TORONTO, Aug. 9 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to report that it has entered into an Agreement with Probe Mines Ltd. ("Probe"), to dissolve the joint venture agreement with Probe in the Ring of Fire, James Bay Lowlands and to allocate the claims that were the subject of the joint venture between the two companies. As a result of the Agreement, Probe will acquire a 100% interest in the Black Creek chromite deposit and one other claim along the chromite trend. Noront will acquire a 100% interest in the joint venture claims to the northwest of the Eagle's Nest nickel, copper sulphide deposit as well as a group of claims north of the Thunderbird vanadium discovery.
Wes Hanson, CEO of Noront states; "The 100% interest in the claims acquired from Probe fit with our stated exploration focus which is directed towards the discovery of additional nickel, copper sulphide deposits near the Eagle's Nest. We are currently completing our planned drilling at Eagle's Nest and have begun to assign drills to high priority exploration targets near the Eagle's Nest deposit that have been identified as a result of our geological and geophysical interpretation of the available data. "
Noront also announces the departure of Joanne Jobin, VP Corporate Communications. Management would like to thank Ms. Jobin for her contributions to the company.
On June 1, 2010, Noront issued 250,000 stock options to certain officers of the Company, with an exercise price of $1.36 per share.
About Noront: Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite, gold and vanadium discoveries in an area known as the "Ring of Fire", an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the dominant land holder at the Ring of Fire and continues to delineate and prove up its discoveries with NI 43-101 technical and economic reports and an aggressive and well financed drill plan for 2010. All material information on Noront can be found on the Company's website at www.norontresources.com or at SEDAR at www.sedar.com
