Mr. Garry Majerle reports

PRIVATE PLACEMENT UPDATE

Northcore Resources Inc. is providing an update of the proposed private placement it had filed with the TSX Venture Exchange in early August, 2014, and further amended in October, 2014.

The corporation had filed with the exchange a private placement reservation of up to $250,000 of common share units at five cents per unit.

The proposed common share unit private placement will consist in the issuance of up to five million units. Each unit will consist of one common share and one common share purchase warrant. Each warrant will give the holder the right to acquire an additional common share at a price of six cents per share for a period of 24 months following the closing of the private placement.

This placement will be a non-brokered placement made with accredited investors and other qualified purchasers. A 7.5-per-cent cash commission will be paid and a 7.5-per-cent broker warrant commission will be paid to qualified recipients. The broker warrant will give the holder the right to acquire common shares at a price of six cents per share for a period of 12 months following the closing of the private placement.

The use of proceeds of the placement will be for corporate cash flow purposes.

This private placement has not yet closed and must do so by Dec. 11, 2014.