Noront Resources Ltd.

15 Toronto Street Telephone (416) 864-1456

Suite 1000 Telefax (416) 367-5444

Toronto, Ontario M5C 2E3 email: info@norontresources.com

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TORONTO, ONTARIO (February 7, 2008) - Noront Resources Ltd. (“Noront”) (TSX

VENTURE: “NOT”) has closed a private placement of 6,500,000 units of Noront for aggregate

gross proceeds of $26,000,000. Noront is very pleased to announce that Rosseau Asset

Management; Pinetree Capital Ltd.; Robert McEwen, President, Evanachan Limited; Pierre

Lassonde, Chairman, Franco-Nevada Corporation; Sprott Asset Management; and Northfield

Capital Corporation purchased a substantial portion of the units in this private placement.

Each unit was priced at $4.00 and consists of one common share and one-half of one common

share purchase warrant. Each whole warrant entitles the holder to purchase one common share of

Noront at an exercise price of $5.00 for a period of two years from the date of issue, subject to

accelerated expiry, being 30 days after the common shares of Noront have closed at or above a

price of $6.00 for ten consecutive trading days on the principal exchange on which Noront’s

common shares are listed for trading. The common shares and warrants comprising the units, and

the common shares underlying the warrants, are subject to a hold period which expires on June 7,

2008. IBK Capital Corp. acted as agent and J.P. Morgan Securities Inc. acted as financial advisor

for Noront on this transaction.

“This financing will provide Noront with the financial strength to develop its assets independent of

near-term market fluctuations”, stated Richard Nemis, President of Noront

Wasserman Morris and Company, an independent investment research firm, released an equity

research update of Noront on February 5, 2008. Wasserman Morris reiterated a speculative buy

rating. The report is available for viewing at http://www.wassermanmorris.com. Wasserman

Morris is an equity research firm providing research for small cap companies. Wasserman Morris

distributes its research to a broad audience of institutional and individual investors seeking

information on under-followed small cap stocks. A third party has paid Wasserman Morris on

behalf of Noront for one year of coverage as detailed in the report. Neither Wasserman Morris nor

the analysts own equity or debt securities of Noront. More information about Wasserman Morris

policies can be found at www.wassermanmorris.com.