Noront Announces Increase to Underwriters’ Option of Previously Announced Private Placement

TORONTO, ONTARIO–(Marketwire – Oct. 29, 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”) has amended the terms of its previously announced $6,000,000 private placement (the “Offering”) of flow-through common shares in the capital of Noront (the “Flow-Through Common Shares”) at a price of $1.25 per Flow-Through Common Share. Pursuant to the amendment, Dundee Securities Corporation and a syndicate of underwriters (collectively, the “Underwriters”) have agreed to increase the Underwriters’ option (the “Option”) to 3,200,000 Flow-Through Common Shares or $4,000,000 bringing the total gross proceeds of the Offering to $10,000,000 if the Option is exercised. A cash commission equal to 5.0% of the gross proceeds raised in the Offering will be paid to the Underwriters.

The Flow-Through Common Shares to be sold under the Offering will be offered by way of a private placement in the Provinces of British Columbia, Alberta, Ontario and Quebec.

The Offering is scheduled to close on November 26, 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, and other applicable securities regulatory authorities. All securities issued will be subject to a four month hold period.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Noront
(416) 367-1444
www.norontresources.com

norontresourceNoront Announces Increase to Underwriters’ Option of Previously Announced Private Placement