Noront Resources Ltd.

July 27, 2009

NOT RATED, Speculative Risk*

12-month target price: N/R

Ron Stewart / (647) 428-8324

Ron.Stewart@dundeesecurities.com

Robert Thaemlitz / (647) 428-8392

rthaemlitzl@dundeesecurities.com

Noront: Leading the Charge in the Ring of Fire

Newest Member of the Mineral Exploration Watch List

With new management in place and an estimated C$12 million in cash, Noront Resources Ltd. is well positioned to

advance its multiple, high grade nickel-copper-platinum-palladium, chromite and vanadium discoveries at its McFaulds

Lake Project in the James Bay Lowlands of northern Ontario. In its short history, this new multi-metal camp, known as

the Ring of Fire, has emerged as one of the most exciting new exploration plays around today. In the near-term,

investors with a speculative appetite, can look forward to a steady stream of drill results from the three rigs that are

currently active at the site and should see the first chromite resource estimate from the property by the end of the year.

We believe there is much to look forward to and consequently are adding Noront Resources Ltd. (NOT-V), to our

Mineral Exploration Watch List.

Proof Pending But Recent Vertical Test at Eagle One Could Change the Picture

At the Eagle One deposit, the company recently completed a vertical test hole that has the potential to triple the depth

extent of the massive sulphide mineralization. Drill hole NOT-09-049 cored through the Eagle One deposit and

proceeded to intersect two new zones of massive and disseminated sulphides. The first, starting at 269.5m down-hole,

encountered 241 metres of mineralization, followed by a second interval starting at 749.7 m and extending 196m to a

depth of 945.7 metres. A second vertical test hole some 350 to 400m for hole 049 was completed to test a geophysical

anomaly at the similar depths to the new sulphide zones. While the proof is pending by way of analytical results, these

two holes confirm the company's bullish view of the potential for additional resources and could lead to an immediate re-ranking

of the stock.

Eagles and Blackbirds Take Flight

Back in August 2007, Noront was following up a conceptual volcanogenic massive sulphide target in the remote, James

Bay Lowlands of Ontario. The company had drilled into the heart an electromagnetic anomaly, cutting a 68.3 metre

stretch that returned 5.9% nickel, 3.1% copper, 2.87 g/t platinum, 9.78 g/t palladium, 0.61 g./t gold and 8.5 g/t silver.

News of a new high grade, nickel-copper-platinum-palladium discovery traveled fast, prompting a staking rush along the

arcuate ultramafic sill that has come to be known as Ring of Fire.

Since the discovery, Noront has secured a dominant land package on the prospective horizon, defined a NI 43-101

compliant resource at the Eagle One deposit and made a second Ni-Cu-PGE discovery named Eagle Two, two

kilometres to the southwest. While drilling this latter target, the company encountered a chromite mineralized zone which

has since evolved into a potential economic deposit in itself, named Blackbird One. Subsequently, a second chromite

deposit, Blackbird Two, has been outlined coincident with a 900 metre long gravity high. Elsewhere on the property, first

pass drill testing of some of the numerous geophysical anomalies during the winter 2009 campaign encountered two

zones of vanadium enriched magnetite. More work, including metallurgical study, is required to assess the potential

significance of this occurrence.

Exploration in this terrain is slow and difficult. Rock outcrop is virtually nonexistent and access to many areas is

challenging at best due to the flat, swampy land. The exploration success recorded by Noront in such a short period of

time serves to highlight the prospective nature of the Ring of Fire.

Eagle One Ni-Cu-PGE Deposit

The nickel-copper-platinum mineralization is classified as magmatic sulphides, which form as precipitate accumulations

within layered mafic and ultramafic (komatiitic) rocks. Nickel-copper sulphides are the main economic metals; with

copper either a co-product or by-product. PGE group metals (platinum and palladium) are usual by-products. This style

of mineralization accounts for most of the past and current global nickel production. At the McFaulds property, the host

ultramafic intrusion has been emplaced along the contact of a granodioritic pluton and typical Archaean greenstone

hanging wall unit.

Dundee Securities Corporation from time to time publishes reports on securities for which it does not and may not choose to

provide continuous research coverage. Such reports are published as Ideas of Interest.