NewNorth announces results for the six months ended June 30, 2008

    CALGARY, July 30 /CNW/ - NewNorth Projects Ltd. (NNP - TSXV) today
announced its financial results for the six months ending June 30, 2008.
    Mr. Greg Herndier, President and Chief Executive Officer of NewNorth,
reports a net profit of $587,000 with a per share earnings of $.05 (basic and

    In the period:
    -   Twelve units of a 60 unit townhome condominium project in Red Deer,
        AB were sold with total revenues of $2.6 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.

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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