Noront Resources Ltd. TSX VENTURE: NOT

TORONTO, ONTARIO--(Marketwire - Sept. 20, 2007) - Noront Resources Ltd. "Noront")(TSX VENTURE:NOT) has retained IBK Capital Corp., of Toronto, to evaluate strategic alternatives to maximize shareholder value. Management and the board firmly believe that the company is undervalued in light of our gold project in Urban Township, Quebec, and now our new nickel-copper discovery on our Double Eagle project located in the James Bay lowlands. With IBK Capital's expertise in handling mining transactions globally, we believe IBK will help us unlock the true value of our assets for the substantial benefit of our shareholders. These alternatives will include the enhancement of the Company's share value for the shareholders.

Noront management and the board of directors will work with its financial adviser, IBK Capital Corp., to ensure that all alternatives available to the company are properly considered and evaluated.

In December 2006, IBK Capital raised $15,000,000 for Noront Resources Ltd. through the private placement of units of common shares and warrants. The Fall 2006 drilling program on its wholly owned Windfall Lake property in Urban Township, Quebec encountered three significant zones of gold mineralization at a depth of 119.6 meters, the best of which covered a total width of 15.7 feet, and assayed 3 times for 52.3 oz/t or 1792.9 g/t, and 23.33 oz/t or 800 g/t, and 38.74 oz/t or 1327.9 g/t. For further information please visit Noront's website www.norontresources.com.

Dick Nemis, president and chief executive officer, said: "We've seen what IBK Capital can do and we're pleased to work with their professional staff to maximize value for our shareholders. IBK's reputation is first class and they have the worldwide network of contacts to help us evaluate the full range of alternatives available to us.

Bill White, President of IBK Capital, has an impressive history in the financing of gold mines. Bill was the investment banker at Merrill Lynch who assisted Barrick on the purchase of the Goldstrike Mine in Nevada and the raising of more than $300 million in equity for Barrick in five public financings within a 12 month period in order to put the Goldstrike mine into production. Bill was also the investment banker who managed the $175 million equity funding in the creation of Goldcorp for Mr. McEwen.

For our new nickel-copper discovery in the James Bay Lowlands, Northeastern Ontario it is important to note that IBK Capital provided financial advisory services to the Government of Newfoundland and Labrador with regard to its negotiations with Inco Ltd. on the Voisey's Bay nickel deposit in Labrador. Inco bought the Voisey's Bay property in 1996 for $4.3 billion at a time when the spot price of nickel per pound was US $4.00, and the nickel spot price today is now more than US $12 per pound. The development of Noront's nickel-copper discovery will be crucial to the economic well-being of all Noront shareholders."

Bill White, President, IBK Capital, said "From a timing point of view, Noront's gold discovery in Quebec, and now this new nickel-copper discovery in Northeastern Ontario represent only the first chapter in a 20 chapter book about Noront's potential creation of wealth in the Canadian mining industry. IBK Capital is delighted to be part of Noront's team, especially at this early stage in Noront's development."

Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 95,378,607 shares issued to date.

Investors are invited to visit the Noront Resources 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.