TSXV
Trading Symbol: NOT July 9th, 2007
NORONT
OPTIONS GARDEN ISLAND PROJECT
VAL D'OR AREA, QUEBEC
Noront
Resources Ltd. (Noront) is pleased to announce that it
has
entered into an agreement with a private Quebec
company, TSR
Resources Inc. (TSR) to acquire an interest in TSR's
Garden
Island gold-base metal property.
The
Garden Island property is located approximately 15 km
northeast
of Val d'Or, Quebec and is comprised of 296 mining
claims,
most of which are in Pascalis and Senneville
Townships, which
lie along a northwest-southeast trending Abitibi
volcanic
greenstone belt.
Under
the terms of the option agreement with TSR, Noront may
earn
up to a 33 1/3% interest in the Garden Island property
by
incurring $500,000 of exploration by December 31, 2007
thereby
earning an undivided 25% interest in the project and
thereafter
at Noront's option has the right to earn an additional
8 1/3%
interest by paying to TSR a further $250,000 or at
Noront's
option, the equivalent dollar value in Noront's common
shares
on or before December 31st, 2008.
TSR
acquired the project to explore for base metal and
gold deposits
similar to those located in the same greenstone belt
to the
south and southwest in Louvicourt and Vauquelin
Townships
respectively.
Initial
funding of TSR allowed for the completion of a deep
penetrating
airborne geophysical survey which located numerous
targets
warranting further ground investigation along the
NW-SE geological
trend.
Reconnaissance
work todate consisting of prospecting and bedrock
sampling
with the aid of a small drill has indicated areas for
further
follow-up. In particular a detail grid is being
established
in the southeast portion of the property to cover a
large
gossanous area containing stringers of massive iron
sulphides
with minor copper and zinc mineralization in mafic
volcanics
indicative of a stringer zone commonly occurring
adjacent
to base metals deposits. Any geophysical conductors
located
in this immediate surrounding area will be the subject
of
an immediate diamond drill testing
program.
Reconnaissance
exploration will continue along the volcanic belt
where previously
untested airborne targets exist.
The
contemplated exploration program and diamond drilling
will
commence immediately upon Noront approving the
proposed program
and budget, to be presented to Noront by
TSR.
SHAREHOLDERS
RIGHTS PLAN The Company is pleased to advise that the
Shareholder's
Rights Plan proposed by the Company was overwhelmingly
approved
by those persons and proxies in attendance at the
Company's
Special Shareholders Meeting held on June 19th, 2007.
The
Shareholders Rights Plan (the ÒRights
AgreementÓ)
is posted on www.sedar.com and also posted on the
Company's
web site.
The
technical content of this press release has been
reviewed
by John Harvey P.Eng. the Company's senior consultant
and
the Company's qualified person under the guidelines of
National
Instrument 43-101.
Noront
is a tier 2 junior resource company on the TSX Venture
Exchange,
trading symbol NOT, with 90,300,807 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
ÒR. NemisÓ
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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