Noront Announces Closing of Sale of Its Interest in the Windfall Lake Property

TORONTO, ONTARIO--(Marketwired - Aug. 15, 2013) - Noront Resources Ltd. ("Noront" or the "Company") (TSX VENTURE:NOT) is pleased to announce that it has closed the previously announced sale of its remaining 25% interest, all royalty interests, and all other associated rights in the Windfall Lake Project (the "Project") on the terms and conditions contained in the binding letter agreement (the "Letter Agreement") between the Company, Eagle Hill Exploration Corp. ("Eagle Hill") and Southern Arc Minerals Inc., entered into on June 28, 2013

On closing, and in accordance with the Letter Agreement, the Company received cash consideration of $4,385,000 ($5,000,000 less the $615,000 non-refundable deposit previously received by the Company) and share consideration of 25 million freely tradeable (subject only to such hold periods as are required under applicable Canadian securities laws) common shares of Eagle Hill. The Company has paid 5% of the cash and share consideration to IBK Capital Inc. in accordance with their advisory mandate.

The original option agreement entered into between Eagle Hill and the Company on July 20, 2009 and as amended on April 19, 2013 has been terminated save and except for certain sections of the agreement which require Eagle Hill to take all necessary steps to effect the transfer of the reclamation liability on the Project from the Company to Eagle Hill and to indemnify the Company for any losses as a result of any Environmental Claims including any required site reclamation.

About Noront: Noront Resources Ltd. is focused on development of the high-grade Eagle's Nest nickel, copper, platinum and palladium deposit and the high-grade Blackbird chromite deposit, both of which are located in the James Bay Lowlands of Ontario in an emerging metals camp known as the Ring of Fire.

For further information please visit Noront's website at: http://www.norontresources.com or search the Company's publically filed documents on SEDAR at: http://www.sedar.com.