Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) has closed a previously announced transaction with Cliffs Chromite Ontario Inc. ("Cliffs") to acquire its exploration camp and associated equipment at McFaulds Lake. The Company intends to use the camp as its construction base for the development of its Eagle's Nest nickel, copper, platinum group metal project.

Noront also confirms that payment of interest in the amount of $334,920 for the third quarter of 2014 pursuant to a loan agreement entered into with Resource Capital Funds V L.P. ("RCF") on February 26, 2013 (the "Loan Agreement") will be satisfied by delivery to RCF of 863,641 of the Company's common shares (the

"Interest Shares") at an effective price of $0.3878 per Interest Share. The Interest Shares will be delivered on October 10, 2014 subject to a four month hold period, expiring on February 11, 2015.

The calculation of the number of Interest Shares issued was based on the volume weighted average trading price of the common shares of the Company during the 20 trading days prior to September 30, 2014.

After giving effect to the issuance of the Interest Shares, there will be 239,271,809 common shares of the Company issued and outstanding.