TORONTO, ONTARIO July 23rd, 2007 Noront Resources Ltd. (“Noront”)(TSX Venture: NOT) reports that Jamie Frontier Resources Inc., (“Jamie”) a Canadian company with offices in Toronto, Ontario, Canada has negotiated and obtained an assignment of Noront’s option agreement with a Bermuda based company Zinco Minerals Limited (“Zinco”) and to which assignment Noront has approved. The assignment covers Noront’s right to earn up to a 75% interest in certain exploration permits covering approximately 30 square kilometres located in the Mid-Matra region (“Mid-Matra project”) region 110 km northeast of Budapest, near the village of Paradsasvar, Hungary. (See press release dated November 22, 2006).
In order to maintain this new option to earn Noront’s 75% interest, Jamie has agreed as follows:
1. Paying to Noront, $25,000 cash as follows:
(i) $15,000 within 10 days of execution of the agreement and a further $10,000 within six months of signing of the agreement;
2. Issue to Noront, 600,000 common shares in Jamie as follows:
(i) 150,000 common shares upon listing of Jamie’s shares on a recognized exchange (the “approval date”)
(ii) 150,000 within 9 months from the approval date
(iii)150,000 within 24 months from the approval date
(iv) Final payment of 150,000 shares within 36 months from the approval date;
3. Incurring a minimum of $1,000,000 in exploration work costs on the project over a 30 month period from the approval date.
Jamie has the right to accelerate if it so elects the schedule for option payments and/or complete its work commitments at any time prior to the schedule dates, in which case, Jamie’s 75% interest shall vest in and be owned by Jamie, immediately upon Jamie making its total option payments and work costs.
The parties have further agreed that upon Jamie having earned the 75% interest in the Mid-Matra project, Noront will continue to retain a 1.5% Net Smelter Royalty (NSR) over the project or on any newly acquired ground within a 5km radius of the project.
Jamie retains the right for five years, to acquire 1/3 of Noront’s 1.5% NSR upon payment to Noront of $500,000.
Jamie is currently a non reporting issuer and has begun the process of listing its shares for trading on an exchange recognized by the Ontario Securities Commission in Canada and in Europe.
All permits required to commence the field work are now in the hands of Jamie. The status of the old adits have been clarified with the Mining Authority in a meeting between the local Head of the Authority and Mr. P. Vamos Q.P. for the project. The permits allows for the operator, in this case Jamie, to get access and re-open the old workings provided all laws and safety regulations are adhered to. Access to the workings will allow for confirmation of values reported earlier by re-sampling some selected sites. (see recent geological report posted on the Company’s web site www.norontresources.com Jamie has begun to construct a computer model of the old workings, the sample data, as well as the geology in preparation of a geophysical survey that is to commence later this year. Diamond drilling based on the computer generated model will be considered to extend the main mineralized zones.