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Thursday, 10/28/2010 7:18:09 PM

Thursday, October 28, 2010 7:18:09 PM

Post# of 156
News C O R R E C T I O N from Source -- Noront Resources Ltd./
In c7072 transmitted at 17:49e today, errors occurred in the first paragraph. The number of shares that Dundee Securities Corporation and the Underwriters have agreed to purchase should have read "4,800,000" and not "4,770,000". The price per Flow-Through Share should have read "$1.25" and not "$1.26". The total gross proceeds to Noront should have read "$6,000,000" and not "$6,010,200". The maximum number of additional Flow-Through Common Shares that the Underwriters have the option to purchase on the closing date should have read "2,400,000" and not "2,390,000". Full corrected copy follows:

Noront Announces $6.0 Million Private Placement

Funds to Advance McFauld's Lake Exploration Programs

TORONTO, Oct. 28 /CNW/ - Noront Resources Ltd. (Toronto, Ontario)(TSX-V:NOT) (the "Company") is pleased to announce that it has entered into a letter of engagement with Dundee Securities Corporation, under which Dundee Securities Corporation and a syndicate of underwriters (the "Underwriters") have agreed to purchase on a bought deal private placement basis 4,800,000 flow-through common shares (the "Flow-Through Shares") of Noront at a price of $1.25 per Flow-Through Share for total gross proceeds to Noront of $6,000,000. The Underwriters also have the option to purchase up to an additional 2,400,000 Flow-Through Common Shares on the closing date. A cash commission equal to 5.0% of the gross proceeds raised in the offering will be paid to the Underwriters.

Closing of the offering is scheduled to occur on or about November 26, 2010. All securities issued will be subject to a four month and one day hold period. The offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.

Gross proceeds from the sale of the Flow-Through Shares will be used to fund ongoing exploration activities on Noront'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, 2010.

These securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.

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.

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 For further information please contact Noront at (416) 367-1444, or visit Noront's website at: http://www.norontresources.com.

Wesley (Wes) Hanson

President & Chief Executive Officer