “plans”, “planning”, “planned”, “expects” or”looking forward”, “does not expect”, “continues”, “scheduled”,”estimates”, “forecasts”, “intends”, “potential”, “anticipates”, “doesnot anticipate”, or “belief”, or describes a “goal”, or variation ofsuch words and phrases or state that certain actions, events or results”may”, “could”, “would”, “might” or “will” be taken, occur or beachieved.

Forward-looking statements are based on a number of material factors andassumptions, including, the result of drilling and explorationactivities, that contracted parties provide goods and/or services onthe agreed timeframes, that equipment necessary for exploration isavailable as scheduled and does not incur unforeseen break downs, thatno labour shortages or delays are incurred, that plant and equipmentfunction as specified, that no unusual geological or technical problemsoccur, and that laboratory and other related services are available andperform as contracted. Forward-looking statements involve known andunknown risks, future events, conditions, uncertainties and otherfactors which may cause the actual results, performance or achievementsto be materially different from any future results, prediction,projection, forecast, performance or achievements expressed or impliedby the forward-looking statements. Such factors include, among others,the interpretation and actual results of current explorationactivities; changes in project parametres as plans continue to berefined; future prices of gold; possible variations in grade orrecovery rates; failure of equipment or processes to operate asanticipated; the failure of contracted parties to perform; labourdisputes and other risks of the mining industry; delays in obtaininggovernmental approvals or financing or in the completion ofexploration, as well as those factors disclosed in the Company’spublicly filed documents. Although Noront has attempted to identifyimportant factors that could cause actual actions, events or results todiffer materially from those described in forward-looking statements,there may be other factors that cause actions, events or results not tobe as anticipated, estimated or intended. There can be no assurancethat forward-looking statements will prove to be accurate, as actualresults and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (asthat term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.

norontresourceNoront Identifies Precious Metal Mineralization at McFaulds Lake