TORONTO, ONTARIO--(Marketwire - Dec. 11, 2007) - Noront Resources Ltd. ("Noront") (TSX VENTURE: NOT), Baltic Resources Inc. ("Baltic") (TSX VENTURE: BLR) and Temex Resources Corp. ("Temex")(TSX VENTURE: TME) (FRANKFURT: TQ1) announce that they have completed a significant land acquisition campaign in the McFaulds Lake area in the James Bay Lowlands region of northeastern, Ontario. The new properties, located in the general area of Noront's Double Eagle Ni-Cu-PGE discovery, were acquired by Temex on behalf of Temex, Noront and Baltic collectively the Staking Syndicate ("Staking Syndicate"). A total of 120 mining claims comprising 1900 claim units totaling 76,000 acres (the "Claims") were acquired on behalf of the Staking Syndicate.
Subsequent to the staking campaign, Temex, Noront and Baltic have entered into a binding Letter of Agreement whereby each party has agreed to grant the other two parties a 100% interest in one third of the total claims staked, with each of the parties retaining a 1% Net Smelter Returns ("NSR") royalty in the claims granted to the other parties. Therefore each party has a 100% interest in one third of the claim units and a 1% NSR royalty in two thirds of the claim units. Temex acted as operator of the Staking Syndicate.
The Claims cover features that these companies believe represent a geological environment similar to the geological setting near the Noront Ni-Cu-PGE discovery. It is believed that the newly acquired Claims have never been subjected to any previous exploration for Ni-Cu-PGE mineralization, and for the most part, the Claims have not been covered by a modern magnetic and electromagnetic geophysical survey.
Investors are invited to visit Noront's IR Hub at http://www.agoracom.com/IR/Noront where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to NOT@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
On behalf of the Board of Directors,
Richard Nemis, President and CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
CONTACT INFORMATION:
Temex Resources Corp.
Ian Campbell or Bruce Durham
(416) 862-2246
Website: www.temexcorp.com
or
Noront Resources Ltd.
Richard Nemis
(416) 864-1456
Fax: (416) 367-5444
Email: info@norontresources.com
Website: www.norontresources.com
or
Baltic Resources Inc.
Don McKinnon or Gordon McKinnon
(705) 268-9000
Website: www.balticresources.ca
