Noront Completes Preliminary Economic Assessment on Eagle One Deposit-Direct Ship Method

TORONTO, ONTARIO--(Marketwire - Oct. 21, 2008) - Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) is pleased to report the results of a strongly positive Preliminary Economic Assessment ("PEA") by P&E Mining Consultants Inc. of Brampton, Ontario on its recently discovered Eagle One Cu-Ni-PGE Deposit, lying within the Double Eagle Project located in the James Bay Lowlands, northeastern Ontario. The complete report will be filed on SEDAR and the Company's web site, www.norontresources.com, within 45 days of the issue of this press release.

The Eagle One deposit would be accessed by a proposed all weather road from the northern Ontario community of Nakina which would take approximately two years to complete. A gravel airstrip would be constructed in the first year to service the project construction phase and subsequently be utilized for production crew rotation. Underground mine production would commence after road completion with mining and direct shipping of massive sulphide mineralization to a Sudbury area mill/smelter complex at a rate of 1,000 tonnes per day. Upon exhausting the potentially mineable massive sulphide mineralization in approximately 1.2 years, the remaining potentially mineable disseminated sulphide mineralization would be mined and subsequently processed in an on-site mill at 1,500 tonnes per day over an additional five year period. For the purposes of this preliminary economic assessment, both indicated and inferred resources have been included in the potentially mineable resource.

On an initial capital cost of C$173 million, assuming 100% financing of the project through equity and the use of Sep 30, 2008 48-month trailing average metal prices for Ni, Cu Au, Pt, Pd and Ag, the project has a pre-tax payback of 2.2 years and generates an undiscounted net pre-tax cash flow of C$719 million over an estimated mine life of 7 years. This results in a pre tax IRR of 160% and an NPV of C$464 million at a discount rate of 10%. The sensitivity of the 48 month metal price base case to changes in metal price assumptions is summarized in the table below.