Noront Closes C$13.9 Million Equity Financing

TORONTO, ONTARIO--(Marketwire - May 12, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Noront Resources Ltd. ("Noront" or the "Company") (TSX VENTURE:NOT) is pleased to announce the completion of the private placement financing originally announced on April 19, 2010. Noront issued 7,598,200 flow-through common shares ("Flow-Through Shares") at a price of $1.83 per Flow-Through Share, raising gross proceeds of $13,904,706 (the "Offering").

Dundee Securities Corporation ("Dundee") acted as lead agent on behalf of a syndicate of agents including Wellington West Capital Markets Inc. and Canaccord Genuity Corp. (collectively, the "Agents").

Noront paid a cash fee to the Agents equal to 5% of the gross proceeds of the Offering and issued broker warrants to the Agents equal to 5% of the number of Flow-Through Shares sold pursuant to the Offering. Each broker warrant is exercisable to acquire one common share of the Company at the issue price of $1.83 per common share for a period of 12 months following the Closing Date.

The gross proceeds from the sale of the Flow-Through Shares will be used for Canadian Exploration Expenses ("CEE"), with the Company to use its best efforts to qualify such CEE as "flow-through mining expenditures", to fund ongoing exploration activities on the Company's McFauld's Lake project. Such CEE will be renounced in favour of the subscribers of the Flow-Through Shares effective on or before December 31, 2010.

All securities issued pursuant to the Offering will be subject to a four month hold period under Canadian securities laws.

The securities being offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States in the absence of registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to purchase securities in the United States.

About Noront Resources

Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite, gold and vanadium discoveries in an area known as the "Ring of Fire", an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the dominant land-holder at the Ring of Fire and continues to delineate and prove up its discoveries with NI 43-101 technical and economic reports and an aggressive and well financed drill plan for 2010. All material information on Noront can be found on the Company's website at www.norontresources.com or at SEDAR at www.sedar.com.

Wesley (Wes) C. Hanson, President & Chief Executive Officer