Northcore Resources Inc.

Northcore Resources Inc.

April 02, 2014 07:30 ET

Northcore: Corporate Update

MONTREAL, QUEBEC--(Marketwired - April 2, 2014) - Northcore Resources Inc. (TSX VENTURE:NCR) (the "Corporation") wish to present a corporate update of its recent activities.

At its Annual General and Special meeting of shareholders held on February 25, 2014, the Corporation received overwhelming support for its effort to rejuvenate its activities. More than 31.81% of shareholders voted and they supported the various resolutions with 87.38% majorities and more. These participation and approval numbers are very high considering that most Junior mining AGMs end up having shareholder participations in the low teens.

The Board obtained a strong mandate to negotiate the best conditions possible in the choice for new advanced projects, financing and share capital roll back. Northcore is actively pursuing a catalytic transaction which coupled with a share roll back will re-energize the Corporation and its share price. A share roll back will significantly reduce the number of issued and outstanding shares making it more attractive for financing and acquisition purposes.

Board members were present and active at the recently held PDAC in Toronto and identified a number of excellent advanced and grass root projects in secure jurisdictions.

The identified mining projects are very well advanced with known resources and very good expansion potential. Some of these are gold projects in hot Canadian exploration areas with active drilling campaigns. Others are base metal projects in Ontario with resources while others are strategic metals pre-feasibility situations in excellent mining jurisdictions. Company management is actively investigating all of these projects and will soon present them to the Board for selection and go ahead decisions.

The proximity of the Corporation's Lake Irene project to the current drilling being done in the Monster Lake area by SOQUEM and IAMGold/Tomagold is leading Northcore to finalize a spring and summer exploration project on the property. The final details will soon be announced but they will initially include a lake sediments survey as well as a lakeshore and island outcrop sampling effort. Once completed the results will be integrated with historical exploration and drilling results to decide on future activities.

Northcore will be communicating with Kel-Ex and try to see if there are possibilities of doing additional exploration efforts in the Attawapiskat JV. Northcore's partner Kel-Ex is a private corporation controlled by Charles Fipke, the discoverer of the Diavik diamond mine, Canada's first. The JV claims are contiguous to De Beers' Victor mine property.

Similarly discussions will be held with Melkior to identify exploration targets on the West Timmins JV project.

Neither the TSX-Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.

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