NewNorth announces results for the year months ended December 31, 2008



    CALGARY, April 30 /CNW/ - NewNorth Projects Ltd. (NNP - TSXV) today
announced its financial results for the year ended December 31, 2008. Mr. Greg
Herndier, President and Chief Executive Officer of NewNorth, reports a net
income of $96,000, with earnings before discontinued operations of $318,000.
Earnings per share, basic and diluted were as follows:

    
    Earnings per share from continuing operations       $  0.02
    Loss per share from discontinued operations           (0.01)
    -------------------------------------------------------------
    Earnings per share, basic & diluted                 $  0.01
    -------------------------------------------------------------

    Select information for the year:

        -  Twenty four units of a 60 unit townhome condominium project in Red
           Deer, AB were sold with total revenues of $5.2 million.
        -  A portion of commercial property in Fort McMurray, AB (owned by a
           limited partnership in which NewNorth holds a 50% interest) was
           sold. NewNorth's proportionate interest in the sale was $2.6
           million.
        -  Greenland operations were discontinued with a loss in the year of
           $222,000.
        -  380,000 Stock options were cancelled, valued at $361,000 using the
           Black-Scholes model. No other compensation was provided in
           consideration of the cancellation.
    

    NewNorth is an integrated land and building development Corporation
operating in Alberta and the Northwest Territories.

    
    The TSX Venture Exchange does not accept responsibility for the adequacy
    of accuracy of this release.

    The contents of this release have not been approved or disapproved by any
    securities authority or stock exchanges.
    





For further information:

For further information: Mr. Greg N. Herndier, Chief Executive Officer
or Ms. Katherine Ayotte, Chief Financial Officer at (403) 531-0280


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