NewNorth Projects Ltd. - 10% Unsecured Redeemable Subordinated $500,000 Debenture redeemed

    CALGARY, March 30 /CNW/ - NewNorth Projects Ltd. (NNP.TSX) announces that
the Company has redeemed the 10% Unsecured Redeemable Subordinated Debenture
at par. This $500,000 privately placed debenture was issued in August, 2005
(maturing Aug. 24, 2015). The redemption will realize interest savings of
approximately $420,000 over the remaining life of the security.

    NewNorth Projects Ltd is an integrated land and building development
company operating in Alberta and the Northwest Territories.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.
    %SEDAR: 00017980E

For further information:

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

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