Northcore Resources and Nuna Minerals Sign a Memorandum of Understanding for the High Grade Ymer 0 Tungsten-Antimony-Gold Pro...

Northcore Resources Inc. (TSX VENTURE:NCR) is pleased to announce they have
signed a Memorandum of Understanding ("MoU") with NunaMinerals A/S of Nuuk
Greenland (CSE:NUNA.CO/NUNA.DC). The two companies are now in advanced stages of
commercial negotiations regarding an Option-to-Earn-In and Joint Venture
Agreement designed to advance the development of NunaMinerals' Ymer O
tungsten-antimony-gold project ("Ymer O") in Central East Greenland.


Under the proposed Option Agreement, Northcore will be able to earn,
incrementally through three phases, a 65 % interest in Ymer O by funding US$ 4.6
million (c. 25 MDKK) of exploration and development expenditures over a three
year period commencing in 2014 provided the first stage of exploration during
2014 worth US$ 920,000 proves successful. Northcore will have the option to earn
an additional 10% interest in the project upon Northcore expending an additional
US$ 2.5 million in exploration and development expenditures before the end of
2019. In addition, Northcore is required to make an upfront cash payment of US$
300,000 to NunaMinerals, of which a cash payment of US$ 150,000 is payable upon
the signing of the Option and Joint Venture Agreement, along with 500,000 post
rollback shares of Northcore's capital and the remaining US$ 150,000 is payable
six months thereafter. At the start of each the 2015 and 2016 exploration season
when Northcore takes the decision to proceed with exploration it will remit to
NunaMinerals an additional 500,000 shares of its share capital. Upon Northcore
earning a 65 % interest, a Joint Venture to further develop the Ymer O project
will be formed between NunaMinerals and Northcore. The terms of the Option and
Joint Venture Agreement, as defined in the MoU, are summarised in Table 1 below.


Tungsten and Antimony potential at YMER O: In addition to the exceptionally high
grade intersections of tungsten and antimony in historical drilling, which
remain open ended, there are several other drill ready targets identified from
an airborne geophysical survey that NunaMinerals completed over the license
area. Significantly these targets are also coincident with strong geochemical
anomalies. The fundamentals for tungsten have strengthened considerably in
recent months, and so we very much look forward to the opportunity of rapidly
defining additional resources at Ymer O.


Table 1: Northcore Resources Inc.'s minimum expenditure commitments and
corresponding earned interest in the Ymer O project as agreed in the Memorandum
of Understanding.




----------------------------------------------------------------------------
                               Number of                         Northcore's
                               shares in        Northcore's            total
                               Northcore             Earned        undivided
               Minimum      to be issued        Interest in      interest in
            Commitment   to NunaMinerals       the Property     the Property
----------------------------------------------------------------------------
2014       US$ 920,000           500,000               20 %             20 %
----------------------------------------------------------------------------
2015      US$1,380,000           500,000               29 %             49 %
----------------------------------------------------------------------------
2016      US$2,300,000           500,000               16 %             65 %
----------------------------------------------------------------------------
Up to  Option to spend                 -  Option to earn an             75 %
2019                an                      additional 10 %                 
            additional                          interest in                 
          US$2,500,000                         the property                 
----------------------------------------------------------------------------



Introduction to the Ymer O Tungsten-Antimony-Gold Project

The Ymer O project (a 441 Km2 exclusive exploration license), covering a
substantial proportion of Ymer Island is located within the major fjord system
of Central East Greenland, which remain ice free for several months of the year.
The project is approximately 280 km north of the town of Illoqqortoormiut
(Scoresbysund), 115 km north of Mestersvig Airfield and 200 km south of the
Zackenburg Scientific Research Station and the Daneborg Weather Station. The
area is serviced by scheduled ice-class vessels of the Royal Arctic Line. All of
the prospects at Ymer O are located between 5 and 15 km from proposed deep water
harbour sites.


The Ymer O project is centered around the greater than 10 km thick,
unmetamorphosed Late Precambrian Elenor Bay Group (EBG) sedimentary package.
Replacement type tungsten-antimony-gold mineralisation is hosted within wide
sulphide bearing hydrothermal veins and E-W fault systems (greater than 10 km in
length) which cuts sandstones, siltstones and shales of the Quartzitic Series of
the EBG at Noa Dal. The multicoloured series of the EBG (limestone, dolomite and
dolomitic shale) hosts separate, high grade lenses of scheelite (tungsten) and
stibnite (antimony) mineralisation at South Margeries Dal and North Margeries
Dal, respectively. The tungsten and antimony mineralisation in the Margeries Dal
area occurs in silicified lensoid breccia zones in the central portions of
graben-like fault structures associated with E-W faults. The extreme
concentrations of tungsten and antimony and their restriction to discreet strata
within the EBG is inferred to result from chemical traps offered by the
availability of calcium within limestones and dolomites (scheelite
mineralisation) and similarly the high concentrations of sulphur within the
dolomite- shales (stibnite mineralisation). The vertical expression of the
hydrothermally zoned mineralised system at Ymer O is upwards of 1,500 metres.
The distribution of the various gold-tungsten-antimony associations suggests a
zoned, reduced intrusion-related system. A circular magnetic feature in airborne
geophysics, located immediately north of Noa Dal has been tentatively
interpreted as a deep seated granite, of inferred Caledonian age.


The project has been subject to a limited diamond drilling campaign (18 holes
totalling 2,000 metres) by Nordisk Mineselskab A/S in 1983/84, which was
successful in revealing exceptionally high grade intersections of tungsten and
antimony. The drill tested occurrences remain open along strike and to depth.
Key intercepts are shown below:


South Margeries Dal (Historical drilling by Nordisk MineselskabA/S):



--  22.0 metres at 5.0 % WO3 
--  3.0 metres at 5.8 % WO3 
--  3.5 metres at 4.9% WO3 



North Margeries Dal (Historical drilling by Nordisk Mineselskab A/S):



--  2.5 metres at 20.9 % Sb 
--  13.5 metres at 3.8 % Sb 
--  6.0 metres at 1.9 % Sb and 3.5 % WO3 
--  8.5 metres at 0.8 % Sb and 2.7 % WO3 



Noa Dal (Surface chip sampling profiles by Nunaoil A/S):



--  40 metres at 0.78 g/t gold 
--  45 metres at 1.3 % Sb 
--  14 metres at 7.2 % Sb 



In 2008, NunaMinerals commissioned SkyTEM to conduct a helicopter-borne combined
time domain electromagnetic (EM) and magnetic geophysical survey, comprising of
2,250 line kilometres. This resulted in the delineation of several significant
geophysical targets within the Noa Dal area, many of which correspond to known
geochemical sediment anomalies. Radiometric surveying by NunaMinerals has
identified a unique radiogenic signature occurring as a halo associated with the
structures hosting the mineralisation. This is considered an important
breakthrough for delineating the strike continuity of existing targets and the
identification of additional mineralisation.


Scoping level metallurgical test work by SGS Mineral Services UK in 2012 on
scheelite mineralisation from South Margeries Dal, demonstrated that the
mineralisation can be upgraded to approximately 65 % WO3 by using a staged grind
recovery method by gravity means alone. Heavy liquid testing conducted on a feed
sample crushed through 11.3 mm showed that a separation made at 2.75 g/cm3 would
reject 85 % of the weight whilst losing just 10 % of the tungsten, suggesting
that this could act as a very effective means of pre-concentration. Contaminants
such as copper, lead, zinc, arsenic, bismuth and sulphur at South Margeries Dal
are low - considerably below acceptable threshold values. The initial
metallurgical results suggest a coarse-grained, high-grade pre-concentrate could
be produced cheaply onsite and shipped to Europe or elsewhere for final
concentration, thereby reducing the CAPEX requirements. The South Margeries Dal
could therefore be an attractive start up mining project with significant
potential to add further resources through additional exploration.


Garry Majerle, Chairman and CEO of Northcore Resources, states: "On this
project, I am very excited to be working with a company with such deep roots in
Greenland like NunaMinerals. Mr. Ole Christiansen, President and CEO of
NunaMinerals stated in his press release '...At this year's PDAC, we experienced
intense interest in our Ymer O tungsten-antimony-gold project...' The
exceptionally high grade intersections of tungsten and antimony in historical
drilling are world class and remain open ended. During the coming weeks, we will
be working vigorously on putting in to place the management and financing for
this project."


The technical portion of this press release was reviewed and approved by Mr.
Jens Eskelund-Hansen, P. Eng., a Qualified Person in accordance with National
Instrument 43-101. Mr. Hansen is a Northcore Resources shareholder.


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.


On behalf of the Board of Directors of Northcore Resources Inc. 

Garry Majerle, Chairman

We seek safe harbour

FOR FURTHER INFORMATION PLEASE CONTACT: 
Northcore Resources Inc.
Garry Majerle
Chairman
519-697-6945
www.northcoreresources.com