Exploration Update re. Gold Projects in Austria

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

18 August 2011

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

                              Exploration Update                               

Noricum Gold Limited, the Austrian focussed gold exploration and development
company, is pleased to provide a positive update regarding the exploration
programme at its Rotgülden and Kliening gold projects in south-central Austria.

Overview

  * Approval granted for the Company's 1,800 metre drill programme at Rotgülden
    - work anticipated to commence week beginning 22 August 2011
   
  * Extensive electromagnetic survey completed at Rotgülden identifying massive
    sulphide drill targets which we believe indicates the presence of high
    grade gold, silver and copper drill targets - results indicate several new
    potential high-grade anomalies
   
  * First phase work programme completed in the Altenberg Valley to identify
    extent of mineralised strike extensions from Rotgülden
   
  * 1,200 metres drilled to date at Kliening with initial results expected by
    the end of August 2011
   
  * Sampling and mapping programme to commence shortly at the Company's
    Schönberg licence in the Flatschach region, an historic copper mining zone
   
  * Preliminary assays from Kliening, Schurfspitze and Altenberg expected in
    the next six weeks
   
Noricum Gold Managing Director Greg Kuenzel said, "This is a very exciting
period for Noricum Gold, having received approval from the Austrian authorities
for our work programme at Rotgülden, an area which comprises 15 underground
mines, including the previously operating gold/copper/silver Rotgülden mine.
The sampling and electromagnetic surveys performed to date highlight this
project's prospectivity, and we are keen to commence exploration drilling with
the objective of demonstrating the high grade potential of the Rotgülden gold
project. Importantly drilling by previous explorers resulted in intersections
of 2.7 metres at 44.0g/t gold, 0.3 metres at 23.5g/t gold and 5.15 metres at
4.9g/t gold, which again highlights the projects potential.

"The past few months have seen much activity across our portfolio. We have
undertaken a sampling and reconnaissance programme along and above strike from
Rotgülden, in order to strengthen our understanding of the mineralisation
across the region, and have completed 1,200 metres of the 2,000 metre drill
programme at the Kliening gold project. We now look forward to receiving the
results from this exploratory work, as well as work at our Schönberg licence,
which will provide us with further news flow over the coming weeks."

Rotgülden

The Company has today received notification from the Austrian mining
authorities that its work programme for 1,800 metres of surface drilling at the
Rotgülden gold project has been approved.

Drill targets for this programme have been refined as a result of the recently
completed electromagnetic (`EM') survey programme conducted by Terratec
Geoservices and interpreted by Southern Geoscience Consultants. This EM
programme was very extensive and included down hole surveying of all existing
drill holes as well as surveying of the underground drives. Several anomalies
were encountered in most holes and are related to drill intercepts of massive
sulphide bodies which are likely to contain high grade mineralisation.

Importantly, new anomalies were defined by the survey in the main access drive
of the mine and these are currently being assessed as drill targets. The
modelling of the EM data is continuing and the results will be used to refine
the drill programme as we progress.

The drill rigs have been mobilised to site and drilling is expected to commence
next week with a total of five holes planned over the next couple of months.

Altenberg

Although initially hampered by bad weather, a weeklong sampling and
reconnaissance programme was recently completed in the Altenberg Valley. The
Altenberg Valley is a continuation along strike from and above the existing
mine at Rotgülden. Samples were taken from existing underground exposures, rock
outcrops and some small historical dumps. The samples have been sent for
analysis and results are expected back within a month.

Schurfspitze

Schurfspitze located along strike from the Rotgülden and Altenberg projects was
visited for a brief reconnaissance sampling programme in conjunction with the
sampling programme at Altenberg. Schurfspitze appears to have mineralisation
analogous to that at Rotgülden, namely massive pyrite, phyrrhotite and
arsenopyrite mineralisation. Additional field work is warranted in the coming
months to further define the extent of this mineralisation.

Kliening

At the Company's Kliening licence area, drilling has been completed on five
holes to a total depth of approximately 1,200 metres.

Sulphides have been intersected in all drill holes to date and samples have
been sent to OMAC Laboratories in Ireland. The Company hopes to receive the
results within the next six weeks. Initial analysis and logging of the drill
core has indicated the presence of mineralisation with similar characteristics
to historical mines located nearby.

The decision has been made to temporarily stop drilling at Kliening to enable
the contractors, Voest Alpine, to move the two drill rigs being used at
Kliening to Rotgülden to fast track the drilling programme at that site.

Schönberg

The Company is also about to commence exploration work at its Schönberg licence
area. Schönberg consists of 53 licences located approximately 100km due east of
Rotgülden. The area has varied geology and the licences are centred on the town
of Kittelfel and Flatschach, the latter is part of an historic copper mining
zone.

This programme will be supervised by Professor Johann Raith, Chair of Resource
Mineralogy Department at the Mining University in Leoben, Austria, and will
consist of mapping and systematic soil and rock chip sampling.

Further information

Old Park Lane Capital has recently published initiating coverage on the
Company. To obtain a copy of the research report, please contact Old Park Lane
Capital.

The photo gallery on the Company's website has also been updated to include
recent photos of activity at the Company's projects.

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

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

Mineralised Containing ore minerals

Pyrite An iron sulphide mineral, FeS2

Pyrrhotite An unusual iron sulphide mineral with a variable iron content

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.

                                   **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]