TORONTO, ONTARIO August 10, 2009, Noront Resources Ltd. (“Noront”) (TSX Venture: NOT) has been advised that its syndicate of agents, led by Wellington West Capital Markets Inc. (the “Agents”) and including Dundee Securities Corporation, Genuity Capital Markets, Clarus Securities Inc. and IBK Capital Corp. has received commitments for its previously announced $20 million private placement offering of flow-through common shares (“Flow-Through Shares”).
Noront has, subject to regulatory approval, granted the Agents, an option to offer for sale, on a best efforts basis, up to an additional $5 million of Flow-Through Shares at the offering price of $2.80 per share.
Closing of the sale of the additional Flow-Through Shares shall take place concurrently with the closing of the sale of the Flow-Through Shares, which is anticipated to occur on or about August 26, 2009. All sales of Flow-Through Shares will be made on a private placement basis pursuant to exemptions from the prospectus requirements of applicable securities laws.
Gross proceeds from the sale of the Flow-Through Shares will be used to fund ongoing exploration activities on the Company’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, 2009.
About Noront Resources
Noront Resources is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite 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 2009. All material information on Noront may be found on the company website www.norontresources.com or on SEDAR www.sedar.com.
For further information please contact Joanne Jobin, Vice President Corporate Communications at (416) 367¬1444 ext 126, or visit Noront’s website at: http://www.norontresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS:
“Wesley (Wes) C. Hanson
President & Chief Executive Officer”