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TSXV
Trading Symbol: NOT June 11, 2007
BURNT HILL TUNGSTEN MOLYBDENUM,
TIN PROJECT, CANADA
Noront
Resources Ltd. (Noront) is pleased to report that it
has come
to an agreement with Cadillac Ventures Inc. (Cadillac)
to
amend the option agreement assigned to Cadillac and
reported
in Noront’s press release dated April 5th, 2007.
In
an effort to accelerate the development of the Burnt
Hill
deposit and to enhance shareholders equity in the
project,
Noront has agreed that it will complete a 1.5 million
dollar
exploration program during the 2007 calendar year on
the Burnt
Hill project. This project will be laid out in
accordance
with the recommendations of Dr. W. D. Ewert P.Geo of P
&
E Mining Consultants Inc., the Company’s
independent
qualified person. The program will include
confirmatory and
exploration drilling utilizing three Diamond drills in
order
to provide sufficient information to confirm previous
data
contained in the technical report and allow for the
preparation
of a new fully compliant NI 43-101 resource estimate.
The
program, which will commence immediately, will also
test a
number of untested geochemical molybdenum tungsten
targets.
The
Company and Cadillac have agreed that in order for
Cadillac
to earn its 51% interest in the project, that
Cadillac, in
addition to paying the Company $100,000 and issuing
2,500,000
Cadillac shares to Noront, will deliver to Noront on
or before
December 31, 2007, $1.5 million of the capital of
Cadillac
to be valued at no more than $1.00 per share and/or at
the
same price as a proposed financing contemplated by
Cadillac
to be completed in the second or third quarters of
2007.
The
Burnt Hill property consists of 51 claims encompassing
816
hectares (2040 acres) located approximately 60 km
north of
Fredericton, N.B. The property has a history of
intermittent
production; however, it has remained more or less
inactive
for the last several decades. The last underground
development
work was by Miramichi Lumber in 1980 when a 1200 ft
(365.8
m) decline was driven to crosscut all the known
mineralized
structures and to provide testing of a
“Photometric
Ore Sorter”. The ore sorter studies which were
based
on being able to color sort between mineralized
material and
barren rock, demonstrated that the mineralized vein
material
can be very readily pre-concentrated by photometric
means,
which could triple pre-mill grades. The metallurgical
studies
demonstrated that a premium grade tungsten concentrate
in
excess of 65% (up to 75% WO3 can be produced quite
readily
by gravity concentration as well as a 90% molybdenum
and 58%
tin with 5.3% tungsten concentrates by additional mill
work
utilizing sulphide flotation and gravity. No tests
were conducted
on bismuth at Lakefield but older metallurgical
studies indicate
that bismuth is recoverable.
The
Company completed and filed on SEDAR an independent
geological
Technical Report prepared in accordance with National
Instrument
43-101 Standards of Disclosure for Mineral Projects
pertaining
to the Burnt Hill Tungsten Property in New Brunswick
(the
“Technical Report”). The Technical Report
dated
effective March 31, 2006 was authored by Dr. Wayne
Ewert,
P Geo and Mr. Eugene Puritch, E.Eng, of P&E Mining
Consultants
Inc., both qualified persons as defined by NI
43-101.
The
Technical Report contains a historical resource
estimate*
as prepared by Burnt Hill Tungsten Mines (1956) and
Brewster
(1981) and summarized in the Table below:
COMPANY |
YEAR |
TONNAGE |
GRADE |
ESTIMATED
CONTAINED TUNGSTEN (lbs
WO3) |
Burnt
Hill Tungsten Mines |
1956 |
252,000 |
1.63 |
5,544,000 |
A.C.A.
Howe (Brewster) |
1981 |
2,821,000 |
0.147 |
9,123,000 |
*It
should be noted that the preceding resource estimates
are historical
in nature and as such are based on prior data and
reports prepared
by previous operators. The work necessary to verify the
classification
of the mineral resource estimates has not been completed
and
the resource estimates therefore, can not be treated as
NI 43-101
defined resources verified by a qualified person. The
historical
estimates should not be relied upon and there can be no
assurance
that any of the resources, in whole or in part, will
ever become
economically viable. Considerable further evaluation,
including
confirmatory and exploratory drilling is
required.
It
has become increasingly obvious that the theoretical
value
of molybdenum, tin and tungsten mineralization at
Burnt Hill
will be affected by the fact that the price of these
metals
having increased significantly with tungsten
concentrate current
spot price being approximately US$17.62 per lb of WO3.
(www.metalprices.com
06/04/07).
It
is expected that molybdenum and tin to be recovered
would
be in the range of 2.5 lbs per ton each.
The
Qualified Person responsible for overseeing and
reviewing
the technical data on the Burnt Hill project is Dr. W.
D.
Ewert P.Geo. The technical information prepared for
disclosure
in the burnt Hill news releases has been approved by
Dr Ewert
P.Geo.
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”. All
dollar
amounts are Canadian dollars unless otherwise noted.
Noront
is a tier 2 junior resource company on the TSX Venture
Exchange,
trading symbol NOT, with 90,057,692 shares issued to
date.
For
further information, please contact Richard Nemis at
416-864-1456,
or visit the Company’s web site www.norontresources.com
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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