NewNorth announces results for the nine months ended September 30, 2008

    CALGARY, Oct. 24 /CNW/ - NewNorth Projects Ltd. (NNP - TSXV) today
announced its financial results for the nine months ending September 30, 2008.
    Mr. Greg Herndier, President and Chief Executive Officer of NewNorth,
reports a net profit of $500,000 with a per share earnings of $.04 (basic and

    In the period:
    -  Twenty two units of a 60 unit townhome condominium project in Red
       Deer, AB were sold with total revenues of $4.7 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.

    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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