NOT Noront Resources Ltd

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 Resources

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.


ON BEHALF OF THE BOARD OF DIRECTORS:

Wesley (Wes) C. 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
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.

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