Noront Announces C$6.7 Million Equity Financing

TORONTO, January 14 -

    Symbol: NOT:TSX-V
    Shares Outstanding: 165,415,818
    Fully Diluted: 176,782,750

Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is
pleased to announce that it has entered into an agreement in principle to
issue to certain institutional investors (the "Investors") 2,436,364 common
shares of Noront at $2.75 per share for aggregate gross proceeds to the
Company of approximately C$6.7 million. The shares will be issued pursuant
to a prospectus.

Pursuant to an agreement reached by Noront and the Investors, this
offering is being completed in settlement of a dispute related to the
validity of the Investors' acceptance of Noront's offer to acquire all of
the issued and outstanding securities of Freewest Resources Canada Inc.

Gross proceeds from the sale of the shares will be used to fund corporate
and development activities related to the Company's McFaulds Lake project.
Closing is anticipated to occur in February, 2010 and is subject to certain
customary conditions including, but not limited to, the execution of
definitive documentation and receipt of all necessary approvals including the
approval of the TSX Venture Exchange.

About Noront

Noront 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.

Wesley (Wes) Hanson

President & Chief Executive Officer

FORWARD-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 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.

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.

For further information: Joanne Jobin, Vice President Corporate
Communications at +1-416-367-1444, or visit Noront's website at:
www.norontresources.com

For further information: Joanne Jobin, Vice President Corporate Communications at +1-416-367-1444