NewNorth Projects Ltd. announces acquisition of development property

    CALGARY, Oct. 31 /CNW/ - NewNorth Projects Ltd. (NNP.TSXV) today
announced the acquisition of a 60 unit town house condominium project in Red
Deer, Alberta.
    The $8.5 million acquisition is slated for refurbishing and resale into
early 2008. Financed through credit facilities totaling $7,855,920.00,
comprised of a $6,375,000.00 credit facility utilized for the purposes of
completing the acquisition of the project and a $1,480.920.00 credit facility
to be utilized for the purposes of the renovations necessary to the project,
together with the capital investment of $2,125,000.00. The project gains entry
to a growing market place for NewNorth and added value for its stakeholders

    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
    or accuracy of this release.

For further information:

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

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