Noront Resources Ltd.

Noront Resources Ltd.

November 23, 2006 12:39 ET

Noront Options a Second Mexican Project "El Verde"

TORONTO, ONTARIO--(CCNMatthews - Nov. 23, 2006) - The management of Noront Resources Ltd. (TSX VENTURE:NOT)(the "Company") is pleased to announce that it has entered into an Option Agreement with a Mexican National (Optionor) for the acquisition of a 100% interest in the "El Verde" zinc, copper, silver property located approximately 26 km north-northwest of the town of Choix in Sinaloa State, Mexico. The El Verde property consists of 305.28 hectares (696 acres).

The agreement calls for, (subject to all regulatory approvals) a series of cash payments totalling $745,000, the issuance of common shares of Company totalling 650,000 and exploration expenses totalling 600,000 as follows:

(a) To pay the sum of $35,000 US and issue 250,000 common shares of Company upon execution of the option agreement and thereafter at the Company's option issue a further 200,000 common shares within 6 months from the date of the agreement and issue a final 200,000 share within 12 months from the date of the option agreement.

(b) To pay at the Company's option a further sum of $35,000 US within 12 months from the date of the option agreement; $75,000 within 24 months, $100,000 within 36 months and a final $400,000 payable in cash or three-quarters of which at the Company's option in shares of the Company within 48 months.

(c) To make optional exploration expenses over the project; as follows: $50,000 US within 12 months from the date of the agreement; $100,000US within 24 months; $200,000 US within 36 months and $250,000 US within 48 months.

The Optionor it was agreed shall retain a 1.5% Net Smelter Return (NSR) over the project with the Company retaining the right at any time in whole or in part to purchase two-thirds of the NSR for $1.5 million. The Company also retains the right of first refusal for the purchase of the Optionors remaining 0.5% NSR.


Historical records reviewed established that the project lies approximately 40 km west of the "Glamis Gold Corp's" El Sauzal Disseminated Gold Deposit and 19 km S.SE of the Pan American's "Alamo Dorado" Deposit and peripheral to the large Santos Thomas Copper Porphyry Deposit 6 km to the east. These historical records indicate that in the early 1970's the Mexican government (CRM) completed two short diamond drill holes, one of these holes it is reported intersects 26 meters (81ft) of an average 9.6% zinc (Zn). These records report that this diamond drill hole went to a depth of 70 meters. The top of the unit drilled appears to be in an oxidized skarn, well leached, abundant hematite, copper oxide, some zinc, oxides calcite and phlogopite. Results at the bottom of this hole returned values over 1.2 meters of 17.10% zinc 2.95% copper (Cu) and just under 2 oz of silver (Ag). The Company has been advised that the drill core splits are apparently still warehoused with the CRM in Durango City. The Company will have a representative attempt to verify and log this core at the Governments facility in Durango Mexico.

The Company firstly intends to verify the high-grade hole by drilling and then step out from this first diamond drill hole and drill a second hole approximately 150m and 70m higher in elevation. The second hole will target the high-grade zone but will be drilled through a thick copper oxide cap thought to overlie the extension of the zinc rich sulfide zone. Completion of this initial program will determine the Company's further exploration and/or joint venture plans.

Donald Cross P.Eng. (Ontario) is the qualified person responsible for the review of the technical data contained in the historical reports and in this release.

The Company has agreed (subject to all regulatory approvals) to pay a finders fee of 150,000 common shares of the Company to an arms length third party for the introduction to the property and subsequent option agreement.

Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 54,567,692 shares issued to date.


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.

Contact Information