Noront Closes C$10 Million Equity Financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FORDISSEMINATION IN THE UNITED STATES

TORONTO, Nov. 26 – Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture: NOT) is pleased to announce the completion of the private placementfinancing originally announced on October 28, 2010. Noront issued8,000,000 flow-through common shares (“Flow-Through Shares”) at a priceof $1.25 per Flow-Through Share, raising gross proceeds of $10,000,000(the “Offering”).

Dundee Securities Corporation acted as lead underwriter on behalf of asyndicate of underwriters including Middlefield Capital Corporation,NCP Northland Capital Partners Inc. and Union Securities Ltd.(collectively, the “Underwriters”). Noront paid a cash fee to theUnderwriters equal to 5% of the gross proceeds of the Offering.

The gross proceeds from the sale of the Flow-Through Shares will be usedfor Canadian Exploration Expenses (“CEE”) to fund ongoing explorationactivities on the Company’s McFauld’s Lake project. Such CEE will berenounced in favour of the subscribers of the Flow-Through Shareseffective on or before December 31, 2010.

All securities issued pursuant to the Offering will be subject to a fourmonth hold period under Canadian securities laws.

The securities being offered have not been registered under the U.S.Securities Act of 1933, as amended, and may not be offered or sold inthe United States in the absence of registration or an applicableexemption from the registration requirements. This press release doesnot constitute an offer to sell or the solicitation of an offer topurchase securities in the United States.

About Noront: Noront Resources Ltd. is focused on its significant and multiple,high-grade nickel-copper-platinum-palladium, chromite, gold andvanadium discoveries in an area known as the “Ring of Fire”, anemerging multi-metals district located in the James Bay Lowlands ofOntario, Canada. Noront is the dominant land holder at the Ring of Fireand continues to delineate and prove up its discoveries with NI 43-101technical and economic reports and an aggressive and well financeddrill plan for 2010. All material information on Noront can be found onthe Company’s website at www.norontresources.com or at SEDAR at www.sedar.com

Wesley (Wes) C. Hanson
President & Chief Executive Officer

FORWARD LOOKING STATEMENTS
This release contains “forward-looking statements” within the meaning ofapplicable Canadian securities legislation, including predictions,projections and forecasts. Forward-looking statements include, but arenot limited to, statements that address activities, events ordevelopments that the Company expects or anticipates will or may occurin the future, including such things as future business strategy,competitive strengths, goals, expansion, growth of the Company’sbusinesses, operations, plans and with respect to exploration results,the timing and success of exploration activities generally, permittingtime lines, government regulation of exploration and mining operations,environmental risks, title disputes or claims, limitations on insurancecoverage, timing and possible outcome of any pending litigation andtiming and results of future resource estimates or future economicstudies.

Often, but not always, forward-looking statements can be identified bythe use of words such as “plans”, “planning”, “planned”, “expects” or”looking forward”, “does not expect”, “continues”, “scheduled”,”estimates”, “forecasts”, “intends”, “potential”, “anticipates”, “doesnot anticipate”, or “belief”, or describes a “goal”, or variation ofsuch words and phrases or state that certain actions, events or results”may”, “could”, “would”, “might” or “will” be taken, occur or beachieved.

Forward-looking statements are based on a number of material factors andassumptions, including, the result of drilling and explorationactivities, that contracted parties provide goods and/or services onthe agreed timeframes, that equipment necessary for exploration isavailable as scheduled and does not incur unforeseen break downs, thatno labour shortages or delays are incurred, that plant and equipmentfunction as specified, that no unusual geological or technical problemsoccur, and that laboratory and other related services are availableand perform as contracted. Forward-looking statements involve known andunknown risks, future events, conditions, uncertainties and otherfactors which may cause the actual results, performance or achievementsto be materially different from any future results, prediction,projection, forecast, performance or achievements expressed or impliedby the forward-looking statements. Such factors include, among others,the interpretation and actual results of current explorationactivities; changes in project parameters as plans continue to berefined; future prices of gold; possible variations in grade orrecovery rates; failure of equipment or processes to operate asanticipated; the failure of contracted parties to perform; labourdisputes and other risks of the mining industry; delays in obtaininggovernmental approvals or financing or in the completion ofexploration, as well as those factors disclosed in the Company’spublicly filed documents. Although Noront has attempted to identifyimportant factors that could cause actual actions, events or results todiffer materially from those described in forward-looking statements,there may be other factors that cause actions, events or results not tobe as anticipated, estimated or intended. There can be no assurancethat forward-looking statements will prove to be accurate, as actualresults and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (asthat term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.

norontresourceNoront Closes C$10 Million Equity Financing