Noront Resources Closes Debt Extension and Royalty Sale

TORONTO, ON--(Marketwired - January 14, 2016) -  Noront Resources Ltd. ("Noront" or the "Company") (TSX VENTURE: NOT) is pleased to announce the closing of the previously announced extension on it US$15 million convertible debt debenture and sale of a 1% NSR.

Noront has extended the term of its US$15 million convertible debt debenture with its largest shareholder, Resource Capital Fund V (RCF). The debt now comes due on June 30, 2016 with all other terms and conditions remaining the same including the interest rate of 8% per annum payable in shares or cash at the option of RCF. The Company has also closed the previously announced sale of a 1% NSR royalty (the "Royalty") over the Eagle's Nest deposit to RCF for the sum of US$2.5 million. The agreement contains a buy-back provision whereby Noront can repurchase 50% of the royalty for US$3.125 million for a period of 30 months. The proceeds from this transaction were used to extinguish a US$2 million bridge loan payable to RCF and for working capital.

The Company will also be issuing 29,391 common shares of the Company (the "Interest Shares") at a deemed issue price of $0.39 per share in satisfaction of interest in the amount of $11,330 due on the US$2 million bridge loan for the period from January 1, 2016 to the date the debt was settled in full as a result of closing the sale of the Royalty. The shares will be subject to a four month hold period which will expire on May 21, 2016.

The calculation of the number of Interest Shares was based on the volume weighted average trading price of the common shares of the Company over the interest period.

After giving effect to the issuance of the Interest Shares there will be 257,127,860 common shares of the Company issued and outstanding.

About Noront Resources

Noront Resources Ltd. is focused on development of the high-grade Eagle's Nest nickel, copper, platinum and palladium deposit and the high-grade chromite deposits including Blackbird, Black Thor, and Big Daddy, all of which are located in the James Bay Lowlands of Ontario in an emerging metals camp known as the Ring of Fire. www.norontresources.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This press release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation.

Forward-looking information is based on reasonable assumptions that have been made by Noront as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Noront to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; risks related to government and environmental regulation; problems inherent to the marketability of base and precious metals; industry conditions, including fluctuations in the price of base and precious metals, fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects Noront; stock market volatility; competition; risk factors disclosed in Noront's most recent Management's Discussion and Analysis and Annual Information Form, available electronically on SEDAR; and such other factors described or referred to elsewhere herein, including unanticipated and/or unusual events. Many such factors are beyond Noront's ability to control or predict.

Although Noront has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate as actual results and future events could differ materially from those reliant on forward-looking information.

All of the forward-looking information given in this press release is qualified by these cautionary statements and readers are cautioned not to put undue reliance on forward-looking information due to its inherent uncertainty. Noront disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by law. This forward-looking information should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release.