Two new directors were elected at the last AGM held in October. Mr. Li from Baosteel and Mr. Bassett. I would not read too much into the announcement today as these options are typically granted to new directors shortly after they start.

The last options were granted was back in May 2011 (see below) at a strike price of .88 cents so this is close to what the others were granted five months ago.

Noront Resources Ltd. (NOT)	As of November 3rd, 2011
Filing Date	Transaction Date	Insider Name	Ownership Type	Securities	Nature of transaction	# or value acquired or disposed of	Unit Price
Jun 02/11	Jun 02/11	Baosteel Resources International Co. Ltd.	Direct Ownership	Warrants	00 - Opening Balance-Initial SEDI Report
Jun 02/11	Jun 02/11	Baosteel Resources International Co. Ltd.	Direct Ownership	Common Shares	00 - Opening Balance-Initial SEDI Report
Jun 01/11	May 05/11	Hamilton, Joseph Andrew	Direct Ownership	Options common shares	50 - Grant of options	200,000	$0.880
Jun 01/11	Oct 15/09	Hamilton, Joseph Andrew	Direct Ownership	Options common shares	50 - Grant of options	100,000	$1.840
May 24/11	May 05/11	McKay, Keith Douglas	Direct Ownership	Options common shares	50 - Grant of options	200,000
May 10/11	May 05/11	Davidson, Alexander John	Direct Ownership	Options common shares	50 - Grant of options	200,000	$0.880
May 10/11	May 05/11	Nolan, Glenn	Direct Ownership	Options common shares	50 - Grant of options	200,000	$0.880
May 10/11	May 05/11	Semple, Paul G.	Direct Ownership	Options common shares	50 - Grant of options	400,000	$0.880
May 10/11	May 05/11	Hanson, Wesley Clay	Direct Ownership	Options common shares	50 - Grant of options	500,000	$0.880
May 10/11	Dec 23/10	Rieveley, Gregory Robert	Direct Ownership	Options common shares	50 - Grant of options	50,000	$1.250
- Amended Filing