Mr. Larry Goldberg reports

PINETREE CAPITAL LTD. ACQUIRES COMMON SHARES OF NORONT RESOURCES LTD.

Pinetree Capital Ltd., through a series of transactions ending on Oct. 25, 2007, acquired ownership of 720,000 common shares of Noront Resources Ltd. through the facilities of the TSX Venture Exchange representing approximately 0.6 per cent of the total issued and outstanding common shares of Noront as of Oct. 25, 2007. As a result of this transaction, Pinetree and its joint actors collectively held, as at Oct. 25, 2007, a total of 11,482,600 common shares of Noront, which represents approximately 10.2 per cent of all issued and outstanding common shares as at Oct. 25, 2007. Of these totals, Pinetree owns a total of 8,610,600 common shares, including the common shares, which represents approximately 7.6 per cent of all issued and outstanding common shares as at Oct. 25, 2007.