NOT Noront Resources Ltd

Noront Resources Ltd. (TSX VENTURE:NOT) ("Noront") and WSR Gold Inc. (TSX
VENTURE:WSR) ("WSR") are pleased to announce the signing of a definitive
agreement among Noront, WSR and Golden Valley Mines Ltd. ("Golden Valley")
providing WSR and Noront the option to acquire, from Golden Valley, an aggregate
70% legal and beneficial interest (the "Option") in the Golden Valley property
located in the James Bay Lowlands region of Northern Ontario (the "Property").
WSR will be the operator of the project. The Property is located in the northern
portion of the Ring of Fire and consists of 40 unpatented mining claims,
totaling 559 units or 8,944 hectares strategically located with respect to the
recent volcanic hosted massive sulphide discovery of Metalex Ventures Inc. in JV
with WSR.


In order for Noront to acquire its 35% interest in the Property, Noront will be
required to make payments to Golden Valley totaling $175,000 (or $350,000 in the
aggregate with the payments from WSR), to be satisfied by the payment by Noront
of a combination of $25,000 cash and 56,174 common shares of Noront, valued at
$175,000. In addition to these payments, Noront and WSR will also be required to
incur aggregate exploration expenditures on the Property of at least $5,000,000
over a three year period (of which $1,000,000 must be expended in the first
year).


Upon Noront and WSR earning their collective 70% interest in the Property, the
three parties shall enter into a joint venture agreement. The Joint Venture
Agreement will require Noront and WSR to fund all project costs up to the start
of commercial production from the Property. Following the commencement of
commercial production, any cash flow after payment of operating expenses and
third party financing costs will be distributed to Noront and WSR until such
time as the aggregate of their project costs, including interest, up to the
commencement of commercial production have been repaid, following which such
cash flow shall be distributed to the parties on a pro rata basis.


The transaction remains subject to the approval of the TSX Venture Exchange and
execution of the definitive option agreement. Noront is a tier 2 junior resource
company on the TSX Venture Exchange, trading symbol NOT, with 129,824,783 shares
issued to date.


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".


Investors are invited to visit Noront's IR Hub at
http://www.agoracom.com/IR/Noront where they can post questions and receive
answers or review questions and answers already posted by other investors.
Alternatively, investors are able to e-mail all questions and correspondence to
NOT@agoracom.com where they can also request to be added to the investor e-mail
list to receive all future press releases and updates in real time.


ON BEHALF OF THE BOARD OF DIRECTORS:

R. Nemis, President and Chief Executive Officer

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