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Press release from Marketwire

Noront Resources Announces Up to $15 Million Equity Financing

Monday, April 19, 2010

Noront Resources Announces Up to $15 Million Equity Financing16:40 EDT Monday, April 19, 2010TORONTO, ONTARIO--(Marketwire - April 19, 2010) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.Noront Resources Ltd. ("Noront", the "Company") (TSX VENTURE:NOT) is pleased to announce that it has entered into an agreement with Dundee Securities Corporation on behalf of itself and a syndicate of agents including Wellington West Capital Markets Inc. and Genuity Capital Markets (the "Agents") under which they have agreed to offer for sale, on a best efforts basis, flow-through common shares of Noront ("Flow-Through Shares") at a price of $1.83 per Flow-Through Share for aggregate gross proceeds of up to $15 million. All sales of Flow-Through Shares will be made on a private placement basis pursuant to exemptions from the prospectus requirements of applicable Canadian securities laws.Wes Hanson, President and CEO stated, "Completion of this financing will give Noront the opportunity to continue exploring for nickel, copper, platinum and palladium using flow through dollars, while conserving hard dollars for other purposes including engineering studies aimed at reducing project risk. We expect that the flow through dollars raised in connection with this financing will be sufficient to allow us to complete our 2010 exploration program, which is focused on resource expansion at Eagle's Nest combined with exploration at AT-12 and other promising geophysical targets within our Ring of Fire landholdings."In addition, Noront has granted the Agents an over-allotment option to sell an additional 15% of the Flow-Through Shares sold pursuant to the offering, at the issue price, exercisable at any time prior to 1 day before the Closing Date of the offering.The gross proceeds from the sale of the Flow-Through Shares will be used for Canadian Exploration Expenses ("CEE"), with the Company to use best efforts to qualify such CEE as "flow-through mining expenditures", to fund ongoing exploration activities on the Company's McFauld's Lake project. Such CEE will be renounced in favour of the subscribers of the Flow-Through Shares effective on or before December 31, 2010.Closing is anticipated to occur on or about May 12, 2010 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The Agents will be entitled to a cash commission equal to 5% of the gross proceeds of the offering, inclusive of the over-allotment option. Noront has also agreed to issue broker warrants to the Agents equal to 5% of the number of Flow-Through Shares sold under the offering, inclusive of the over-allotment option. Each broker warrant is exercisable to acquire one common share of the Company at the issue price for a period of 12 months following the Closing Date.All securities issued pursuant to the offering will be subject to a four month hold period under Canadian securities laws.About Noront ResourcesNoront 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.ON BEHALF OF THE BOARD OF DIRECTORS:Wesley (Wes) C. Hanson, President & Chief Executive OfficerFORWARD LOOKING STATEMENTS This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as the use of proceeds, ability to renounce CEE, future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although Noront has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.FOR FURTHER INFORMATION PLEASE CONTACT: Noront Resources Ltd. Joanne Jobin Vice President Corporate Communications (416) 367-1444 www.norontresources.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.