Noront announces C$6.7 million equity financing

    Symbol: NOT:TSX-V
    Shares Outstanding: 165,415,818
    Fully Diluted: 176,782,750

TORONTO, Jan. 14 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to announce that it has entered into an agreement in principle to issue to certain institutional investors (the "Investors") 2,436,364 common shares of Noront at $2.75 per share for aggregate gross proceeds to the Company of approximately C$6.7 million. The shares will be issued pursuant to a prospectus.

Pursuant to an agreement reached by Noront and the Investors, this offering is being completed in settlement of a dispute related to the validity of the Investors' acceptance of Noront's offer to acquire all of the issued and outstanding securities of Freewest Resources Canada Inc.

Gross proceeds from the sale of the shares will be used to fund corporate and development activities related to the Company's McFaulds Lake project. Closing is anticipated to occur in February, 2010 and is subject to certain customary conditions including, but not limited to, the execution of definitive documentation and receipt of all necessary approvals including the approval of the TSX Venture Exchange.

About Noront

Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite, gold and vanadium discoveries in an area known as the "Ring of Fire", an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the dominant land holder at the Ring of Fire and continues to delineate and prove up its discoveries with NI 43-101 technical and economic reports and an aggressive and well financed drill plan for 2010. All material information on Noront can be found on the Company's website at www.norontresources.com or at SEDAR at www.sedar.com.