2013 Exploration Update

Noricum Gold Limited / EPIC: NMG / Sector: Natural Resources          

1 May 2013

            Noricum Gold Limited (`Noricum Gold' or `the Company')             

                          2013 Exploration Programme                           

                                Issue of Equity                                

Noricum Gold Limited, the Austrian focused gold exploration and development
company, is pleased to provide details of its 2013 exploration programmes for
its Rotgulden and Schonberg Gold & Precious Metals Projects.

Highlights

  * Rotgulden Project - strategy to advance previously producing mine and high
    grade gold and multi-element targets along 8km of strike:
   
  * 
      + Work will commence with an upgrade of the access road to
        Friedrichstollen Adit
       
      + Underground diamond drilling programme planned at existing Rotgülden
        Mine
       
      + Review of historic drill core from the Rotgülden underground mine
        on-going with results to be released once validated
       
      + Further geophysics, sampling and mapping to be undertaken at the newly
        identified Wandstollen target
       
      + Surface diamond drilling programme at the Altenberg target in final
        planning stage
       
  * Schonberg Project - advancement of attractive exploration target identified
    through 2012 exploration:
   
  * 
      + Systematic soil sampling and geochemistry programme to commence in late
        May
       
      + Work to commence following the Spring thaw - late snowfall and wintery
        conditions have resulted in delays to the commencement of this year's
        programme.
       
  * The Company is sufficiently funded to undertake the current planned work
    programmes at Rotgülden and Schonberg from its existing cash resources
   
Noricum Gold Managing Director Greg Kuenzel said, "Following the encouraging
exploration results received to date, we continue to make good progress at both
our Rotgülden and Schonberg gold and precious metals projects in Austria as we
focus on preparing for multiple drilling campaigns in 2013. Our overriding
objective is to demonstrate the scale and value of what we believe to be a new
gold province in Europe.

"At our flagship Rotgülden Project, we anticipate that our drill programme,
targeting the mid and lower levels of the previously producing mine, will lead
to the delineation of an initial resource, which we believe will be a
significant value driver at this highly prospective project. With this in mind,
we will be prioritising this target as we conduct additional reconnaissance
work at Wandstollen and finalise plans for drilling at Altenberg to further
assess the regional characteristics of the tenure. We look forward to the start
of this work programme, expected to be within the coming weeks, across two of
our five wholly owned projects following an unseasonably long winter season,
and to providing regular updates as appropriate."

Rotgulden Gold Project

Rotgülden Mine

The forthcoming underground drill programme is anticipated to comprise of
approximately 15 drill holes and is designed to define areas of massive
sulphide mineralisation that have been detected by electromagnetic programmes,
geological mapping and sampling in the areas just above the main level to
depths of around 50 to 100m.

The Company anticipates that holes close to the main level will produce good
thicknesses of multi element mineralisation that can be incorporated with
previous drilling and face sampling to create a resource. Previous drilling at
the lower level included intersections of 2.7m at 44.0g/t Au, 0.3m at 23.5g/t
Au and 5.15m at 4.9g/t Au.

Following a further review of historic results at the Rotgulden Mine, it was
noted that some of the core that was drilled in 1990 by Troy Resources was
never fully analysed even though it encountered mineralisation. Noricum Gold is
currently assessing this core and intends to undertake a complete analysis of
the mineralised intevals to provide a comprehensive multi element suite to
supplement the exixting geological data base.

The Company is also finalising plans for a surface drill programme at
Altenberg, which is located 2 km to the south of the previously producing mine.
Details of this programme will be provided in due course.

Wandstollen

The 2012 aerial survey identified previously unrecognised, significant
anomalism in the Wandstollen target area. In response to these encouraging
results, the Company conducted additional sampling within the Wandstollen Adit
where historical mining activity has been noted and previous sampling returned
grades of up to 10.85 g/t of gold. The results were announced on 13 December
2012. All samples showed gold anomalism, some with high grade.

Following this, the Company plans to undertake further geophysics, sampling and
mapping to strengthen its understanding of this newly highlighted area.

Schonberg Precious Metals Project

Schonberg is located approximately 100km east of Rotgulden and extensive
fieldwork, including mapping, sampling, petrology and historic data analysis
was conducted in 2012. Importantly, high grade gold, silver and copper results
were received from 40 dump and outcrop samples during this campaign and an
attractrive exploration target comprising of several phases of gold and copper
mineralisation was identified.

The Company plans to undertake a three phase exploration programme during the
2013 field season. The first phase will involve an extensive soil geochemistry
programme. The surficial potential at Schonberg relates to the likelihood that
some mineralisation will occur at surface and will trace mineralised trends
over the entire strike length. The Company believes there is potential for
oxide or near surface weathered mineralisation. Beneath this there exists the
potential for deeper sulphide mineralisation which the Company intends to
locate utilising historical maps and present day geophysical readings.

Historical data suggests the ore veins at Schonberg could contain average
grades of up to circa 3.1% Cu, 37.5g/t Ag and 3.5g/t Au.

The second phase will consist of follow up soil sampling analysed to a low
level of detection to infill the inital grid of 200 metres by 25 metres
spacings. If successful, drill targets will be generated and the third phase
may involve follow up Reverse Circulation drilling later in the season.

Issue of Equity

Additionally, on 30 April 2013 the Company issued 571,429 new ordinary shares
of no par value ("New Shares") to a consultant to the Company, in lieu of fees,
at a price of 0.7 pence per share.

The New Shares rank pari passu in all respects with the existing ordinary
shares of the Company. Application has been made to the London Stock Exchange
for the New Shares to be admitted to trading on AIM ("Admission"). It is
expected that Admission will become effective and that dealings in the Shares
will commence on 8 May 2013.

As a result of the issue of the New Shares, the Company's issued share capital
now consists of 754,798,072 ordinary shares of no par value.

Competent Person

The information in this announcement that relates to Exploration Results is
based on information compiled by Jeremy Whybrow, who is a Member of The
Australasian Institute of Mining and Metallurgy.

Jeremy Whybrow is a director of the Company.

Jeremy Whybrow has sufficient experience, relevant to the style of
mineralisation and type of deposit under consideration and to the activity
which he is undertaking, to qualify as a Competent Person as defined in the
2004 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Jeremy Whybrow has reviewed this
announcement and consents to the inclusion in the announcement of the matters
based on his information in the form and context in which it appears.

For further information please visit www.noricumgold.com or contact:

Greg Kuenzel     Noricum Gold Limited        Company       Tel: [phone]  
                                                                               
Ewan Leggat      S. P. Angel Corporate       Nomad &       Tel: [phone]  
                 Finance LLP                 Broker                            
                                                                               
Laura Littley    S. P. Angel Corporate       Nomad &       Tel: [phone]  
                 Finance LLP                 Broker                            
                                                                               
Elisabeth Cowell St Brides Media & Finance   PR            Tel: [phone]  
                 Ltd