Noront Resources Ltd.

Noront Resources Ltd.

March 09, 2007 09:20 ET

Noront Options Mexican Project "Escondida"

TORONTO, ONTARIO--(CCNMatthews - March 9, 2007) - The management of Noront Resources Ltd. (the "Company") (TSX VENTURE:NOT) is pleased to announce the signing of a Letter of Intent to acquire 100% interests in the Escondida property located approximately 70 miles east of Ciudad. Obregon in the State of Sonora, Mexico. The property consists of 84.7 acres and covers the strike of the known mineralized zone.

The agreement calls for, subject to all regulatory approvals, of a series of cash payments totalling $175,000US and the issuance of common shares of the company totalling 300,000 shares over a period of three years, payable as follows:

(i) $25,000US on the signing of the formal Option Agreement as set out herein and issue 50,000 treasury shares;

(ii) Pay at the option of the Optionee a further $25,000US and issue a further 50,000 treasury shares on the first anniversary of the execution of the formal Option Agreement;

(iii) Pay at the option of the Optionee, a further $50,000US and issue a further 75,000 treasury shares on the second anniversary of the execution of the formal Option Agreement;

(iv) Pay at the option of the Optionee, a final $75,000US and issue a final 125,000 treasury sharers on the third anniversary of the execution of the formal Option Agreement.

Noront shall have 45 days in which to complete a more formal agreement and investigate the title to the project, after which the formal agreement will be executed.

The mineralized zone consists of an intrusive dike hosting a number of quartz-carbonate veins mineralized with slight to semi-massive sulphides. The sulphides consist of pyrite, chalcopyrite, sphalerite and galena along with concentrations of gold and silver.

The assays from recent sampling are listed below:

Au Ag
Sample Sample % Cu % Zn % Pb gms/gpt gms/gpt
No type Copper Zinc Lead Gold Silver
71828 Dump 0.46 0.30 1.97 74.60 2060
71829 Dump 0.37 7.80 1.17 0.40 233
71830 Dump - - - 35.82 399
71833 Dump 14.8 0.26 0.93 40.03 2160

The assaying was completed by the Bourlamaque Assay Laboratory of Val d'Or, Quebec.

The property was explored by shaft and adit in the early 1990's to a depth of several 100 feet. The shaft appears to be flooded at this time. No drilling or state of the art geophysics has been completed on the property.

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 Exploration Canada de Oro SA de CU a Mexican Exploration Company for the introduction to the property and subsequent option agreement.

El Verde

This Noront basemetal property located 26 km NE of Choix Sinaloa, Mexico, was drilled by Canmex Diamond Drill, S.A. de C.V. of Mazatlan Sinaloa, Mexico under contract to Noront Resources (TSX VENTURE:NOT). Five hundred meters in five diamond drill holes was completed to test the copper-zinc-iron skarn zone at depth. Four of the five holes intersected the base metal surface showing at depth and will be assayed in the coming month. Further diamond drilling is dependent on the results of the initial drill program .

Stock Option Grant

The Company is pleased to report that it has secured the services of Mr. Bob C. Bryce Ing./P.Enrg., MBA to assist in over-seeing the ongoing progress at the Windfall Lake, Quebec project and the planned underground exploration program and has approved and granted to Mr. Bob Bryce a stock option for 75,000 shares at an exercise price of $0.65 expiring on 7th day of March, 2013.

Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 89,307,692 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.

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