<TABLE><TBODY><TR><TD>
Noront Receives Assays From Earlier Holes and Significant Visuals From New Holes at Eagle Two Occurrence
TORONTO, ONTARIO--(Marketwire - May 27, 2008) - Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) wishes to present the following progress report on its exploration activities in the McFaulds Lake area of northern Ontario in the James Bay Lowlands. The anomaly drill testing program on the Double Eagle Project continues with two machines testing visible copper-nickel sulphide and chromite mineralization located by geophysical surveying. Acceptable assay results are again being received by the Company and both SGS Laboratory in Toronto and Activation Laboratory in Ancaster, Ontario are submitting results complying with the Company's strict QA/QC program supervised for Noront by P&E Mining Consultants of Brampton Ontario. Noront's geologists report the following highlights from their most recent results emanating from its diamond drilling programs.
HIGHLIGHTS
1) Latest drilling at Eagle Two (Anomaly AT2) continues to delineate, at depths now exceeding 400 meters vertically below surface, significant copper - nickel mineralization. The most visually impressive and deepest core intercepts of mineralization have been encountered in some of the most recently completed holes, indicating significant improvement with depth.
2) Hole 40 is visually the most interesting hole drilled to date at Eagle Two, encountering a total core length of 24.7 meters, of intermittent sulphide lenses within the shear hosted sulphide zone, starting at a vertical depth of 270.8 meters, of which 17.2 meters contained strongly mineralized sulphides in one continuous lense with visual copper (chalcopyrite) and nickel (pentlandite) mineralization.
3) Noront management feels that the drill results obtained to date at Eagle Two are consistent with the conceptual model it has developed to date, which would suggest that there is potential for the discovery of another Eagle One - type deposit, as the Eagle Two mineralization is traced northwestward into a possible feeder conduit. The potential for both Chromite and Ni-Cu deposits within the Ring of Fire Intrusion ("RFI") itself remains virtually untested.
With the exception of diamond drilling, the Noront operated exploration programs were suspended for a short spring breakup period, while plans were being finalized for the commencement of very aggressive spring-summer field programs. In anticipation of the upcoming field season, line cutting and ground geophysical surveying have already commenced on the Double Eagle - Grid Two and other projects around the Ring of Fire in joint venture with other companies, and being operated by Noront. Numerous additional claims staked by Noront earlier this year will be surveyed by contracted Airborne geophysical equipment over the next few months. A third drill has commenced on the Double Eagle Project to test airborne anomalies AT-5, 6, 7 and 12 all east and north of Eagle One.
EAGLE TWO (AT2 Anomaly)
In general terms, the number of mineralized zones encountered increases with depth as the drill-holes explore this Shear Hosted Sulphide ("SHS") zone. At greater depths the tenure of sulphide mineralization is greatest in holes 1G32 and 1G40. Assays for samples selected from Hole NOT-08-1G32, 1G35, 1G38, 1G39 and 1G40 are pending, however, Noront can report the following visual observations.
To date, 23 holes totaling 7,412.9 meters have now been completed at Eagle Two to assess the SHS occurrence discovered by Noront earlier this year (see press release dated February 25, 2008). Two additional holes are underway (Holes NOT-08-1G40 and NOT-08-1G41). The eight holes with assays reported herein and those completed since the last press release on April 2, 2008 have continued to extend the mineralization containing visible copper-nickel sulphides and chromitite to vertical depths of 350 meters and 400 meters respectively. Both zones (sulphides plus chromitite) occupy positions conformable with and near the stratigraphic bottom of a wide Peridotite Sill (that defines part of the Ring of Fire) which in turn unconformably overlies a Granodiorite older basement rock. Assays are pending for the more recent holes.
The recent drilling at Eagle Two has continued to return increasing widths from the SHS occurrence which thus far has consisted of intermittent bands and stringers of sulphide mineralization containing visible copper and nickel minerals with other less important sulphide minerals. From the narrow widths initially encountered in holes NOT-08-1G2 and NOT-08-1G3 near surface the SHS zone has been traced down a dip slope length of 450 meters or to a vertical depth of 350 meters. No attempt with the recent drilling has been made to define the lateral or horizontal length of the SHS zone at this time. Instead, the objective of the current drilling program at Eagle Two is to follow the mineralization to progressively greater depths in search of postulated pooled concentrations of copper - nickel sulphides lying on the basement rock as evidenced at Eagle One. With the increased widths of the mineralization and additional parallel zones encountered in drill holes numbered NOT-08-1G32, 1G35 1G38,1G39 and 1G40 as reported in the table below, Noront's geologists are encouraged with the depth potential being encountered.
Starting with Hole NOT-08-1G32, the 18.5 meter core width from the SHS zone was earlier preceded in the drill hole, 70 meters above by a new parallel 5 meter wide geologically similar appearing weakly mineralized copper - nickel stringer sulphide zone. Within the 18.5 meter SHS zone, 8.1 meters contains strongly mineralized Cu-Ni sulphides.
Hole NOT-08-1G35, a 50 meter horizontal step-out hole, down dip to the west, encountered, starting at 260 meters core length, a 60 meter upper zone of weakly mineralized stringer copper - nickel sulphide mineralization followed by the main SHS zone 55 meters below consisting of 13.3 meters of stringer copper - nickel mineralization, representing the continuation of the SHS zone. Of this 13.3 meter SHS zone 3.7 meters is considered to be moderately mineralized with respect to Cu-Ni sulphides.
Hole NOT-08-1G38 after encountering a 12 meter core length from the upper zone, starting at 117 meters, encountered the SHS zone a further 70 meters down the hole which returned a core width of 29.1 meters of stringer sulphide mineralization consisting of pyrrhotite, pentlandite and chalcopyrite as narrow (10 cm to 120 cm) intermittent mineralized zones in a talc-altered peridotite. Of this section 18.5 meters is considered to be moderately mineralized.
In Hole NOT-08-1G39 the SHS zone was encountered between 405 meters and 420 meters, consisting of narrow zones of Cu-Ni mineralization, with a moderately mineralized continuous section of Cu-Ni mineralization between 411.8 and 420 meters.
In Hole NOT-08-1G40 the SHS zone was encountered between 270.8 and 295.5 where there was a number of intermittent strongly mineralized narrow Cu-Ni zones with the strongest mineralization observed between 278.3 meters and 295.5 meters.
Management believes that the recent drill hole results, with the presence of visible copper - nickel sulphide and chromite mineralization being observed by the geologists on site is very encouraging, and could be of significant importance for Noront, if the assays pending are favourable. Notwithstanding the foregoing, visual observations are estimates only and pending assay results may not confirm visual observations in whole or in part.
EAGLE ONE AND TWO GEOLOGICAL MODEL
On-going exploration work at the Double Eagle project is partly predicated upon a conceptual model of the mineralizing systems associated with the Ring of Fire, developed by Noront's technical team including its independent consultants, such as Wayne Ewert Ph.D., P.Geo of P&E Mining Consultants. This theoretical model has been formulated by incorporating recent drill data along with geophysical, geological and other technical survey results on the project to date. Salient features from other established geological models for similar mineralizing systems from around the world have also been incorporated into the conceptual model, which is in a constant state of revision as new data becomes available. Key points of the Ring of Fire conceptual model are as follows;
- A mantle derived, highly magnetic ultramafic "peridotite" intrusion ("the Ring of Fire Intrusion" or "RFI") has been emplaced along the margin of a regional scale granodiorite pluton which had been intruded into and caused a doming of the host Sachigo greenstone belt rocks. The RFI is thus situated between the granodiorite on one hand (footwall) and the surrounding Sachigo Greenstone Belt rocks (hangingwall) on the other. The RFI is magnetically distinct allowing it to be traced more or less uninterrupted, for tens of kilometers along the granodiorite margin. It appears that a series of conduits cutting across and through the granodiorite have acted as feeders to the RFI.
- On a world-wide basis ultramafic intrusions, similar to the RFI, are known to host several types of deposits such as:
-- Layered chromite deposits
-- Nickel-Copper deposits
-- Platinum Group Metals ("PGM") deposits.
- Recent drilling within the Ring of Fire area confirms that both PGM-rich Ni-Cu deposits (Eagle One and possibly Eagle Two) and now chromite occurrences are associated with the RFI and its related conduit feeder system. As would be expected under the conceptual model, on-going drilling by Noront and published results from other junior companies working in the area, suggest that the layered chromite mineralization is likely to be confined strictly to the RFI, while the platinum rich Ni-Cu sulphide mineralization appears, at least at this stage of exploration, to be related to the conduit feeders, localized in pools or traps. Based on observations from similar intrusives globally there is no reason, at least conceptually, why Ni-Cu or PGM deposits could not be hosted by the RFI itself. The exploration potential in this regard remains to be tested.
- Using the conceptual model, the Eagle One deposit would be interpreted to occur within a conduit feeder, at some distance from the RFI. The Eagle Two discovery on the other hand is interpreted under the conceptual model as occurring within the "throat or mouth" portion of the conduit where it empties into the RFI. The mineralization yielded by Noront's results at this point in the system consists of mineralized zones that contain numerous thin (10 cm to 120 cm) Ni-Cu bearing sulphide layers occupying a shear zone that collectively amass to 10's of meters thick "fingers" that "feather" out into the RFI. Individual semi-massive to massive sulphide lenses within the SHS zone attain core lengths of up to 7 meters.
- The most recent drilling (holes NOT-08-1G32, 1G35, 1G38, 1G39 and 1G40) at Eagle Two suggests that the zone of finger-style mineralization is coalescing and increasing in overall thickness as it is drill tested along strike to the northwest, presumable into a conduit that is part of the original feeder system. The sulphide mineralization is also interpreted as moving away from the Chromite mineralization further suggesting that the Eagle 2 mineralizing environment is moving further away from the RFI and into a possible feeder conduit environment similar to that observed at Eagle One.
- Noront management feels that the drill results obtained to date at Eagle Two are consistent with the conceptual model it has developed to date, which would suggest that there is potential for the discovery of another Eagle One - type deposit, as the Eagle Two mineralization is traced northwestward into a possible feeder conduit. The potential for both Chromite and Ni-Cu deposits within the RFI itself remains virtually untested.
The SHS zone, dipping flatly approximately 50 to 60 degrees to the west and striking north-south within the Peridotite Sill has been intersected on UTM Section 5841875 north to 5842100, a total strike length (drilled to date) of 225 meters. Widths are variable in the erratically spaced drill holes completed thus far and the assay widths reported below in the first four holes also share erratic distribution of the significant minerals. The results reported below are considered by management to be very encouraging for this near surface mineralization. Notwithstanding that these results appear to confirm management's conceptual theories, there can be no guarantee of actual results, which may differ from management's expectations.
EAGLE TWO TABLE OF ASSAYED DRILL HOLES RECEIVED TO DATE
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Hole # from to interval Copper Nickel Platinum Palladium
(m) (m) (m) (%) (%) (g/t) (g/t)
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NOT-08-1G2 34.0 68.0 34.0 0.09 0.62 0.01 0.22
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including 34.0 39.0 5.0 0.06 0.38 0.03 0.15
---------------------------------------------------------------------------
followed by 39.0 43.0 4.0 0.21 1.44 0.00 0.37
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followed by 43.0 68.0 25.0 0.07 0.55 0.02 0.22
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---------------------------------------------------------------------------
NOT-08-1G3 42.3 47.9 5.6 0.21 2.24 0.02 1.38
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NOT-08-1G6 114.7 123.8 9.1 0.06 0.69 0.05 0.28
---------------------------------------------------------------------------
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NOT-08-1G8 124.0 129.5 5.5 0.33 1.98 0.01 0.45
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---------------------------------------------------------------------------
NOT-08-1G15 NSA
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NOT-08-1G16 NSA
---------------------------------------------------------------------------
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NOT-08-1G17 136.8 144.1 7.3 0.13 0.59 0.01 0.09
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NOT-08-1G22 196.5 211.1 14.6 0.08 0.58 0.04 0.23
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including 196.5 201.6 5.1 0.13 1.00 0.04 0.39
---------------------------------------------------------------------------
followed by 201.6 211.1 9.5 0.06 0.35 0.03 0.14
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</PRE><TABLE><TBODY><TR><TD></TD></TR></TBODY></TABLE>
As stated above widths are variable for these reported mineralized drill intercepts, therefore there is no true width estimate available until such time as this new occurrence gets additional drill testing. NSA refers to no significant assays
Management believes that the recent drill hole results, with the presence of visible copper - nickel sulphide and chromite mineralization being observed by the geologists on site is very encouraging, and could be of significant importance for Noront, if the assays pending are favourable. Notwithstanding the foregoing, visual observations are estimates only and pending assay results may not confirm visual observations in whole or in part.
SUMMARY OF RECENT DRILLING EAGLE TWO (since last press release, assays
pending)
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Hole Northing Easting Northing Easting azimuth dip Length Mineral-
ID (local) (local) UTM UTM (deg.)(deg.) (m) ization
(m) (m) (m) (m) from - to
(sulphides)
---------------------------------------------------------------------------
NOT-
08-1
G22 680 N 3125 E 5841962 546118 0 -90 303 199.0 -
211.1
(some
Cu-Ni)
---------------------------------------------------------------------------
240.9 -
247.5 (py,
po, minor
Cu-Ni)
---------------------------------------------------------------------------
NOT-
08-1
G24 725 N 3200 E 5842025 546125 0 -90 372 191.2 -
200.3
(some
Cu-Ni)
---------------------------------------------------------------------------
280.5 -
295.8
(minor py,
po)
-----------
295.8 -
312.1
(int. Cr
beds)
-----------
312.1 -
368.2
(massive
Cr)
---------------------------------------------------------------------------
NOT-
08-1
G25 725 N 3175 E 5842025 546100 0 -90 447 218.8 -
229.3
(minor
Cu-Ni)
---------------------------------------------------------------------------
349.5 -
372.0
(sulphides,
py, po)
-----------
372.0 -
386.0
(int. Cr
beds)
-----------
386.0 -
417.0
(massive
Cr)
---------------------------------------------------------------------------
NOT-
08-1
G28 785 N 3215 E 5842062 546100 0 -90 432 232.5 -
236.4
(minor
Cu-Ni)
---------------------------------------------------------------------------
325.0 -
353.3 (py,
po)
-----------
353.3 -
364.5
(int. Cr
beds)
-----------
364.5 -
413.0
(massive
Cr)
-----------
413.0 -
424.0
(int. Cr
beds)
---------------------------------------------------------------------------
NOT-
08-1
G31 835 N 3237 E 5842100 546100 0 -90 453 264.0 -
271.0
(minor Cu-
Ni)
---------------------------------------------------------------------------
336.7 -
341.6
(int.Cr
beds)
-----------
341.6 -
410.8
(massive
Cr)
---------------------------------------------------------------------------
NOT-
08-1
G32 769 N 3140 E 5842025 546050 0 -90 594 204.0 -
225.0
(minor Cu-
Ni)
---------------------------------------------------------------------------
270.0 -
287.8
(minor Cu-
Ni)
-----------
287.8 -
306
(intermit-
tent Cu-
Ni)
-----------
incl.
292.5 -
300.6
semi-
massive
-----------
494.0 -
494.1
(Cr bed)
---------------------------------------------------------------------------
NOT-
08-1
G35 821 N 3106 E 5842025 546000 0 -90 462 230.1 -
290.6 (py,
po, Cu)
---------------------------------------------------------------------------
383.3 -
387.0
(semi-
massive
Cu-Ni)
-----------
393.1 -
425.1 (po,
minor Ni)
-----------
445.5 -
462 (minor
po)
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NOT-
08-1
G36 743 N 3155 E 5841987 546100 0 -90 19.5 abandoned
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NOT-
08-1
G37 743 N 3155 E 5841987 546100 0 -90 15 abandoned
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NOT-
08-1
G38 743 N 3155 E 5841987 546100 0 -90 519 137.8 -
150.1
(minor po,
py,Cu)
---------------------------------------------------------------------------
206.4-
235.5 (po,
minor Cu-
Ni)
-----------
(209.3 -
227.9
semi-
massive
Cu-Ni)
-----------
426.9 -
505.6 9
(po, mt
minor Ni)
---------------------------------------------------------------------------
NOT-
08-1
G39 850 N 3060 E 5842025 545950 0 -90 447 313.4 -
403.4
(minor po,
min Cu)
---------------------------------------------------------------------------
405 -
420 (inte-
rmittent
Cu-Ni)
-----------
(411.8 to
420.0 semi
-massive
Cu- Ni)
---------------------------------------------------------------------------
NOT-
08-1
G40 800 N 3150 E 5842062 546050 0 -90 270.8 -
295.5 (po,
Cu-Ni)
---------------------------------------------------------------------------
(278.3 -
295.5 semi
-massive
Cu-Ni)
---------------------------------------------------------------------------
For the above table:
Cu refers to copper mineralization, typically chalcopyrite
Ni refers to nickel mineralization, typically pentlandite
po refers to pyrrhotite a sulphide mineral
py refers to pyrite, a sulphide mineral
mt refers to magnetite
Cr refers to chromite mineralization
Semi-massive refers to sulphide mineralization, predominantly po, pn and cp
</PRE><TABLE><TBODY><TR><TD></TD></TR></TBODY></TABLE>
AT3 anomaly
A total of 2,621 meters were drilled in eight holes testing airborne anomaly AT3, located 4 kilometers to the southwest of Eagle One. These holes intersected altered (talc-chlorite alteration) and non-altered strongly magnetic peridotite units that were locally mineralized with disseminated sulphides. No significant assay results have been received to date. The presence of magnetite veinlets and disseminated sulphide mineralization in the peridotite provide some evidence of conductivity and explain the high magnetic signature. Samples were selected from all mineralized sections, were submitted for multi-element analysis, and results are pending. The following table lists the holes drilled at AT3 anomaly, with the results from holes assayed to date.
SUMMARY OF RECENT DRILLING AT3
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Hole North- East- North- East- azimuth dip Length Mineralization
ID ing ing ing ing (deg.) (deg.) (m) (sample
(local) (local) UTM UTM information)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NOT-08- assays
1G10 925 900 5840582 544326 315 -52 281 pending
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NOT-08- no significant
1G12 1100 900 5840731 544210 135 -45 309 assays
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NOT-08- assays
1G14 1100 700 5840576 544068 135 -45 228 pending
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NOT-08- no significant
1G18 1100 700 5840575 544065 135 -75 405 assays
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NOT-08- assays
1G19 1340 1100 5841021 544195 135 -50 471 pending
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NOT-08- assays
1G23 1000 900 5840639 544273 135 -45 294 pending
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NOT-08- assays
1G26 695 990 5840500 544137 135 -45 222 pending
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NOT-08- assays
1G27 1100 500 5840451 543894 135 -65 411 pending
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</PRE><TABLE><TBODY><TR><TD></TD></TR></TBODY></TABLE>
AT4 ANOMALY
A total of 951 meters in three holes were completed to test airborne anomaly AT4 and its southwestern extension, located 5.5 kilometers southwest of Eagle One. Two holes encountered volcanogenic massive sulphide ("VMS") style mineralization in intermediate to felsic volcanic assemblages and the third hole was lost. The holes returned several large widths of barren sulphide mineralization in favourable volcanic rocks uncomformably overlying the Ring of Fire. Minor visible copper - zinc mineralization observed here justifies continued exploration along this favorable north-east to south-west trending stratigraphy. All samples selected will be reported upon once assays have been received. The following table lists the holes drilled in this anomaly area; all assays for these holes are pending.
SUMMARY OF RECENT DRILLING AT4
----------------------------------------------------------------------------
Hole North- East- North- East- azimuth dip Length Mineral-
ID ing ing ing ing (deg.) (deg.) (m) ization
(local) (local) UTM UTM (sample
(m) (m) (m) (m) inform-
ation)
----------------------------------------------------------------------------
NOT-08-
1G30 -375 -300 5838812 544345 315 -50 549 minor py, po
----------------------------------------------------------------------------
minor py, po,
Cu, Zn, Pb
----------------------------------------------------------------------------
NOT-08-
1G33 -55 -300 5839049 544128 135 -70 15 abandoned
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NOT-08-
1G34 -55 -300 5839049 544128 135 -70 387 minor py, po
----------------------------------------------------------------------------
For the above table the following applies:
py refers to the sulphide mineral pyrite
po refers to the sulphide mineral pyrrhotite
Cu refers to the copper sulphide, typically chalcopyrite
Zn refers to the zinc sulphide, typically sphalerite
Pb refers to the lead sulphide, typically galena
</PRE><TABLE><TBODY><TR><TD></TD></TR></TBODY></TABLE>
AT8 ANOMALY
Only one hole tested this anomaly located 6.3 kilometers to the southwest of Eagle One and 2.0 kilometers east of AT3 anomaly. Hole NOT-08-1G29 tested airborne anomaly labeled AT8. The hole encountered altered peridotite with little sulphide mineralization. The peridotite exhibited strong chlorite alteration and only minor sulphide mineralization was observed. No sampling was done on this hole. Deeper penetrating geophysical surveying is required here to further explain the cause of the airborne anomaly.
SUMMARY OF RECENT DRILLING AT8
----------------------------------------------------------------------------
Hole ID North- East- North- East- azim- dip Length Mineralization
ing ing ing ing uth (deg.) (m)
(local) (local) UTM UTM (deg.) sample
(m) (m) (m) (m) information
----------------------------------------------------------------------------
no
NOT-08- significant
1G29 1925N 1100W 5839920 542199 315 -50 303 mineralization
----------------------------------------------------------------------------
</PRE><TABLE><TBODY><TR><TD></TD></TR></TBODY></TABLE>
ON SITE QUALITY ASSURANCE / QUALITY CONTROL MEASURES
The aforementioned assay and sample information, as well as geological descriptions are taken from drill logs as prepared by the Project geologists for the drill program onsite. Billiken Management Services Inc. is providing all services on site for the Noront Double Eagle Project., Billiken is a holder of Certificate of Authorization issued by the Association of Professional Geoscientists of Ontario. All samples from the early part of the 2008 exploration program were submitted to SGS Mineral Services in Toronto, Ontario. Samples were selected in the field under the supervision of the site geologist, then were cut by diamond saw. One half of the sample is retained for record at the base camp, the other half of the sample was placed in a plastic bag and individually sealed. The sealed bags are then placed in durable rice bags in batches of 5 and a numbered security tag seals each rice bag. The rice bags are placed in plastic pails and batches of 40 samples were sent by bonded courier to SGS Mineral Services in Toronto, Ontario.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program was implemented for the Double Eagle project which included grouping samples into batches of 35 into which was added 2 certified reference material standards, 2 field blanks comprised of sterile drill core, and a field duplicate. It can be said with confidence that all assays as reported in this Press Release have passed the strict quality control guidelines as set out by an Independent Qualified Person ("IQP").
All samples reported upon herein were completed by SGS Mineral Services (SGS) at Toronto, Ontario or Activation Labs (Actlabs) of Ancaster, Ontario. The samples submitted to SGS were analyzed using four acid digestion followed by multi-element analysis ICP40B. The samples that received base metal analyses greater than the detection limit using the multi-element analysis underwent further analysis using FAI323 (Fire Assay) for precious metals and ICP90Q for copper and nickel. For more information on assay methodology please visit the SGS website
www.sgs.com.
Drilling results in this press release have been reviewed and approved for dissemination by Noront's senior management including Neil Novak P.Geo., a director and Vice President-Exploration and John Harvey P.Eng. Executive Vice President of Noront, being Qualified Persons under Canadian Securities guidelines.
This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements".
Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 129,493,883 shares issued to date.
Investors are invited to visit Noront's IR Hub at
http://www.agoracom.com/IR/Noront where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to
NOT@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
ON BEHALF OF THE BOARD OF DIRECTORS
R. Nemis, President and Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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