I'm starting to sound like Jethro...sheesh..

A DundeeWealth Inc. Company Please see Disclosures and Disclaimers on the last two pages of this report.

Noront Resources Ltd.

(NOT-V: C$1.93) intraday This Just In!

November 19, 2009

NOT RATED, Speculative Risk*

12-month target price: N/R

Ron Stewart / (647) 428-8324

Ron.Stewart@dundeesecurities.com

Robert Thaemlitz / (647) 428-8392

rthaemlitzl@dundeesecurities.com

Surprise! High-Grade Platinum at the Eagle's Nest

Conclusion

Noront Resources (NOT-V, Not Rated), today released the assay results from an additional five drill holes from the

Eagle's Nest, nickel-copper-PGE deposit at the McFaulds Lake Property located within the Ring of Fire district in the

James Bay Lowlands of Ontario. We consider the results to be very positive as a new high-grade platinum zone has

been discovered (Hole 70 in Exhibit 1). In addition the drilling has confirmed the continuity of mineralization from

surface to over 1,000m in depth (Exhibit 5). Noront now estimates the deposit to contain 10-15 million tonnes of

mineralized material averaging 2.0% nickel, 1.0% copper, 1-2 g/t platinum and 3-5 g/t palladium.

Exhibit 1: Summary of Significant Drill Results from the Eagle 1B and 1C Mineralized Lenses

Source: Company Documents

High-grade patinum discovered

Hole 70 was the highlight of the release and a positive surprise to see high-grade platinum grades. The hole intersected

massive sulphide mineralization with grades of 4.4% Nickel, 2.4% copper, 28 g/t platinum and, 8 g/t palladium over

22.8m. The 28 g/t platinum assay is exceptional as the current resource contains just over 1 g/t platinum (Exhibit 3).

The hole also included an interval of 69 g/t platinum over 8.4m. True widths could not be determined by the Company.

Hole 70 confirms one of the strengths of the deposit, significant areas of high grade massive sulphides. NOT indicated

that they are seeing indications of the massive sulphides being a single, consistent zone with a predictable orientation

which we see as a strong positive indicator of the quality of the next resource estimate. Based on today's results and

NOT's estimated grade of the deposit, we see the platinum area released today having an in-situ value of about

$2,000/t or over 4 times the value of the already valuable $450/t rock (Exhibit 2). We see added oppurtunity for NOT to

find similar zones having higher grade PGE's as there are potentially other parts of the deposit that have undergone

similar magmatic cooling conditions.

Exhibit 2: Gross metal value US$ per tonne of rock

Ni $/t Cu $/t Pt $/t Pd $/t Total $/t

Eagle's Nest Average in-situ value (NOT's Nov.19th estimate)309 50 58 35451

Hole 70 in-situ value681 118 1083 701952

Source: Dundee Analysis, Dundee post 2012 assumptions: $7.00/lb nickel, $2.25/lb copper, 1,200/oz platinum and $275/oz palladium

Noront may have reached the critical mass to support development

In the release today, NOT's geological team currently estimates the Eagle's Nest contains between 10-15 million

tonnes of mineralized material which has them clear their previously stated goal of 10 mt. Hole 68 which intersected

135m of mineralization along with other drill results likely helped in the assessment as it confirmed continuity between

previously named 1B and 1C lenses (Exhibit 5). NOT is now confident the deposit is a single continuous structure

which extends from surface to depths below 1,000m. In an October 16th note, we believed that the Company was well

within site of its 10 million tonne target and today's release confirms our view. We continue to see excellent exploration

upside down-dip and along strike but believe the deposit may have reached a critical mass that could support

development based on high grade assays and a sample of nickel deposits worldwide (Exhibit 4).