Rosseau Asset Management Ltd. to propose new slate of directors for Noront Resources Ltd.

    TORONTO, Oct. 9 /CNW/ - Rosseau Asset Management Ltd. ("Rosseau")
announced today that it will be proposing a new slate of directors for Noront
Resources Ltd. ("Noront") for election at the upcoming annual and special
meeting of the shareholders of Noront to be held on October 28, 2008 (the
"Meeting"). Rosseau and its officers and employees collectively own or control
an aggregate of 11,912,901 common shares of Noront, representing approximately
9.2% of the common shares of Noront entitled to be voted at the Meeting.

    The following seven individuals (the "Rosseau Nominees") will be proposed
    by Rosseau for election as directors of Noront at the Meeting:

    -   Patrick F.N. Anderson (President and Chief Executive Officer,
        Aurelian Resources Inc.);
    -   Bruce Durham (Independent Mining Executive; Executive Chairman, Temex
        Resources Corp.);
    -   Joseph A. Hamilton (President, Pickax International Corporation);
    -   Warren B. Irwin (President and Chief Investment Officer, Rosseau
        Asset Management Ltd.);
    -   Keith McKay (Chief Financial Officer, Aurelian Resources Inc.);
    -   Thomas Obradovich (Independent Mining Executive; Chairman,
        Independent Nickel Corp.); and
    -   Michael D. Woollcombe (Partner, Voorheis & Co. LLP).

    Rosseau is soliciting proxies from holders of Noront common shares to
vote FOR the Rosseau Nominees and not in favour of the nominees being proposed
by Noront's management.
    The reasons for supporting the Rosseau Nominees, including details of
their background and experience, are set forth in a proxy circular of Rosseau
and others dated October 8, 2008 (the "Rosseau Circular"). The Rosseau
Circular and accompanying YELLOW form of proxy have been filed with Canadian
securities regulators and are accessible on the System for Electronic Document
Analysis and Retrieval (SEDAR) at These materials will also be
mailed shortly to holders of Noront common shares.
    Mr. Warren B. Irwin, the President and Chief Investment Officer of
Rosseau, stated: "Noront is a mining company with great potential based on its
discovery in the McFaulds Lake area in the James Bay Lowlands, but it is
suffering from a lack of focus and inadequate direction, oversight and
leadership from Noront's existing board of directors and President and Chief
Executive Officer. The time has come to provide Noront with the direction and
leadership it requires through a new board of directors. The Rosseau Nominees
have the right experience in prospecting, geology, exploration, mining, public
companies, corporate development, corporate governance, capital markets and
other matters to allow Noront to begin realizing on its full potential. They
also all share one vision and commitment, which is to enhance value for the
benefit of all shareholders of Noront."

    The Rosseau Circular outlines a number of matters that demonstrate the
    shortcomings of Noront's existing board of directors and President and
    Chief Executive Officer and highlight the lack of focus and inadequate
    direction, oversight and leadership under which Noront is currently

    -   Noront recently wasted what it said would be approximately
        $15 million further developing its Windfall Lake gold property in
        Urban Township, Quebec as well as over $1 million on other non-core
        properties, taking scarce cash, human resources and focus away from
        the core McFaulds Lake discovery;
    -   Noront has severely diluted its McFaulds Lake claims position by
        entering into at least 11 different option agreements, which also
        drained and distracted Noront's administrative and operating
    -   Noront is squandering its leadership position in the McFaulds Lake
        area by optioning out its ground, rather than consolidating other
        players in the region to form a company with critical mass which is
        capable of bringing a project into development;
    -   Noront has been unwilling or unable to deliver on several important
        initiatives to enhance shareholder value including finding a
        replacement for the President and Chief Executive Officer, obtaining
        a listing on the Toronto Stock Exchange and spinning off non-core
        assets to shareholders; and
    -   Noront's senior management is prone to exaggeration and promotion
        that contributed to prematurely inflating Noront's share price to
        unsustainable levels, leaving it to later crash after Noront failed
        to meet unrealistic expectations.

    Mr. Irwin concluded: "Notwithstanding our concerns about Noront's current
board of directors and President and Chief Executive Officer, we have never
lost faith in the McFaulds Lake discovery and believe that, with proper
leadership, oversight and vision, Noront's long-term prospects are bright. We
are confident that the Rosseau Nominees will move firmly and decisively to
focus Noront's business and operations on the core McFaulds Lake discovery and
to develop and then implement a multi-year plan to maximize the value of that
discovery over the long-term for the benefit of Noront's shareholders."
    Holders of Noront common shares are encouraged to contact Kingsdale
Shareholder Services Inc. (tel. no: 416-867-2272 (collect calls accepted) or
1-800-749-9052 (toll-free)), which is assisting Rosseau, with any questions or
if they require assistance in voting the YELLOW form of proxy that accompanies
the Rosseau Circular. To ensure that their votes count, holders of Noront
common shares who wish to vote in favour of the Rosseau Nominees are asked to
send their completed, dated and signed YELLOW proxies to Kingsdale Shareholder
23, 2008, either by facsimile (to fax no. 1-866-545-5580) or by delivery to
Kingsdale at The Exchange Tower, 130 King Street West, Suite 2950, P.O. Box
361, Toronto, Ontario, M5X 1C7.

For further information:

For further information: Warren B. Irwin, MBA, CFA President and Chief
Investment Officer, Rosseau Asset Management Ltd., (416) 777-0711 (telephone),
(416) 777-0718 (facsimile)

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