Noront Purchase

JANUARY 21, 2003

Noront has agreed to purchase the private Ontario company known as The Billiken Syndicate Inc. whose main asset is The Burnt Hill Tungsten Deposit in New Brunswick. 

The Burnt Hill Tungsten Deposit, a past producer, has been investigated during the 1970's and 1980's by A.C.A. Howe International Ltd. for the various companies holding the mineral rights covering the various known mineral showings. Various resources have been calculated by Howe over the years, utilizing drill data and underground channel samples from a decline and drifts from a shaft.  In addition, studies relating to the milling and concentrating of the mineralized rock were also completed and gave encouraging results. 

The price of tungsten concentrates is currently around US $54.00 per metric ton unit and markets are seeing a shortfall of tungsten material. 

Noront’s JV partner Alto Ventures Ltd. has entered into an agreement with Fury Exploration Ltd. wherein Fury may acquire up to a 75% interest in Alto's 50% interest in the Windfall Lake gold property located in Urban Township, Quebec.  To earn its interests.  Fury has agreed to spend a total of $500,000 on recommended work programs up to September 30, 2005    

Richard Nemis, President , Noront Resources Ltd., 

 T: 416-864-1456, F:416-368-9147