Noront Resources Announces $3 Million Private Placement of Flow-Through Shares

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Nov. 29, 2011 /CNW/ - Noront Resources Ltd. (TSX-V:NOT) (the "Company" or "Noront") is pleased to announce that it has entered into an agreement with Dundee Securities Ltd., on behalf of a syndicate including Raymond James Ltd. (the "Agents") under which the Agents have agreed to offer for sale, on a best efforts private placement basis, flow-through common shares (the "Flow-Through Shares") at a price of $0.86 per Flow-Through Share for gross proceeds of approximately $3,000,000 (the "Offering").
In addition, Noront has granted the Agents an over-allotment option (the "Option") to sell up to an additional $1,000,000 of the Flow-Through Shares sold pursuant to the Offering, at $0.86 per Flow-Through Share, exercisable at any time prior to 48 hours before the Closing Date of the Offering.
In connection with the Offering, the Agents will receive a cash commission equal to 5.0% of the gross proceeds raised under the Offering (inclusive of the Option). The Closing Date of the Offering is scheduled on or about December 20, 2011. All securities issued will be subject to a four month hold period. The Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.
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, 2011.
About Noront:
Noront Resources Ltd. is focused on developing the high-grade Eagle's Nest nickel-copper-platinum-palladium deposit, the exploration and development of the Blackbird chromite discovery and regional exploration for additional mineral deposits within its large, highly prospective land position in an area known as the "Ring of Fire", an emerging multi-metals camp located in the James Bay Lowlands of Ontario, Canada.

For further information please access the Company's website at www.norontresources.com or search the Company's publically filed documents at www.sedar.com.

Wesley (Wes) Hanson
President & Chief Executive Officer