Exploration Update

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

27 June 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 announce an update regarding its exploration programme
at the Company's Rotgülden and Kliening gold projects in south-central Austria.

Overview

  * Fieldwork has commenced at both Rotgülden and Kliening - focussed on
    progressing the projects towards defining a maiden JORC Resource
   
  * Regional drill company Voest Alpine appointed to complete an initial 1,800
    metre drill programme at Rotgülden, subject to approval from the Austrian
    Ministry of Mines, commencing in August and an initial 2,000 metre drilling
    programme at Kliening commencing today
   
  * Multiple targets for further exploratory work defined at Rotgülden through
    geophysical and mapping work conducted to date
   
  * Terratec Geoservices has commenced a significant electromagnetic (`EM')
    programme at Rotgülden to identify massive sulphide drill targets which
    consist of high grade gold, silver and copper
   
Noricum Gold Managing Director Greg Kuenzel said, "We have made encouraging
progress at both Rotgülden and Kliening since commencing our exploration
programme in March 2011, and have identified multiple highly prospective
targets for further exploration.

"We are committed to building upon our already solid understanding of the
mineralisation at the sites, which are located in a historically high grade
gold production region, and we are confident that the commencement of drilling
will take us one step closer to defining a maiden JORC Resource. Additionally,
the EM work at Rotgulden will enable us to pinpoint the location of further
high grade gold, silver and copper targets which are typical of the region and
which will be a high priority for work in the future."

Further information

Fieldwork has commenced at both Rotgülden and Kliening. The Company has awarded
drilling contracts to Voest Alpine to complete an initial 1,800 metres of
surface drilling at Rotgülden and an initial 2,000 metre drilling programme at
Kliening. The Company has also engaged Terratec Geoservices to undertake a
significant electromagnetic programme at Rotgülden.

The 1,800 metre drilling programme at Rotgülden, which is comprised of 15
underground mines including the previously operating gold/copper/silver
Rotgülden mine, is subject to the approval of a new work programme due to be
submitted to the authorities within the next couple of weeks. Work is scheduled
to commence in August and is anticipated to last eight weeks. 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. The Company is also
focussed on evaluating the multi-element aspect of Rotgülden. As well as
impressive gold grades, historical drilling and trenching work indicated high
grades of both silver and copper. The best intersections being 314.48g/t silver
over 4.60 metres and 3.71% copper over 2.50 metres.

Southern Geoscience Consultants has reinterpreted the historical downhole
magnetic logging for Rotgülden and the magnetic data has been split into its
component parts for modelling. This data is encouraging and shows that the
massive sulphide mineralisation typical at Rotgülden contains a significant
amount of phyrrhotite. This has created several geophysical targets that appear
to be on the expected mineralised trend, confirming the Company's
interpretation. Southern Geoscience only completed magnetic modelling on three
drill holes logged by a previous explorer, but Noricum field staff have now
completed this work on the remaining holes that are preserved in the
underground workings. The Company expects that further targets will be derived
from this work.

Also at Rotgülden some mapping has been completed above the previously known
extents of the mineralisation. This mapping located several unknown historical
adits that were centred on what appears to be a gold lode. This mineralisation
is several metres wide and offers another target for exploration.

Further geophysical work in the form of an EM survey is expected to commence
this week following the laying of the EM loop. This is anticipated to define
the whole massive sulphide body (not just the phyrrhotite). Noricum Gold
believes the EM conductors should form a much larger shell around the magnetic
anomaly and thus define the majority of the mineralised high grade gold, silver
and copper envelope. Following a recent field trip to Rotgülden by Bill Peters
of Southern Geoscience Consultants and Klaus Brauch, Managing Director of
Terratec Geoservices, the Company's technical consultants have designed a
preliminary EM survey that will test the existing drill holes and the
underground drives with a down hole tool. Surface traverses will be trialled
following the initial work. It is expected that the mineralisation will react
as a strong conductor and should help define the down dip position of possible
economic gold, silver and copper mineralisation.

Drilling at the Kleining licence area has commenced today and will take
approximately two months to complete. As previously announced, the historical
work has confirmed the existence of several groups of parallel vein swarms. The
veins in these swarms are up to 2.5 metres wide and the tenor of gold
mineralisation can be as high as 23.6g/t gold. The veins appear 25 metres apart
within the vein swarms and the vein swarms can be 100 metres apart.

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 which is 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

Chalcopyrite A copper iron sulfide mineral with the chemical composition
CuFeS2.

JORC Joint Ore Reserves Committee (of the AusIMM and other institutions)

Lode a thin band or strip of rock containing metallic ore

Pyrrhotite An unusual iron sulphide mineral with a variable iron content

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

                                   **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]