Empire Metals Regulatory News (EEE)

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

27 September 2012

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

Interim Results

Noricum Gold Limited, the Austrian focussed gold exploration and development company, is pleased to announce its results for the six months ended 30 June 2012. 

Overview

·; Vast regional potential of Rotgülden Gold and Precious Metal Project in Austria highlighted:

- Drilling at previously operating mine returned grades of up to 3.1m @ 11.69g/t Au and 44.2g/t Ag

- Successful aerial geophysical programme - multiple high grade gold and multi-element targets identified across four main areas along 8km strike

- Developing 2013 work programme to maximise the potential of the project

·; Positive progress made through reconnaissance exploration at Schonberg Project:

- Attractive exploration target identified - eight veins across three main mining districts

- Increased and consolidated land position to 37 sq km due to prospectivity of the project

·; Bolstered cash position through successful raising of £2.2 million

·; Quoted on the Frankfurt Stock Exchange due to significant interest from European investors

·; Re-structured management team in line with extensive exploration plans for the coming year

Noricum Gold's Managing Director Greg Kuenzel said, "The past six months have seen us build significantly on the momentum created by the exciting high grade gold and multi-element results received from exploration undertaken across the Rotgülden gold and precious metal tenure in Q4 2011. Having increased the scale of our flagship project substantially through the identification of multiple gold targets, successfully raised £2.2 million at the end of the period, and demonstrated the potential of other key assets within our portfolio, we now have a strong opportunity to drive further growth and create substantial value for shareholders. With this in mind, over the coming year we will conduct further exploration and development aimed at delineating resources in this exciting new gold province at Rotgülden in 2013."

Chairman's Statement

This has been another busy and successful period for Noricum Gold, characterised by a succession of bonanza grades received from our flagship Rotgülden gold project and positive results from elsewhere across our Austrian gold portfolio.

Amongst our five projects located in a known area of significant mineralisation, Rotgülden is our most advanced project and its fantastic regional potential has continued to unfold over the period. Multiple high grade gold and multi-element targets have been identified along 8km of strike running through our Rotgülden tenure, underpinning our confidence that we are dealing with a new gold province. With this in mind, we believe we are very well placed to define an economic resource at this property.

I am also pleased to report that solid progress has been made at our Schonberg Project. Positive developments made here, further information on which is included below, have reinforced our belief in the mineral rich nature of the south-west region of Austria.

Rotgülden

We were pleased to kick-start the financial year with highly positive results from our 1,800m drill campaign at the previously operating mine located within the 51 sq km Rotgülden licence area. Five holes drilled to depths of between 250m and 300m confirmed the results of electromagnetic work which had highlighted the presence of massive sulphide gold mineralisation typical of the region and yielded results of up to 3.1m @ 11.69g/t Au and 44.2g/t Ag from 173.7m.

Outside of this historic mining area, at the end of 2011 we announced the receipt of bonanza gold and silver grades from multiple targets along the 8km of strike running through the Rotgülden licence area. The Altenberg target, located 2.7 km to the south-west of the previously operating Rotgülden mine, and the Schurfspitze target, located approximately 4.5km to the south-west, stood out particularly as being worthy of follow up work. Extensive sampling at these sites returned grades of up to 86.4 g/t of Au, 1,011 g/t Ag and 4.45% copper ('Cu') and 37.68 g/t Au and 541 g/t Ag respectively. These results highlight the tremendous regional potential of this licence area.

Further to this, in May 2012 we commenced an extensive aerial geophysical programme to refine our planned drilling programmes at the previously operating Rotgülden mine, Altenberg and Schurfspitze targets. The survey, which was conducted over approximately 599 line-kilometres of VTEM (Versatile Time-Domain Electromagnetic) and magnetics, was also designed to highlight additional areas of mineralisation where it is hidden at depth or under surficial cover from artisanal miners.

Post period end, we were delighted to announce the identification of 40 new targets, reiterating the huge gold and multi-element potential of the Rotgülden licence area. These targets have been split up into four main areas: Rotgülden, Altenberg, Schurfspitze and a new target, Wandstollen where recent sampling has returned grades of up to 38.2g/t Au and 52.8g/t Ag. Most are in favourable stratigraphic or structural positions and of the 40, 10 are considered high priority.

At Altenberg, the EM anomalies indicate a potential extension to the known mineralisation along strike to the north for several hundred metres, while at Schurfspitze, the strong electromagnetic conductor located extends for approximately 400 metres and is located at depth below artisanal workings. Assessed in conjunction with the strong sampling results received from both targets last year, these results are very promising.

We now have a large quantity of new data, and due to the sheer scale of new targets, we are currently re-assessing our exploration plans to ensure we maximise the potential of this project. Rather than preparing a target specific campaign, we believe that a multiple target exploration and development programme which will utilise a central or more temporary transportable base camp now makes sense both on a practical and an economic level. In essence, we need to drill more targets with a lower average cost, rather than establishing a single camp at sites such as Altenberg where a high proportion of costs are directly related to the camp, helicopter support and mobilisation / demobilisation.

Schonberg

During 2012, we have conducted fieldwork at the Schonberg licence, which is located approximately 100 km east of Rotgülden. We believe that this is quickly becoming a walk-up drill target due to the results from mapping, sampling, petrology and analysis from historic data which has highlighted the exceptional prospectivity of the project. With this in mind, we have secured an additional 15 sq km of licences enlarging the size of the licence area to 37 sq km.

Initial work identified an attractive exploration target with up to eight veins across the three main mining districts within the licence area: Brunngraben, Weissenbach and Adlitz. We believe that substantial lower grade mineralisation is present closer to surface and around mined zones. It also appears that very rich ore continues at a depth of >350m with greater widths where previous mining was terminated due to water. We believe that it is likely, considering the 3km lateral extent of the veins, that these systems are linked and comprise one larger system rather than three smaller districts, and that this system extends even further into the Tremmelberg area.

As a result, the Company took 40 dump samples at Schonberg in April to expand the Company's knowledge of the mineralised area. 12 samples were taken from Brunngraben, 10 from Weissenbach, 16 from Adlitz and 2 samples from Tremmelberg.

Although the dumps did not contain much mineralised material and the field team were unable to get fresh material from historical underground workings, highly anomalous gold, silver and copper were noted in several samples with grades of up to 28.6 g/t Au, 44g/t Ag and 3.57% Cu.

Successful results were also obtained from geophysical reconnaissance work and interestingly, significant anomalism was returned across the licence area as a whole despite poor outcrop and few ore grade samples in the dumps being noted by field crews.

Following this, we plan to advance this target by implementing a larger exploration programme incorporating further microscopy and electron microprobe analyses as well as sampling and we look forward to updating the market in due course.

Financial Review

As an exploration and development company which has no revenue we are reporting a loss for the six months ended 30 June 2012 of £421,688 (2011: £328,685), which is in line with our budget.

At the end of June, we successfully raised £2.2 million by way of a placing. This was a positive achievement, particularly given the current global markets. The funds were received after the period ended. The Group's cash position at the end of the period was £136,715 and currently stands at £1.9M.

Corporate

Our experience of operating in central Europe has been very positive, and in response to significant interest and demand from European investors, we obtained a quote on the open market of the Frankfurt Stock Exchange in March. The Company's shares are now trading on the exchange under the symbol 'NOG'.

Board and Management

In April 2012, the Company announced the appointment of Roderick McIllree, previously the Company's technical adviser and a major shareholder, to the Board as Non-Executive Director. Additionally, Jeremy Whybrow, previously Non-Executive Director, has been appointed as Exploration Director.

Outlook

Our belief in the prolific nature of the mineralisation present at Rotgülden has been strengthened enormously by the exciting results of our exploration campaign on this tenure during the period. Having recently delineated additional exciting mineralised areas worthy of further work, we now aim to re-examine our work programme and rank these targets to maximise this opportunity, enabling us to commence drilling during the 2013 field season.

Work across the rest of our licences, particularly at Schonberg, has also been very promising. We are currently in discussions with potential joint venture partners with regards to some of our Austrian assets and we hope to be in a position to update over the coming months.

Finally, I would like to thank both our shareholders and our team for their continued enthusiasm and support.

Marcus Edwards-Jones

Chairman

26 September 2012

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

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED BALANCE SHEET

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

Major non-cash transactions

On the 28 June 2012 the Company placed 220,000,000 new ordinary shares of no par value in the capital of the Company, with new and existing shareholders at a price of 1p per Placing Share ("the Placing"). The Placing raised a total of £2.2 million which is recognised in debtors at the period end as the money was received after the period ended. The Company also issued 5,492,487 new ordinary shares of no par value to various consultants of the Company, in lieu of fees, at a price of 1p per share.

NOTES TO THE INTERIM FINANCIAL STATEMENTS

1. General Information

The principal activity of Noricum Gold Limited ('the Company') and its subsidiaries (together 'the Group') is the exploration and development of precious and base metals. The Company's shares are listed on the Alternative Investment Market ("AIM") of the London Stock Exchange. The Company is incorporated in the British Virgin Islands and domiciled in the United Kingdom. The Company was incorporated on 10 February 2010 under the name Gold Mining Company Limited. On 22 November 2010 the Company changed its name to Noricum Gold Limited.

The address of the Company's registered office is Trident Chambers, PO Box 146, Road Town, Tortola BVI.

2. Basis of Preparation

The condensed consolidated interim financial statements have been prepared in accordance with the requirements of the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2011, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

The interim financial information set out above does not constitute statutory accounts. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. Statutory financial statements for the year ended 31 December 2011 were approved by the Board of Directors on 27 March 2012. The report of the auditors on those financial statements was unqualified.

The 2012 interim financial report of the Company has not been audited but has been reviewed by the Company's auditor, Littlejohn LLP, whose independent review report is included in this Interim Report.

Going concern

The Directors, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed interim financial statements for the period ended 30 June 2012.

Risks and uncertainties

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Group's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's 2011 Annual Report and Financial Statements, a copy of which is available on the Group's website: www.noricumgold.com. The key financial risks are liquidity risk, foreign exchange risk, credit risk, price risk and interest rate risk.

Critical accounting estimates

The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 4 of the Group's 2011 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.

3. Accounting Policies

The same accounting policies, presentation and methods of computation have been followed in these condensed interim financial statements as were applied in the preparation of the Group's annual financial statements for the year ended 31 December 2011 except for the impact of the adoption of the Standards and interpretations described below.

3.1 Changes in accounting policy and disclosures

(a) New and amended standards, and interpretations mandatory for the first time for the financial year beginning 1 January 2011 but not currently relevant to the Group.

The following standards and amendments to existing standards have been published and are mandatory for the Group's accounting periods beginning on or after 1 January 2012 or earlier periods, but not currently relevant to the Group.

An amendment to IFRS 1 "First-time Adoption of International Financial Reporting Standards" relieved first-time adopters of IFRSs from providing the additional disclosures introduced in March 2009 by "Improving Disclosures about Financial Instruments" (Amendments to IFRS 7). This amendment was effective for periods beginning on or after 1 July 2010.

Amendments to IFRS 7 "Financial Instruments: Disclosures" were designed to help users of financial statements evaluate the risk exposures relating to transfers of financial assets and the effect of those risks on an entity's financial position.

(b) New standards, amendments and interpretations issued but not effective for the financial year beginning 1 January 2012 and not early adopted

The Group's assessment of the impact of these new standards and interpretations is set out below.

IFRS 9 "Financial Instruments" specifies how an entity should classify and measure financial assets, including some hybrid contracts, with the aim of improving and simplifying the approach to classification and measurement compared with IAS 39. This standard is effective for periods beginning on or after 1 January 2015, subject to EU endorsement.

Amendments to IFRS 10 "Consolidated Financial Statements", IFRS 11 "Joint Arrangements" and IFRS 12 "Disclosure of Interests in Other Entities" clarify the IASB's intention when first issuing the transition guidance in IFRS 10, provide similar relief in IFRS 11 and IFRS 12 from the presentation or adjustment of comparative information for periods prior to the immediately preceding period, and provide additional transition relief by eliminating the requirement to present comparatives for the disclosures relating to unconsolidated structured entities for any period before the first annual period for which IFRS 12 is applied. The amendments are effective for periods beginning on or after 1 January 2013, subject to EU endorsement.

IFRS 13 "Fair Value Measurement" improves consistency and reduces complexity by providing, for the first time, a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. It does not extend the use of fair value accounting, but provides guidance on how it should be applied where its use is already required or permitted by other standards. This standard is effective for periods beginning on or after 1 January 2013, subject to EU endorsement. The Directors are assessing the possible impact of this standard on the Group's Financial Statements.

IAS 27 "Separate Financial Statements" replaces the current version of IAS 27 "Consolidated and Separate Financial Statements" as a result of the issue of IFRS 10 (see above). This revised standard is effective for periods beginning on or after 1 January 2013, subject to EU endorsement. The Directors are assessing the possible impact of this standard on the Group's Financial Statements.

IAS 28 "Investments in Associates and Joint Ventures" replaces the current version of IAS 28 "Investments in Associates" as a result of the issue of IFRS 11 (see above). This revised standard is effective for periods beginning on or after 1 January 2013, subject to EU endorsement. The Directors are assessing the possible impact of this standard on the Group's Financial Statements.

Amendments to IAS 1 "Presentation of Financial Statements" require items that may be reclassified to the profit or loss section of the income statement to be grouped together within other comprehensive income (OCI). The amendments also reaffirm existing requirements that items in OCI and profit or loss should be presented as either a single statement or two consecutive statements. These amendments are effective for periods beginning on or after 1 July 2012, subject to EU endorsement. The Directors are assessing the possible impact of these amendments on the Group's Financial Statements.

Amendments to IAS 19 "Employment Benefits" eliminate the option to defer the recognition of gains and losses, known as the "corridor method"; streamline the presentation of changes in assets and liabilities arising from defined benefit plans, including requiring re-measurements to be presented in other comprehensive income; and enhance the disclosure requirements for defined benefit plans, providing better information about the characteristics of defined benefit plans and the risks that entities are exposed to through participation in those plans. These amendments are effective for periods beginning on or after 1 January 2013, subject to EU endorsement, and are not expected to have an impact on the Group's Financial Statements.

Amendments to IAS 12 "Income Taxes" introduce a presumption that recovery of the carrying amount of an asset measured using the fair value model in IAS 40 "Investment Property" will normally be through sale. The amendments are effective for periods beginning on or after 1 January 2012, subject to EU endorsement.

"Annual Improvements 2009 - 2011 Cycle" sets out amendments to various IFRSs and provides a vehicle for making non-urgent but necessary amendments to IFRSs:

·; An amendment to IFRS 1 "First-time Adoption of International Financial Reporting Standards" clarifies whether an entity may apply IFRS 1:

(a) if the entity meets the criteria for applying IFRS 1 and has applied IFRS 1 in a previous reporting period; or

(b) if the entity meets the criteria for applying IFRS 1 and has applied IFRSs in a previous reporting period when IFRS 1 did not exist.

The amendment also addresses the transitional provisions for borrowing costs relating to qualifying assets for which the commencement date for capitalisation was before the date of transition to IFRSs.

·; An amendment to IAS 1 "Presentation of Financial Statements" clarifies the requirements for providing comparative information:

(a) for the opening statement of financial position when an entity changes accounting policies, or makes retrospective restatements or reclassifications; and

(b) when an entity provides financial statements beyond the minimum comparative information requirements.

·; An amendment to IAS 16 "Property, Plant and Equipment" addresses a perceived inconsistency in the classification requirements for servicing equipment.

·; An amendment to IAS 32 "Financial Instruments: Presentation" addresses perceived inconsistencies between IAS 12 "Income Taxes" and IAS 32 with regard to recognising the consequences of income tax relating to distributions to holders of an equity instrument and to transaction costs of an equity transaction.

·; An amendment to IAS 34 "Interim Financial Reporting" clarifies the requirements on segment information for total assets and liabilities for each reportable segment.

The amendments are effective for periods beginning on or after 1 January 2013, subject to EU endorsement.

4. Dividends

No dividend has been declared or paid by the Company during the six months ended 30 June 2012 (2011: nil).

5. Intangible Fixed Assets

The movement in capitalised exploration and evaluation costs during the period was as follows:

Exploration and evaluation assets are acquired.

6. Share Capital

On the 28 June 2012 the Company placed 220,000,000 new ordinary shares of no par value in the capital of the Company, with new and existing shareholders at a price of 1p per Placing Share ("the Placing"). The Placing raised a total of £2.2 million which is recognised in debtors at the period end. The Company also issued 5,492,487 new ordinary shares of no par value to various consultants of the Company, in lieu of fees, at a price of 1p per share.

The funds raised from the Placing will be used to implement the Company's 2012 exploration programme across its Austrian gold and precious metal assets, with a particular focus on the Company's flagship 51 sq km Rotgulden gold and precious metal licence.

7. Loss per Share

The calculation of the total basic loss per share of 0.079 pence (2011: 0.066) is based on the loss attributable to equity owners of the parent company of £421,688 (2011: £328,685)and on the weighted average number of ordinary shares of 532,451,065 (2011: 497,234,155) in issue during the period.

No diluted earnings per share is presented as the effect on the exercise of share options would be to decrease the loss per share.

Details of share options that could potentially dilute earnings per share in future periods are disclosed in the notes to the Group's Annual Report and Financial Statements for the year ended 31 December 2011.

8. Commitments

All commitments remain as stated in the Group's Annual Financial Statements for the year ended 31 December 2011.

9. Approval of interim financial statements

The Condensed interim financial statements were approved by the Board of Directors on 26 September 2012.

Independent Review Report to Noricum Gold Limited

Introduction

We have been engaged by Noricum Gold Limitedto review the condensed set of Financial Statements in the half-yearly financial report for the six months ended 30 June 2012 which comprise the condensed consolidated statement of comprehensive income, condensed consolidated balance sheet, consolidated statement of changes in equity, condensed consolidated cash flow statement and related notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of Financial Statements.

Directors' Responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules for Companies.

The annual Financial Statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of Financial Statements included in this half-yearly financial report has been prepared in accordance with the requirements of the AIM Rules for Companies.

Our Responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of Financial Statements in the half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the AIM Rules for Companies and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Scope of review

We conducted our review in accordance with the International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of Financial Statements in the half-yearly financial report for the six months ended 30 June 2012 is not prepared, in all material respects, in accordance with the AIM Rules for Companies.

Littlejohn LLP

Chartered Accountants and Registered Auditors

1 Westferry Circus

Canary Wharf

London

E14 4HD

26 September 2012

**ENDS**