Noront reports High Grade Assay Results and Provides Exploration Update

We reiterate our BUY recommendation, Speculative Risk, with a 12-month target price of C$2.90.

Strategic Perspective: Noront's current drill program in combination with results from ongoing deep penetrating ground geophysics is allowing the Company to locate new targets which may host new nickel, copper and PGE mineralization. As the infill drilling program comes to an end, the Company will soon begin exploring these new targets with the aim of expanding the current size of its reported NI 43-101 resource. As it increases its understanding of the mineralization found at the Ring of Fire, the Company is better able to deploy financial resources efficiently to maximize shareholder value. We view these developments in a positive light and reiterate our Buy recommendation (Speculative Risk).

Drilling Update:

Noront Resources Ltd. reported assay results from the 2010 drilling program at the McFaulds Lake property. Seven holes from the Eagle's Nest deposit and eight holes from the AT12 were released. Three of the seven holes at Eagle's Nest intersected massive sulphide mineralization which has now been traced from surface to 1,200 meters. Moreover, the intersected mineralization was successfully predicted by the Eagle's Nest model. Currently, six drill rigs are operating on site focusing on targets accessible during the summer season. The exploration team is also identifying targets for the upcoming winter campaign. The following are drill result highlights:

Eagle's Nest:

NOT-10-083: Intersected 87.4 meters grading 1.93% Ni, 0.82% Cu, 1.80 g/t Pt and 3.17 g/t Pd - including 7.5 meters averaging 4.83% Ni, 1.85% Cu, 11.14 g/t Pt and 6.69 g/t Pd;

NOT-10-087A: Intersected 89.3 meters grading 2.49% Ni, 0.99% Cu, 0.85 g/t Pt and 3.97 g/t Pd - including 13.8 meters averaging 6.97% Ni, 1.03% Cu, 0.70 g/t Pt and 7.72 g/t Pd;

NOT-10-084: Intersected 89.2 meters grading 1.75% Ni, 0.87% Cu, 0.80 g/t Pt and 3.29 g/t Pd - including 5.2 meters averaging 5.21% Ni, 2.54% Cu, 0.81 g/t Pt and 11.10 g/t Pd;

AT 12

NOT-10-2G41: Intersected 146.5 meters averaging 0.24% Ni, 0.04%Cu, 0.08 g/t Pt and 0.21 g/t Pd;

Eagle's Nest:

Drilling at Eagle's Nest has mostly finalized the limits of the mineralization above the 1,200 meters level and increased the extent and limits of massive sulphide material as shown in Figures 1 & 2. The infill program will soon be completed, after which the focus will turn towards testing new targets for new Ni-Cu-PGE sulphide deposits in the immediate vicinity of Eagle's Nest. Technical difficulties associated with deep drilling were encountered which have delayed results. Two holes are being drilled to test the promising structural convergence zone at depth at Eagle's Nest. The results will be released as they become available.

AT 12:

Thick intervals continue to be discovered at AT12. These consist of ultramafic host rocks containing low grade Ni-Cu-PGE mineralization. Notwithstanding the low grades, the Company is encouraged by the wide intersections of disseminated nickel mineralization found at the footwall at AT12 (up to 145 meters in drill core). There is potential for a larger volume Ni-Cu Sulphide mineralization.

Regional Exploration Update

Drilling in and around Eagle's Nest: As the Company's geological model of the camp continues to evolve, it is apparent that previous drilling conducted did not fully identify the source of many of the geological anomalies. Currently, one drill is being used to drill favourable targets in the immediate vicinity of Eagle's Nest.

AT 12: The exploration program here has been put on hold until the winter season, due to demanding ground conditions. AT 12 remains a high priority exploration target; however, the anomalies observed in immediate vicinity of Eagle's Nest have assumed a higher priority.

Triple J and Ekwan gold anomalies: Overburden drilling has been completed. Samples of the bedrock were collected and are currently being analyzed, primarily for gold. Results will be released as they become available.

Ground Geophysics: Several key targets have been identified in and around the Eagle's Nest complex, which would benefit from deep-looking geophysics.

Ring of Fire Structural Modeling: Noront's understanding of the Ring of Fire conduit system for the magmatic intrusion is important in identifying new deposits, especially those deeper than what existing airborne geophysics can identify (100 and 200 meters from surface). The Company has compiled the largest drill hole database in the Ring of Fire. The Company was able to generate a litho-structural model and interpret the model to depths exceeding 1,000 meters. The model, in combination with deep penetrating geophysical surveys, enables Noront to target new areas in the vicinity to Eagle's Nest where previous efforts failed to fully test. Over the next few weeks, ground geophysics will be completed over the most promising structural trends and the regional drill targets will be refined.