Empire Metals Regulatory News (EEE)

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

13 December 2012

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 a positive exploration update from the Rotgülden and Schonberggold and precious metals projects ('Rotgülden' and 'Schonberg').

Highlights

·; Successful advancement of multiple high grade gold targets atRotgülden:

o Wandstollen target - significant gold (up to 9.54 g/t) mineralisation identified from follow-up sampling of anomalies identified by helicopter borne electromagnetic and magnetic survey

o RotgüldenMine - extensive 3D laser scan survey of the upper levels at the previously producing Rotgülden Mine completed

o Phase 2 of underground drilling, including continued development and expansion of drilling to the upper levels, now in planning stage

·; 3,000 metre diamond drilling programme planned in early 2013 at Schonberg - commencement of hydrogeology work in preparation

Noricum Gold Managing Director Greg Kuenzel said, "We continue to make excellent progress at both our Rotgülden and Schonberg precious metal projects in Austria as we focus on preparing for multiple drilling campaigns in 2013.

"At our flagship Rotgülden Project, following the successful completion of a 3D laser scan survey, we plan to conduct a two phase drill programme at the historic mine to test the mid and lower levels. Also, our recently identified Wandstollen target continues to deliver high gold, silver and copper grades from sampling. We will now work on prioritising this area relative to our other near term drill targets, Altenberg and Schurfspitze, as we focus on demonstrating the scope and value of what we believe to be a new gold province in Europe over the coming 12 months."

Rotgülden Gold Project, Austria

Wandstollen

Additional sampling has been completed at Wandstollen within the Pölla Valley area where the aerial survey located previously unrecognised significant anomalism and from which previous sampling returned grades of up to 10.85 g/t gold ('Au'). These samples were collected from within the Wandstollen Adit where historical mining activity has been noted. All samples showed gold anomalism, some with high grade.

Table 1: Wandstollen samples

A review of data will be completed to assess the potential size and grade of a likely target at Wandstollen for possible inclusion into future exploration plans.

Rotgülden Mine

Noricum Gold has completed an extensive 3D laser scan survey of the underground Rotgülden Mine, including the upper levels. This is in line with the Company's intention to implement a more advanced drill programme in addition to the one already submitted to the mining authority focussed on the mid levels. The main adit will be driven 50m further to optimise the drill position for targeting down plunge mineralisation to a vertical depth of circa 100-150 metres. Previous drilling at the lower level included intersections of 2.7m at 44.0g/t Au, 0.3m at 23.5g/t Au and 5.15m at 4.9g/t Au.

The results from this survey will be integrated with the Company's existing models to provide a more comprehensive picture of the mine and mineralisation. This data will also be integral in final drill placement for current programs.

Some core that was drilled in 1990 was never fully analysed even though it encountered significant mineralisation. These mineralised intervals are currently being assessed to create a complete multi element suite to supplement the geological data base.

Schonberg Precious Metals Project, Austria

Having received high grade gold, silver and copper results from 40 dump and outcrop samples and having identified several phases of gold and copper mineralisation in July 2012, the Company has commenced the next stage of exploration work at its Schonberg project located approximately 100km east of Rotgülden. This will consist of three phases of work commencing with an extensive soil geochemistry programme. The surficial potential at Schonberg relates to the likelihood that some mineralisation will occur at surface and will trace mineralised trends over the entire strike length. The Company believes there is potential for oxide or near surface weathered mineralisation. Beneath this there exists the potential for deeper sulphide mineralisation which the Company can locate utilising historical maps and present day geophysical readings.

Follow up soil sampling will infill the inital grid of 200 metres by 25 metres spacings utilising traditional soil sampling analysed to a low level of detection.

Drill targets would then be derived from positive results which will be followed up with Reverse Circulation drilling later in the season.

A 3,050 metre surface diamond drilling programme is also being planned for Schonberg early in the new year. iC Consulting Group (Austria) has commenced work on the hydrogeology report required for this programme. This drilling will take place from three locations along the circa 4 kilometres of strike and will test where ore zones are most prevalent in a particular litholoigcal unit targeted by significant artisanal workings.

Competent Person

The information in this announcement 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 has reviewed this announcement and consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

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