Hunters Point, Quebec Uranium/Gold Project
The company has renegotiated a finder’s fee payable to a third party regarding the acquisition of
the Hunters Point uranium-gold project. The original finder’s fee agreement called for staged
payments based on a percentage of work expenditures during the course of the option agreement.
The sum of $22,500 was paid upon completion of the commitment to earn into the properties and
the total fee cannot exceed $107,500. The fee is payable in cash or stock equivalent. The details
of the option agreement and finder’s fee agreement are described in a Noront news release dated
June 26, 2006.
The amended agreement calls for a one time payment of 20,000 shares.
All above amendments are subject to receipt of all required approvals, including regulatory
approvals if required.
Noront wishes to advise that due to the excessive amount of work relating to the company’s
recent nickel discovery in addition to the current work programs being conducted on its Windfall
Lake gold project and its Burnt Hill tungsten molybdenum project, that the Directors felt that it
was appropriate to compensate the directors, officers and employees for the additional efforts
being put upon them at this time, by issuing the following stock options directors 125,000,
officers 175,000 and employees and consultants 225,000 for an aggregate options to acquire
525,000 shares. All options are exercisable for a period of 5 years at a price of $5.13 per
common share.
