Noricum talk gold, Austria and equity

Exploration Update at Schonberg Project and Issue of Equity

Noricum Gold Limited, the Austrian focused gold exploration and development company, has said that mobilisation has commenced for the Company’s initial 3,000 metre drill programme at the 100% owned Schonberg Gold and Precious Metals Project.

The Company’s recently completed soil sampling campaign at Schonberg produced highly encouraging results of up to 3.82 ppm Au and 8,640 ppm Cu (0.80%) and consistently delivered positive high grade results across the currently identified 3 km strike. Following full analysis of the programme, Noricum anticipates that the campaign will consist of a blend of Reverse Circulation drilling designed primarily to test the anomalies identified by the soil sampling, and Diamond drilling designed to test the deeper massive sulphide mineralisation.

Noricum Gold Managing Director Greg Kuenzel said, “Our drill contractors have commenced mobilisation and site preparation today and drilling is set to start at Weissenbach, one of three main target areas at Schonberg, later next week. This drill programme is intended to demonstrate the resource potential of this project and I look forward to reporting further on this maiden drill campaign in due course.”

Issue of Equity:

Additionally, on 5 September 2014, the Company issued 12,600,000 new ordinary shares of no par value (‘New Shares’) to consultants to the Company, in lieu of fees of £63,000 due to them for the period from June 2014 through to April 2015, at a price of 0.50 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 11 September 2014.

As a result of the issue of the New Shares, the Company’s issued share capital now consists of 969,039,377 ordinary shares of no par value.

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