Northcore Resources Plans a $125,000 Private Placement

Northcore Resources Inc. (TSX VENTURE:NCR) is seeking to raise up to $125,000
through the issue of a non-brokered private placement of common shares units at
a price of one cent ($0.01) per unit ("Units"). Each Unit will consist of one
(1) common share and one half (1/2) common share purchase warrant. Each full
warrant will give the holder the right to acquire an additional common share of
Northcore Resources at $0.05 per share for twelve (12) months and at $0.10 per
share for the following twelve (12) months. Save and except for a special
provision more fully described below If Northcore's common shares trade at
$0.065 per share for more than twenty (20) consecutive days, the Company can
elect to cancel the warrants further to issuing it has issued a thirty (30) day
notice to each holder indicating the cancellation of the warrants. This "special
provision" is included in order to entice each holder to exercise their
warrants.


The Units will be subject to a 4 month hold period. The principal purpose of the
proceeds of this private placement will be to pay the Company's current
payables, maintain and preserve its existing properties, activities and assets. 


The private placement is subject to the TSX Venture Exchange's notice to
issuers, regarding temporary relief from certain pricing requirements. Under the
rules and regulations of the bulletin, the company is in the process of
providing the TSX-V with information and documentation to support the TSX-V's
conditional acceptance of the private placement and granting relief from certain
existing pricing requirements.


The private placement has been duly and validly approved by the company's board
of directors. This private placement is necessary to support existing
operations, activities and assets, and none of the proceeds will be used to
finance the purchase or pursuit of new businesses or otherwise satisfy
obligations to any person who is a related party (as such term is defined in
Policy 1.1 of the TSX-V corporate finance manual).


The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this press release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Garry Majerle, Chairman of the Board
519-697-6945
[e-mail]