Noront Resources Ltd. Announces Closing of Private Placement

TORONTO, ONTARIO--(Marketwire - Feb. 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 Issues Research Update for 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.

Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 118,478,582 common shares issued to date.

Investors are invited to visit the Noront Resources Ltd.'s IR Hub at www.agoracom.com/IR/Noront where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to NOT@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

ON BEHALF OF THE BOARD OF DIRECTORS

R. Nemis, President and Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.