Northcore Resources Inc.
TSX VENTURE : NCR

Northcore Resources Inc.

October 18, 2012 17:02 ET

Northcore Resources: Disclosure Update, Lac Irene Correction and Dissident Shareholders

MONTREAL, QUEBEC--(Marketwire - Oct. 18, 2012) - Northcore Resources Inc. ('Company" or "NCR") (TSX VENTURE:NCR) wishes to update its shareholders on the following:

Little Monster

In a joint effort with our JV partner, Vanstar Mining Resoures Inc. ("Vanstar"), we had previously announced back on April 12, 2012 that we were preparing a 2,000 meter drill campaign on our jointly owned Little Monster property. Sadly, we must announce that to date, the project manager on the Little Monster property, Vanstar has not completed any work on the property. Work on our property was to follow Vanstar's previously announced drill campaign on their Nelligan property. General stock market conditions, restrictive access to capital markets and limited exploration capital have been the predominant cause for the lack of work to date. These current conditions have forced us to mutually suspend the proposed drilling campaign which had been previously announced.

Lac Irene

Additionally, at the request of the TSX-V, we have been asked to rectify the wording of our press release dated April 30, 2012 regarding our acquisition of the Lac Irene property. The wording of our press release could have been somewhat misleading especially as regard the close proximity of our property to TOMA Gold's discovery and could have lead readers to conclude that TOMA:s discovery could extend to our property. As such, since we had been unable to verify the information which we quoted regarding TOMA Gold's discovery, our press release should have indicated that the reported information was not necessarily indicative of the mineralization on our property that is the subject of the technical report as reported by TOMA Gold.

Dissident Shareholders

Lastly, following our successful Annual and Special Shareholders General Meeting ("ASSG") which was held on August 15, 2012, results which were reported in our press release dated August 16, 2012, we have since been approached by a group of dissident shareholders being represented by Mr. Francois Desrosiers, former President of Big Red Diamond Corporation (predecessor to Northcore), seeking to make or bring some changes to the Directors and Officers of the Company in order to take control of the Company. Mr. Desrosiers appears to represent the same group of shareholders which voted against or opposed some of the resolutions at our latest Annual and Special Shareholders General Meeting (ASSG) which was held on August 15, 2012. At this same ASSG, the slate of proposed Directors was elected and received in excess of 90% of the casted votes. We respect that these dissident shareholders may want some changes but considering that our last shareholder's meeting was held less than two months ago, we fail to see the need to hold an additional costly meeting of the shareholders. Nonetheless, we are presently discussing with the dissident shareholders and are prepared to accommodate them as best we can - we should have some resolve on this issue shortly, Barring which, a Special Meeting may have to be called.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information