Noront Resources Ltd.

Noront Resources Ltd.

October 21, 2005 09:30 ET

Noront Resources Ltd.: Option-Burnt Hill Tungsten Deposit New Brunswick, Canada

TORONTO, ONTARIO--(CCNMatthews - Oct. 21, 2005) - Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) is pleased to announce that it has entered into an Option Agreement with Limerick Mines Limited ("Limerick") wherein Limerick has been granted an option to earn a 50% interest in the Burnt Hill Tungsten Deposit located approximately 60 km north of Fredericton, New Brunswick, Canada currently held by Noront.

The option to earn a 50% interest in the Bunt Hill Tungsten Deposit calls for exploration expenditures by Limerick of $1.5 million dollars to be expended over the next twelve months and the issuance to Noront of 8,000,000 common shares of Limerick, subject to all regulatory approvals

Noront granted a further option to Limerick to earn a further 15% interest in the Burnt Hill Deposit provided Limerick completes a further $1 million of exploration expenditures during year two of the agreement and delivers an additional 5,000,000 common shares of Limerick as well as a feasibility study, all of which will be subject to all regulatory approvals.

Noront has been advised that it is Limerick's intention to complete as soon as possible, a recommended exploration program on the deposit in order to verify the classification of the historical estimated reserves to those estimated as a NI 43-101 defined resource verified by a qualified person. (See Noront's press releases dated June 22, 2005 and July 5, 2005 on the Company's web site


"R. Nemis"

Richard 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

  • Noront Resources Ltd.
    Richard Nemis
    President and Chief Executive Officer
    (416) 864-1456
    (416) 367-5444 (FAX)