Complete Assay Results - Rotgülden Drilling Pr...

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

17 January 2012

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

         Complete Assay Results from 2011 Rotgülden Drilling Programme         

Noricum Gold Limited, the Austrian focussed gold exploration and development
company, is pleased to announce continued significant mineralisation from its
2011 1,800m drilling programme at the historically producing Rotgülden mine,
located on the Company's 100% owned, 51 sq km Rotgülden gold and precious metal
project in Austria (`Rotgülden' or `the Project').

Highlights

  * Highly encouraging results from four of five drill holes highlight the
    presence of significant gold and silver mineralisation up to 3.1m @ 11.69g/
    t Au and 44.2g/t Ag from 173.7m from BL 03
   
  * Other significant intersections include:
   
  * 
      + BL 05 - 2.3m @ 2.69g/t Au, 2.28g/t Ag from 180.3m
       
      + BL 05 - 1.5m @ 2.78g/t Au, 2.80g/t Ag from 265.5m
       
      + BL 05 - 1.2m @ 3.08g/t Au, 21.53g/t Ag from 274.9m
       
      + BL 07 - 0.5m @ 6.68g/t Au, 21.6g/t Ag from 224.8m
       
  * Down hole electromagnetic surveys completed and results to be announced in
    due course
   
  * Planning for 2012 resource drilling programme at historically producing
    mine and the Altenberg Valley target currently underway and progressing
    well
   
Noricum Gold Managing Director Greg Kuenzel said, "We are pleased to report the
final results from our 2011 drill programme which highlights the presence of
significant high grade gold and silver mineralisation at the historic Rotgülden
mine. These intersections, along with the bonanza grade results returned during
2011 from multiple targets located on the extensions to the Rotgülden
mineralisation along 8km of strike, provide us with a very strong exploration
foundation for 2012.

"Importantly, the development of this year's work programme is now underway and
having just completed a further electromagnetic survey and reconnaissance work,
the data is currently being worked on by our consultants to be taken into
consideration as we look to work towards defining a maiden resource at the
highly prospective Rotgülden project."

2011 Drilling Programme

Drilling at Rotgülden has now been completed with a total of five holes being
drilled to depths of between 250 and 300m. Drill holes BL 05 and BL 02 both
intersected massive sulphide mineralisation, and the most significant
intercepts, along with those from the previously reported BL 03 and BL 07 drill
holes, have been listed below in Table 1. One hole drilled during the campaign,
BL 04, intersected a fault zone near surface which deviated it significantly
from surface to miss its target.

The drilling at Rotgülden was planned around electromagnetic (`EM') targets
delineated by a previous EM survey conducted in August 2011. The drill holes
were planned to intersect the EM targets so as to prove this method as an
exploration tool not only at the existing mine but also along the southerly 8km
strike through the Altenberg Valley where the mineralisation is similar to that
found at the existing mine. These holes were also designed to provide
infrastructure for a further down hole survey. This follow-up EM survey has
just been completed and the data is in the process of being interpreted by the
Company's consultants.

Table 1: 2011 significant drilling intercepts

 Drill Hole   From (m)   Width (m)   Au (g/t)    Ag (g/t)  
                                                           
    BL_3        173.7       3.1        11.69       44.2    
                                                           
    BL_5        180.3       2.3        2.69        2.28    
                                                           
    BL_5        265.5       1.5        2.78         2.8    
                                                           
    BL_5        274.9       1.2        3.08        21.53   
                                                           
    BL_7        224.8       0.5        6.68        21.6    
                                                           
    BL_5        183.7       5.3        0.48        9.95    
                                                           
    BL_7        196.5       1.5        0.65        30.0    
                                                           
    BL_5        257.7       0.5        1.67         9.2    
                                                           
    BL_3         250        0.5        1.03         1.2    
                                                           
    BL_2         243         5         0.01         4.7    
                                                           
    BL_2         202         2         0.01        7.35    
                                                           
    BL_2        177.7       1.3        0.03         4.5    

2012 Exploration Update

The Company has commenced preparations for the 2012 field season already and
consultation between the Company's geologists and stakeholders has been
initiated with a view to developing the 2012 field work programmes. Company
geologists will be defining a resource drilling campaign based on the results
from previous drilling and EM programmes.

The 2012 field season will commence with an airborne EM survey over the entire
Rotgülden licence area. This survey will include the highly prospective
Altenberg, Schurfspitze and Kalte Seite targets. Sampling during 2011 returned
gold results of up to 86.4g/t and multi-element results up to 1,011g/t silver
and 4.49% copper from 92 samples taken from the Altenberg Valley.

As the 2011 drilling campaign was completed at surface, the mineralisation that
was intersected from the historically producing Rotgülden mine is around and
adjacent to the existing underground workings. Following the interpretation of
the down hole EM results, it is likely that the 2012 drill programme will be
conducted from within the existing mine workings to delineate this
mineralisation by drilling underground to reduce metres and make target
definition more accurate. This will make the definition of a maiden resource
easier and the results more robust.

Just prior to the end of the field season, a reconnaissance field trip was
conducted at the Altenberg Valley target, located within the 8km of prospective
strike, which runs through Rotgülden. This field trip was conducted to design
locations for camp infrastructure and drilling positions for the 2012 drill
season.

Competent Person

The information in this report that relates to Exploration Results, Mineral
Resources or Ore Reserves 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 consents to the inclusion
in the report of the matters based on his information in the form and context
in which it appears.

Glossary

Adit A type of entrance to an underground mine which is horizontal or nearly
horizontal

Arsenopyrite An iron arsenic sulphide, FeAsS, often associated with gold
mineralisation

Mineralised Containing ore minerals

Mineralisation The process by which minerals are introduced into a rock. More
generally, a term applied to accumulations of economic or related minerals in
quantities ranging from weakly anomalous to economically recoverable.

Geophysical

Survey A prospecting technique which measures the physical properties
(magnetism, conductivity, density) of rocks and defines anomalies for further
testing

Pyrite An iron sulphide mineral, FeS2

Pyrrhotite An unusual iron sulphide mineral with a variable iron content

Quartz A very common mineral in sedimentary, magmatic, metamorphic, and
hydrothermal environments : SiO2

Sulphide a compound of sulphur and some other element that is more
electropositive

Strike A geological term which describes a horizontal line on the surface of a
dipping stratum. The strike is 90° to the dip of the stratum.

Vein/veinlet A fracture which has been filled by minerals which have
crystallised from mineralised fluids.

                                   **ENDS**                                    

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

Greg Kuenzel      Noricum Gold Limited           Company    Tel: [phone] 
                                                                               
Roland Cornish    Beaumont Cornish Limited       Nomad      Tel: [phone] 
                                                                               
James Biddle      Beaumont Cornish Limited       Nomad      Tel: [phone] 
                                                                               
Michael Parnes    Old Park Lane Capital plc      Broker     Tel: [phone] 
                                                                               
Luca Tenuta       Old Park Lane Capital plc      Broker     Tel: [phone] 
                                                                               
Hugo de Salis     St Brides Media & Finance Ltd  PR         Tel: [phone] 
                                                                               
Elisabeth Cowell  St Brides Media & Finance Ltd  PR         Tel: [phone] 

Notes to Editors

Noricum Gold Limited is an AIM listed gold and precious metal exploration and
development company focussed on south-central Austria, an historic gold
producing region. Its portfolio spans five areas across 165 sq km of highly
prospective land with work currently focussed on the 51 sq km Rotgülden gold
and precious metals project, which consists of 15 underground mines including
the previously operating gold/copper/silver Rotgülden mine, and the 49 sq km
Kliening gold and precious metals project. The Company is actively conducting
exploration programmes to advance these licences through the resource
development cycle. Bonanza high grade gold, silver and copper results to date
underpin the expanding and exciting potential of the projects and regional
continuations.