New Copper Discovery at Kvemo Bolnisi, Georgia

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

19 November 2015

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

New Copper Discovery at Kvemo Bolnisi, Georgia

Noricum Gold Limited, the European focused base and precious metals development company, is pleased to announce that a new high grade copper target has been identified at the Kvemo Bolnisi target, one of two priority targets located on the Company's 861 sq km Gold and Copper Project in the Republic of Georgia.

Highlights

· New copper discovery identified through re-assaying work being undertaken as part of ongoing resource conversion activities

· High grade results include:

o 40m at 2.11% copper ('Cu') from 69m (including 5m at 9.95% Cu)

o 83m at 0.71% Cu from 23m (including 15m at 1.17% Cu)

o 7m at 4.02% Cu from 39m

o 13m at 1.52% Cu from 2m

o Located adjacent to two anomalous adits:

§ 11.6m at 1.90% Cu from 31m ending in mineralisation

§ 11.4m at 2.47% Cu from 32m ending in mineralisation

o And a deeper soviet era drill hole

§ 43m at 0.95% Cu from 83m

· Discovery sits adjacent to existing high grade gold surficial target previously identified as a potential starter pit due to the near to surface nature of the mineralisation and its location approximately 2km from Madneuli Mine and processing plant owned and operated by Noricum's local partner.

· Re-assaying work has also re-iterated the gold potential of this area with drill results including 4m at 3.51 g/t of gold ('Au'), 5.5m at 5.8 g/t Au and 4m at 6.26 g/t Au, all from surface.

· Significant potential for further copper and gold targets to be delineated - in many cases, historic drilling was only assayed for gold or copper rather than both and sampling was only conducted when mineralisation was visible.

Noricum CEO Greg Kuenzel said, "This new copper discovery represents a fantastic opportunity for the Company in an area already highlighted for its high grade gold surficial mineralisation. We have now identified that in many cases, historic drilling was only assayed for gold and these new copper results have been returned by re-assaying reverse circulation drill pulps for copper as well. Our continued review of historic drilling has identified many similar situations presenting us with significant potential for additional low-cost discoveries. These results represent a significant near surface copper target that will now be followed up with further geophysical (IP) surveys to better define orientation for further drilling and effectively linking up what was considered previously to be separate, spurious results that had come to surface."

Additional Information

Kvemo Bolnisi has an existing Soviet C1/C2 Resource of:

Work on resource conversion and target generation is ongoing with the focus on areas of significant gold mineralisation in the north east of the Kvemo Bolnisi licence area. Two distinct mineralised target areas have already been identified as a result of recent diamond drilling and trenching (see results below).

Historic assay work focused on this area was targeting gold only and as a result the drill core and RC pulps were not assayed for copper. As part of the resource verification work being undertaken, Noricum is re-assaying historic drill core, RC pulps and trenching pulps for multi-element mineralisation and, as a result, the Company has discovered a new near surface copper target. Initial results have returned excellent grades including KBRC-41 with 40m at 2.11% Cu from 69m, including 5m at 9.95% Cu and KBRC-42 with 83m at 0.71% Cu from 23m including 15m at 1.17%. Additional high grade results have been returned nearby including KBRC-49 7m at 4.02 % Cu from 39m.

Significant results are tabulated below:

These new results link up some previous copper intercepts in several near surface adits, see table below, and an historical soviet drilling in drill hole 110A which intersected 43m at 0.95 % Cu from 83m.

* Adit ended in mineralisation

Noricum believes that because assaying of historic work focused only on gold or only on copper, further opportunities will exist within its tenure to discover new ore bodies.

Significant gold mineralisation has previously been reported following recent Kvemo Bolnisi diamond drilling:

Also located in this area are numerous trenches with high grade gold mineralisation. This mineralisation appears to be open to the north east:

Glossary

Resource/Reserve Classification

The former Soviet system for classification of reserves and resources was developed in the 1960's and is still used today in Russia. It divides mineral concentrations into 7 categories:

1. Fully explored reserves or resources - A, B and C1

2. Evaluated reserves or resources - C2

3. Prognostic resources - P1, P2 and P3

In a similar fashion to the more commonly used international standards (JORC or 43-101), the Soviet system assigns reserves and resources to classes based on the degree of reliability based on the various stages of exploration. A, B, C1, C2 and P1 reserves and resources can be matched to the JORC and 43-101 categories.

A broad equivalence between the classifications may be presented as:

Source: "The Russian Reserves & Resource Reporting System" Resources Computing International Ltd (21 August 2004)

Competent Person Statement

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 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 2012 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.

**ENDS**

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