Exploration Programme at Austrian Gold Licences

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

9 March 2011

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

   Defined Exploration Programme at Austrian Rotgulden and Kliening Licences   

Noricum Gold Limited, the Austrian focussed gold exploration and development
company, is pleased to announce the details of its exploration programme at the
Company's 51km2 Rotgülden and 49km2 Kliening gold projects in south-central
Austria.

Overview

  * Commenced defined mineral exploration programme to advance Rotgülden and
    Kliening prospects towards Mineral Resource definition
   
  * Experienced field team of Austrian and Australian geologists to commence
    field work in April 2011
   
  * Re-interpretation and analysis of historical data on-going, remodelling of
    geophysical surveys by Southern Geoscience Consultants
   
  * Down-hole electromagnetic/magnetic work to be conducted at Rotgülden to
    pinpoint massive sulphide (chalcopyrite, pyrrhotite) drill targets,
    previous drilling intersected grades to 44g/t over 2.7m
   
  * Further drilling is expected later in the field season at Rotgülden (Q3/4
    2011)
   
  * Tailings dumps at Kliening mining centre require sampling, this material
    from historical gravity separation provides attractive early cash flow
    target
   
  * Existing mapping and trenching at Buchbauer-Bischofeck (Kliening) has
    confirmed parallel groups of vein swarms, veins can be 25m apart, vein
    groups 100m apart, individual veins to 2.5m and grades to 23.6g/t Au
   
  * These vein swarms at Buchbauer-Bischofeck will be drill tested (Q2 2011)
   
  * Continued support from local communities - recent meetings with the Mayors
    of each region indicated public support for development
   
Noricum Gold CEO Greg Kuenzel said, "Initial work at both the prospective
Rotgülden and Kliening gold projects is underway, representing the next stage
of development of our Austrian assets. Our active development plan is focussed
on fast-tracking these projects, which have both good access and historical
workings on site, with the aim of defining a Maiden JORC Resource and advancing
our assets towards production.

"Importantly, having recently met with local representatives across
south-central Austria, we are confident of the local community's ongoing
support for our projects and development plans and we are committed to engaging
closely with the community over the coming months as we commence drilling at
the Kliening prospect in Q2 2011."

Noricum Gold owns five prospective gold prospects totalling 171 km2 in
south-central Austria, a historic gold producing district. The region offers a
pro-mining environment and further to recent meetings between Noricum and the
Mayors of each region in which the projects are located, the Company is
confident of continued public support for development of these licences.

The Company has recruited an experienced team comprised of both Austrian and
Australian geologists who are on the ground and due to commence field work at
the prospects in April 2011.

Initial exploration work will focus on the Rotgülden and Kliening licences due
to excellent access and infrastructure available at these sites, and the likely
potential for significant mineralisation to be located. Re-interpretation and
analysis of historical data is on-going and remodelling of this is currently
underway. Southern Geoscience Consultants are compiling and remodelling
historical down-hole and ground based geophysical work. Work to date indicates
that, particularly at Rotgülden, the mineralisation contains enough pyrrhotite
such that both magnetic and electromagnetic techniques should be successful in
defining the mineralisation. The Company anticipates that this work, focussed
on refining the geological and geophysical characteristics of the
mineralisation at the local mine scale, will enable the techniques to be scaled
up for the entire regional land package.

Rotgülden

The Rotgülden licence area comprises 15 underground mines, including the
previously operating gold/copper/silver Rotgülden mine. In order to develop the
project towards defining a sufficient in-situ Mineral JORC Resource, the
Company will conduct additional geophysical and geochemical work, including
down-hole electromagnetics, which will be used to identify high order drill
targets likely to consist of massive sulphide (chalcopyrite/pyrrhotite) ore.
Drilling by previous explorers has intersected this mineralisation (Drill hole
C2 - 2.7m @ 44g/t Au from 24.3m). The Company will define further drilling to
evaluate the high grade potential of this style of mineralisation at Rotgülden
below current workings. This programme is likely to contain up to 3,000m of
drilling to be completed later in the field season once approval from the
regional authorities is granted.

Also at Rotgülden, some more detailed mapping will be completed above the tree
line where anecdotal evidence from field mapping located visible gold at
surface in a quartz lode. This secondary style of mineralisation highlights the
potential of the area.

The Board also plans to undertake additional geophysical magnetic survey lines
and develop a work programme of surface diamond drilling in the Altenberg
valley, to run alongside the underground drill programme.

Kliening

Located circa 100km from Rotgülden, the prospective Kliening gold project has
clearly defined geological mineralised structures and offers good access and
moderate terrain, ideal for exploration. The Company is focussed on two targets
at Kliening.

The first target at Kliening is gold contained in tailings dumps that are
located around the historical mining centre. These dumps could represent a
significant tonnage where historical mining and processing by gravity
separation has left gold that can be recovered by traditional CIL technology.
The material has already been crushed so a modular CIL plant could easily
process considerable volumes without the need for crushing. The Company is of
the opinion that around half of the original gold remains in the tailings.
These dumps will be systematically sampled and surveyed in early May, and where
necessary, auger sampling will be conducted. The samples will be assayed for
gold, silver and copper and a composite sample will be created so that the
leaching characteristics of the gold can be determined.

The second target at Kliening is lode style gold mineralisation which has been
established by previous explorers by trenching, mapping and sampling at
Buchbauer-Bischofeck. The historical work has confirmed the existence of
several groups of parallel vein swarms. The veins in these swarms are up to
2.5m wide and the tenor of gold mineralisation can be as high as 23.6g/tAu. The
veins appear 25m apart within the vein swarms and the vein swarms can be 100m
apart. This target was never drill tested.

These veins swarms are to be drill tested with up to 5,000 metres of reverse
circulation drilling likely to commence later in May or in June.

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

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

CIL Carbon-In-Leach processing

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            Tel: [phone]       
                                                                           
Roland Cornish    Beaumont Cornish Limited        Tel: [phone]       
                                                                           
James Biddle      Beaumont Cornish Limited        Tel: [phone]       
                                                                           
Hugo de Salis     St Brides Media & Finance Ltd   Tel: [phone]       
                                                                           
Elisabeth Cowell  St Brides Media & Finance Ltd   Tel: [phone]