Unable to run python script - Permission Denied

Trying to run a NZBGet (Python) Script, I've tried to run manually with:

/mnt/local/ext001/MEDIA/NZBGet/scripts/videosort/VideoSort.py

but this results in:

bash: /mnt/local/ext001/MEDIA/NZBGet/scripts/videosort/VideoSort.py: Permission denied

I've tried running this as sudo and SU and permissions are 777 currently, but still get the same message. How can permission be denied?

EDIT: It seems the partition is mounting with noexec, despite using the following:

/mnt/local/ext001 ext4 auto,rw,exec,async,user,suid,noatime,nodiratime,relatime 0 2

Any idea why it is not accepting the exec option?