Noront Announces $6.0 Million Private Placement

Funds to Advance McFauld's Lake Exploration Programs

TORONTO, ONTARIO--(Marketwire - Oct. 28, 2010) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES

Noront Resources Ltd. (TSX VENTURE:NOT) (the "Company") is pleased to announce that it has entered into a letter of engagement with Dundee Securities Corporation , under which Dundee Securities Corporation and a syndicate of underwriters (the "Underwriters") have agreed to purchase on a bought deal private placement basis 4,800,000 flow-through common shares (the "Flow-Through Shares") of Noront at a price of $1.25 per Flow-Through Share for total gross proceeds to Noront of $6,000,000. The Underwriters also have the option to purchase up to an additional 2,400,000 Flow-Through Common Shares on the closing date. A cash commission equal to 5.0% of the gross proceeds raised in the offering will be paid to the Underwriters.

Closing of the offering is scheduled to occur on or about November 26, 2010. All securities issued will be subject to a four month and one day hold period. The offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.

Gross proceeds from the sale of the Flow-Through Shares will be used to fund ongoing exploration activities on Noront's McFauld's Lake project. These activities will be eligible for Canadian exploration expenses and renounced in favour of the subscribers of the Flow-Through Shares effective on or before December 31, 2010.

These securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.