TORONTO, ONTARIO--(Marketwire - Dec. 5, 2012) - Noront Resources Ltd. ("Noront" or the "Company") (TSX VENTURE:NOT) is pleased to announce it has reached an agreement in principle to sell its 25% interest in the Windfall Lake Project in Quebec.

The Company has entered into a purchase and sale agreement (the "Agreement") with Maudore Minerals Ltd. ("Maudore") (TSX VENTURE:MAO)(OTCBB:MAOMF)(FRANKFURT:MGL), pursuant to which Maudore has agreed to acquire Noront's 25% interest in the Windfall Lake Project. The Windfall Lake Project is a joint venture between Noront and Eagle Hill Exploration Corporation ("Eagle Hill"). Eagle Hill has earned a 75% interest in the project and is the operator.

Maudore has agreed to pay a sum of CAD$10.0 million in cash plus three million warrants which entitle Noront to purchase common shares of Maudore at a price of CAD$2.20 per common share ("the Warrants") (collectively the "Purchase Price") in exchange for Noront's current 25% interest in the Windfall Lake Project. Maudore will also be required to pay to Noront, subject to certain conditions, an additional amount in the event that Maudore acquires, directly or indirectly, Eagle Hill's 75% interest in the Windfall Lake Property (the "75% Interest") equal to the difference (if any) between (i) one third of the purchase price paid by Maudore for the 75% Interest and (ii) CAD $10.0 million. The additional payment will be satisfied by the issuance of Maudore common shares.

Pursuant to the Agreement and subject to certain conditions, Maudore has the right to direct Noront to enforce its rights under the option agreement between Noront and Eagle Hill (the "Option Agreement") including its right to repurchase the 75% Interest from Eagle Hill (the "Repurchase") and subsequently transfer the 75% Interest to Maudore, provided that (i) Noront agrees that the Repurchase should be exercised ; (ii) Maudore shall pay to Noront up to CAD$6.0 million at the time of completion of the Repurchase, and (iii) no other consideration shall be paid by Maudore to Noront in connection with the Repurchase and the transfer of the 75% Interest to Maudore.

The Agreement is subject to certain conditions. In particular, Maudore's obligation to purchase Noront's 25% interest in the Windfall Lake Project is subject to the acquisition of the 75% Interest, or obtaining the consent of Eagle Hill under the Option Agreement.

About Noront: Noront Resources Ltd. is focused on development of the high-grade Eagle's Nest nickel, copper, platinum and palladium deposit and the high-grade Blackbird chromite deposit, both of which are located in the James Bay lowlands of Ontario in an emerging metals camp known as the Ring of Fire.

For further information please contact Olya Yousefi, Manager, Corporate Communications at (416) 367-1444, or visit Noront's website at: http://www.norontresources.com or search the Company's publically filed documents on SEDAR at: http://www.sedar.com.

Wesley (Wes) Hanson

President & Chief Executive Officer