Noront Resources announces $20 million equity financing

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    Symbol:               NOT:TSX-V
    Shares Outstanding:   154,578,457
    Fully Diluted:        161,033,457
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TORONTO, Aug. 6 /CNW/ - Noront Resources Ltd. ("Noront") (TSX Venture: NOT) is pleased to announce that it has entered into an agreement with a syndicate of agents led by Wellington West Capital Markets Inc. (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 $2.80 per share for aggregate gross proceeds of approximately $20 million. 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.

Closing is anticipated to occur on or about August 26, 2009 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 Flow-Through Shares will be subject to a four-month hold period. The Agents will be entitled to a cash commission equal to 5% of the gross proceeds of the offering.

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 drill plan for 2009.

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                                       ON BEHALF OF THE BOARD OF DIRECTORS:
                                                   "Wesley (Wes) C. Hanson
                                       President & Chief Executive Officer"
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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.

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    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.
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For further information: Joanne Jobin, Vice President Corporate Communications at (416) 367-1444 ext 126, or visit Noront's website at: http://www.norontresources.com