TORONTO, ONTARIO--(Marketwire - June 10, 2008) - Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) is pleased to report that the board of directors has made several appointments to Noront's management team.
Kevin Feeney, C.A., has been appointed Chief Financial Officer of the company. Mr. Feeney brings significant financial and strategic experience to the Noront team. Most recently, in his capacity as Vice President, North American Investments, Finance and Operations for Sun Life Financial Corporation, he was responsible for designing and implementing processes to support Sun Life's North American investment business. Mr. Feeney was also a corporate design specialist in his role as Chief Financial Officer and Senior Vice President of Labatt Breweries of Canada (Interbrew S.A.) and was a key member of the Interbrew global acquisition team that completed the USD$11B transaction with Ambev, that resulted in a significant consolidation of the global beer industry. Mr. Feeney also held various positions with the Trimark group of companies, including that of Chief Financial Officer and Executive Vice-President for Trimark Investment Management Inc.
Dr. James E. Mungall Ph.D., P.Geo., joined the Noront team as a consultant in October of 2007. He has been appointed Chief Geologist. Dr Mungall's professional experience has included consulting and research work on magmatic Ni-Cu-Co-PGE deposits, chromitite, magmatic Fe-Ti-V and IOCG and rare-element granites.
Dr Mungall received M.Sc. and Ph.D degrees from McGill University and has worked extensively in the exploration business as a consultant since 1996. In 1999 he was appointed Assistant Professor of Economic Geology at the University of Toronto. He was promoted to Associate Professor in 2005 and was named Norman Keevil Chair of Ore Genesis in 2007. He has published extensively on the magmatic sulfide deposits of the Sudbury and Raglan camps and has edited four books or special journal issues on Ni-Cu-Co-PGE deposits.
Carmen Diges, LL.M, CFA, has been Corporate Secretary of Noront since 2003. A partner at McMillan LLP, she has also been lead counsel to the company during that time. She now assumes the responsibilities of Vice President, Legal and Business Affairs for Noront. Ms. Diges brings more than fifteen years of legal experience in the mining sector, encompassing strong international, capital markets, project development, corporate finance and mergers and acquisitions skills. She has worked on transactions throughout six continents and her clients have included governments, Canadian and international issuers, investors and underwriters.
"The ability of Noront to attract individuals of this caliber to join our team reflects the evolution of Noront as a company. We look forward to the contributions of everyone on the management team at Noront to help take the company to the next level in shareholder value." said Richard Nemis, President and Chief Executive Officer of Noront.
With the appointment of Mr. Feeney, the board of directors has accepted the resignation of Mr. Robert Suttie from the position of Chief Financial Officer. The board of directors wishes to thank Mr. Suttie for his contributions to the company and looks forward to his continued involvement with Noront in a non-executive capacity.
In connection with the restructuring of the roles of existing management, previously announced by Noront in its press release dated June 6, 2008 and with the above appointments, Noront has granted an aggregate of 2,005,000 options to purchase common shares of Noront to its directors and officers for a period of five years at an exercise price of $3.90 per share.
Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 129,493,883 shares issued to date.
Investors are invited to visit Noront's IR Hub at http://www.agoracom.com/IR/Noront where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to NOT@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
ON BEHALF OF THE BOARD OF DIRECTORS:
R. Nemis, President and Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
Noront Resources Ltd.
President and Chief Executive Officer
(416) 367-5444 (FAX)