TORONTO, ONTARIO--(Marketwire - Feb. 26, 2013) - Noront Resources Ltd. ("Noront" or the "Company") (TSX VENTURE:NOT) is pleased to announce that it has entered into a loan facility with Resource Capital Fund V L.P. ("RCF") in the aggregate principal amount of US$15.0 million (the "Facility"). The Facility is a one year bridge loan (the "Bridge Loan") which matures on February 25th, 2014 and automatically rolls into a convertible loan (the "Convertible Loan") with a maturity date of December 31, 2015, if the Facility is not repaid prior to the Bridge Loan maturity date. The proceeds from the Facility will be used to further the development of the Company's advanced stage Eagle's Nest nickel, copper, platinum, palladium project; for working capital and for corporate requirements.

The Facility will bear interest at 10% per annum during the Bridge Loan period and at 8% per annum during the Convertible Loan period. Interest will be paid quarterly, in arrears, in common shares of the Company based on the volume weighted average trading price of the Company's common shares during the 20 days prior to the date of each interest period determination, or at RCF's option, in cash. The Facility will be secured by a first ranking perfected lien over all assets associated with the Company's projects, initially excluding the Company's interest in the Windfall Lake gold project; all shares or equity interests in subsidiaries of the Company and all intercompany debt. An Establishment Fee of 2% of the principal amount of the Facility will be paid to RCF in common shares of the Company, to be issued on the entering into of the Facility, with such shares valued using the volume weighted average trading price for the twenty days prior to November 28th, 2012.

The Convertible Loan may be converted into common shares of the Company at the option of RCF at a price of $0.45 cents per share at any time subsequent to the Bridge Loan maturity date and prior to December 31, 2015 (the "Conversion Rights"). RCF has an existing equity ownership interest in Noront of approximately 18%. If the Bridge Loan rolls into the Convertible Loan then, on a partially diluted basis, RCF's equity ownership interest will exceed 20% of the total number of outstanding shares of the Company. Shareholder approval is therefore required to grant the Conversion Rights and is a condition to entering into the Facility (which includes the Conversion Rights) after closing. The Facility requires the Company to hold a special meeting of shareholders to approve the Convertible Loan before the end of April 2013. If the Company's shareholders do not approve the Convertible Loan, then the Facility will mature on the Bridge Loan maturity date and the interest rate will increase to 15% per annum for the period beginning on the date of the special meeting of shareholders and ending on the Bridge Loan maturity date.

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 visit Noront's website at: http://www.norontresources.com or search the Company's publically filed documents on SEDAR at: http://www.sedar.com.