To: Mr. Richard Nemis, President Noront Resources Inc.
From: Wayne Ewert
CC: Mr. Norm Brewster, Mr. Neil Novak
Date: June 20, 2005
Re: Burnt Hill Tungsten Project

Dear Mr. Nemis:
Regarding the recent geological report (#879) on the Burnt Hill Tungsten property by A.C.A. Howe International Limited entitled “Geological Report and Preliminary Resource Estimate on The Burnt Hill Tungsten Deposit” (Report # 879) and dated April 20, 2005 (the “Howe report”), it has become increasingly obvious that certain portions of the report, most notably the tungsten resource estimate, are being impacted by the fact that the price of Tungsten has significantly increased over the past several months to a current spot price of approximately US$ 220 per MTU of WO3. This dramatic price increase appears to be part of a longer term rising commodity price trend that is significantly affecting the sustainable price of all metals but especially that of strategic metals such as Tungsten and Molybdenum. Accordingly it would appear prudent to investigate the effect of these higher prices on the in-put parameters used in the resource estimate of the Burnt Hill deposit and to conduct a tungsten price sensitivity analysis on the presently defined resource base.

It is understood that the following analysis is basically conceptual in nature and strictly for internal company use only. The resources as currently defined are too speculative in nature to be recognized as resources under NI 43-101 standards and should not be used as the basis for anything other than internal planning purposes.

Conceptual Resource Modeling and price sensitivity

It should be noted that the term “preliminary resource estimate” as used in the price sensitivity analysis and in the Howe report, describes in the broadest sense, that portion of the tungsten mineralization at Burnt Hill that has a reasonable expectation of becoming economically extractable. It should be further noted that the current resource estimate is based in part on data that has not been adequately verified or fully validated, due in large measure, to the lack of both currently available and suitable surface/underground exposures and the lack of previous drill core upon which a sample verification program could be conducted. The available surface and underground technical database is, however, very substantial and was collected and compiled in a professional manner by the mining and exploration division of a large multinational forest company. While, the technical data is believed to be accurate and to fairly represent the resources on the Burnt Hill property as currently defined, it is
P & E’s opinion that the in-fill verification drilling program as outlined in the Howe report be conducted and that the database be completely validated thus allowing the preliminary resource estimate to be updated and brought into full conformance with the standards required by NI 43-101. For the purposes of the current analysis the preliminary resources are considered to be in an indicated plus inferred category realizing that this is not allowed in a fully conformable NI 43-101 report.

While it was beyond the scope of the Howe report, including the resource estimate by P & E, to conduct an economic analysis or comment upon the feasibility of conducting a mining operation at Burnt Hill it is obvious that a dramatic increase in the price of tungsten may have a significant effect on the cut-off grade and thus on the overall tonnage and grade of the existing tungsten mineralization in the No 2 vein.

For the above reason and at the request of Noront, P & E has conducted additional conceptual resource modeling of the number 2 vein mineralization at Burnt Hill utilizing a series of escalating tungsten prices. The sensitivity of the resource estimates at Burnt Hill to the price of tungsten is shown in the attached Table-1. In preparing the current estimate P & E assumed an 800 tpd underground operation with the following in-put parameters:

**{A metric ton unit (mtu) of tungsten trioxide (WO3) is defined as containing 10 kg or 22 lbs of WO3 thus being equivalent to a grade of 1.0% WO3 per tonne. An mtu of WO3 contains 7.93 kilograms of tungsten metal}

Based on the above parameters and as highlighted in the attached Table-1, a total preliminary resource of 2,223,000 tons at a grade of 0.51% WO3 is estimated. This compares to the resource estimate of 266,000 tons at a grade of 1.44 WO3 presented in the Howe report.

If the current high price regime for tungsten can be maintained, and it appears from some analytical forecasts that it may be, then the underlying value of the Burnt Hill deposit will be significantly increased. For example, the in-situ value of the contained metal (WO3) in the above resource estimate at a metal price of US$ 200 per Imperial Ton Unit (US$220 per MTU) of WO3 is roughly
CDN$ 247,000,000.

It must be noted and it cannot be overemphasized that this value is irrespective of any mining, processing, capital or other related costs and must be considered strictly an “as is where is” estimate. (NOTE: This gross in-situ value has not been derived by economic analysis of the viability of mining, processing and marketing of the resources outlined on the Burnt Hill Property. Accordingly there is no assurance that any of the resources can be economically recovered nor is there any guarantee that any of the in-situ value will ever be realized in whole or in part.)

The above value was calculated by using the following formula

{2,223,000 tons * 0.85% * 0.51% * $220 * 0.909 = US$ in-situ value} * 1.28 = Cdn $ in-situ value

Where

2,223,000 tons is the current inferred resource
0.85% is the recovery factor
0.51% is the grade of WO3 % per ton
US$ 220 is the value per mtu
0.909 is the conversion factor for metric tonnes to imperial tons
1.28 conversion factor US$ to Cdn$

Thus

{2,223,000 * 0.85 * 0.51 * 220 *0.909 = US$ 192,715,000 in-situ value}
* 1.28 = Cdn$ 247,000,000 in-situ value

The above in-situ value translates into a value of approximately CDN$ 110 per ton of mineralized rock (ore) based on a current spot price of CDN$ 10.00 per lb of WO3.

Additional Potential Resources

The Howe report contains a recommendation for 4,510 m of in-fill confirmation and exploration drilling within the confines of the No 2 vein system. The cost of this 2 Phase drilling program is estimated to be $725,000. As presently designed this program consists mainly of drilling along sections within the confines of the established mineralization and is intended to add tonnage to the existing resource base by drilling immediately within or along the strike and dip directions of the defined mineralized system. At the request of Noront, P & E has prepared an “order of magnitude” estimate of the additional tonnage that could conceivably be created by carrying out the drilling program as recommended. This estimate must only be considered a “hypothetical” estimate and assumes that the drilling program as recommended will be successful. To the degree that the drill holes do not intersect significant mineralization as predicted the hypothesized tonnages will be reduced. It must be understood that the estimated tonnage is for predicative purposes only and that exploration drilling by its very nature is a very risky and unpredictable endeavor and consequently there can be no guarantee that the predicted tonnage or even that any additional tonnage will necessarily be realized.

In preparing the tonnage estimate P & E calculated a potential volume by extending known mineralized intercepts in existing holes through to the proposed drill holes. The potential mineralized zones were then extended to a maximum of 100 feet beyond the proposed hole in a down dip direction and half-way to the next section (100 feet) in an along strike direction. A tonnage factor of 12 cu ft/ton was then applied to the calculated volume in order to arrive at an estimated tonnage.

Based on the above assumptions the total potential increase in tonnage that could be realized from a 100% successful program is on the order of 1,980,000 tons using a projected cut-off equivalent to 0.25% WO3 ; This represents an almost doubling (90% increase) of the existing resource.

In must be emphasized that the proposed drilling does not address the along strike nor the deep down-dip potential of the No 2 vein zone system beyond the limits of the currently defined mineralization. Neither does the proposed drill program deal with the potential of the 8 other vein systems known to exist on the property. Further exploration drilling would be required to investigate the potential of the other mineralized vein zones and to delineate additional tonnage at depth, especially with respect to the No 2 vein. It is possible that the tenor of the mineralization will increase at depth as the margin of the underlying intrusion is approached. It is expected that the grade of accessory metals such as Tin Molybdenum and Bismuth could increase with depth

Table -1: NORONT RESOURCES LTD BURNT HILL PROJECT UNDERGROUND UNDILUTED PRELIMINARY RESOURCE ESTIMATE*

June 13/

* The above referenced Preliminary Resources are not in accordance with the Canadian Institute of Mining and Metallurgy and Petroleum CIM Standards on Mineral Resources and Reserve Definitions (“CIM Standards”) and therefore do not conform to sections 1.3 and 1.4 of NI 43-101.

* It should be noted that under strict NI 43-101 regulations Inferred and Indicated/Measured resources cannot be added together for reporting purposes. Due to the uncertainty which may attach to inferred resources, there is no assurance that inferred resources will be upgraded to measured and/or indicated resources or proven and probable reserves, as a result of continued drilling. Although inferred resources are not normally considered in a primary economic analysis they can, under special circumstances, be considered in a preliminary economic analysis.