Noront Projects: 3 of 11: Lawson, Uranium..and gold.
June 8, 2006
Lawson Twp. Project North Ontario
3. An option arrangement to earn 100% interest subject to NSR royalties has been completed with a local prospector on the latter’s copper prospect consisting of 6 claim units in Lawson Township, northeastern Ontario. Geophysical (I.P.) surveying has indicated sub-surface targets covering the eastern extension of the surface mineralization. Further trenching will be carried out here before diamond drill testing is considered. The option agreement calls for payment in aggregate of $17,070 cash and the issuance in total of 35,000 common shares and completion of $80,000 in exploration on or before September 1st, 2008. The Optionee will maintain a 2% Net Smelter Royalty which the Company can repurchase 1% of at any time for $1million.
The sum of $12,450 and the issue of 25,000 shares will be due upon approvals of all regulatory authorities and at the option of the Company, paying and issuing a further $4,620 and 10,000 shares on or before February 1st, 2007 and completing optional exploration expenditures of $30,000 on or before February 1, 2007 and $50,000 on or before September 1st, 2008.
Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 54,332,692 shares issued to date.
For further information, please contact Richard Nemis at 416-864-1456