Noront and Rosseau Resolve Proxy Contest and Agree on Composition of Noront Board



    TORONTO, Oct. 27 /CNW/ - Noront Resources Ltd. ("Noront" or the
"Company") and Rosseau Asset Management Ltd. ("Rosseau") are pleased to
announce that they have agreed to a jointly determined single slate of
directors for election at Noront's annual and special meeting of shareholders
to be held on October 28, 2008 (the "Meeting"). The new Board will have a
strong mandate to move the Company forward in the best interests of all
shareholders. Pursuant to the terms of an arrangement reached between Rosseau
and Noront, the new board of directors will be comprised of the following six
directors: Darren J. Blasutti, Joseph A. Hamilton, Keith McKay, Lorie
Waisberg, Patrick F.N. Anderson and Paul A. Parisotto. In the view of the
current Board and management of Noront, as well as Rosseau, the new Board will
be well positioned to take Noront forward into the future drawing on
considerable new industry expertise. The new Board will also ensure that
Noront's future is pursued in a balanced manner in the interests of all
shareholders.
    In order to achieve this compromise and to facilitate a resolution that
is in the best interests of all Noront's shareholders, Noront's current
President and Chief Executive Officer, Richard Nemis, has agreed to stand down
as President, CEO and director on October 28, 2008. In recognition of his
outstanding and pivotal contribution to the success of the Company to date,
Mr. Nemis will be named Chairman Emeritus of Noront for life and will serve as
a special advisor to the new Board. The office of President and CEO will be
filled on an interim basis by Joseph Hamilton and Paul Parisotto serving as
co-CEOs. The new Board is expected to begin a search for a permanent CEO
immediately. It is anticipated that the new CEO, when selected, will be
appointed to fill the seventh seat on the Board. The remainder of Noront's
management, which remains unchanged by these developments, welcomes the
opportunity to work with the new Board in pursuing Noront's future success.

    
    A brief description of the experience of the new proposed Board is set out
below:

    -  Darren J. Blasutti - is Senior Vice President, Corporate Development
       for Barrick Gold Corporation. He has played a key role in the
       implementation of strategic development opportunities and multiple
       acquisitions. Mr. Blasutti was previously at PricewaterhouseCoopers
       where he planned, supervised and managed audits for a variety of
       clients. He is a member of the Canadian Institute of Chartered
       Accountants.

    -  Joseph A. Hamilton - is a Professional Geologist with over 14 years
       of mineral exploration experience in addition to over seven years as
       a mining analyst in the investment industry and three years experience
       in mining development. Mr. Hamilton is currently the President of
       Pickax International Corporation, a private company providing services
       to the mining industry. He was previously the Chief Executive Officer
       of African Copper plc.

    -  Keith McKay - is a Chartered Accountant with 25 years of financial
       experience in all aspects of the mining industry, including
       construction and operations, financing and mergers and acquisitions
       transactions. Most recently, Mr. McKay was appointed Chief Financial
       Officer of Aurelian Resources Ltd. in 2007. Previously, he was Senior
       Vice President of a worldwide publicly-listed engineering and project
       management services firm and prior to that he was Controller at Rio
       Algom Ltd.

    -  Lorie Waisberg, Q.C. - is currently a director of Chemtrade Logistics,
       Keystone North America, Metalex Ventures, Primary Energy Recycling
       Corporation and Tembec. Prior to retirement, he served as Executive
       Vice President of Co-Steel Inc. Mr. Waisberg has served on the board
       of approximately 15 Canadian public companies over the last ten years.
       For 30 years he practiced with and was a senior business law partner
       at Goodmans LLP.

    -  Patrick F.N. Anderson - is the President and Chief Executive Officer
       of Aurelian Resources Ltd. which he co-founded in 2001. He is a
       geologist with over 13 years experience in all aspects of the
       exploration business. Mr. Anderson has worked as a consulting
       geologist on gold, base metals and diamond projects in North America,
       South America and Europe for junior explorers, major producers and
       consulting firms to the mining industry.

    -  Paul A. Parisotto - is the President and Chief Executive Officer of
       Blacksands Petroleum, Inc. Previously he was President and Chief
       Executive Officer of Arizona Star Resource Corp., which was acquired
       by Barrick Gold in 2007. Prior to these responsibilities,
       Mr. Parisotto served as Vice President at two investment dealers.
       Mr. Parisotto was also previously Manager, Original Listings at the
       Toronto Stock Exchange during which time he was involved in the
       listing of over 250 companies. He was also a director of Nevada
       Pacific Gold Ltd until its acquisition by US Gold Inc.
    

    Mr. Paul Parisotto, Chairman of Noront's Special Committee said, "We are
pleased that we have been able to reach agreement with Rosseau on a new board
that positions Noront well for future success. Going forward, Noront will have
a balanced joint slate of directors representing the interests of all
shareholders. It is important to know that the Company's management team which
was largely responsible for our discoveries in the Ring of Fire will remain
with Noront. The Company is grateful for the longstanding and excellent
service of Dick Nemis, Maurice Stekel and Douglas Blanchflower".
    Warren Irwin of Rosseau commented, "We thank Mr. Nemis for the
contributions that he has made to the foundation and development of the
Company. We also thank Paul Parisotto, as Chairman of Noront's Special
Committee, who was instrumental in finding this solution to recognize the
interests of all shareholders. We are confident that the Board proposed for
election on Tuesday will bring together the expertise Noront requires for the
next stage of its development."

    ...........................

    The annual and special meeting of Noront's shareholders will be held on
October 28, 2008 at 10:30 am (Toronto time) pursuant to the notice to
shareholders. Noront's management and Rosseau will jointly put forward a slate
of directors consisting of three nominees from the slate proposed in Noront's
management information circular (Messrs. Paul A. Parisotto, Maurice H. Stekel
and John Douglas Blanchflower) and four nominees from the slate proposed in
Rosseau's dissident information circular (Messrs. Joseph Hamilton, Patrick
Anderson, Keith McKay and Michael Woollcombe). The remaining nominees of
Noront's management and Rosseau have withdrawn their consent and will not
permit themselves to be nominated as directors at the Meeting. Immediately
following the Meeting, Messrs. Woollcombe, Stekel and Blanchflower have agreed
to resign as directors and Messrs. Stekel and Blanchflower will be replaced by
the remaining two agreed-upon future directors of Noront, Messrs. Blasutti and
Waisberg.

    About Noront

    Noront is a tier 2 junior resource company on the TSX Venture Exchange,
trading symbol NOT, with 129,894,783 shares issued to date.

    
    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OF THIS NEWS RELEASE.
    





For further information:

For further information: John Lute, Lute & Company, (416) 929-5883

Organization Profile

NORONT RESOURCES LTD.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890