Mr. Alex Klenman reports

LEOCOR MINING ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Leocor Mining Inc. has completed its previously announced non-brokered private placement of units of the company by the sale and issuance of 80 million units, at a price of five cents per unit, for gross proceeds of $4-million. Each unit consisted of one common share of the company and one common share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of three years from the date of closing at an exercise price of 10 cents.

The company expects to utilize net proceeds from the private placement to exercise certain convertible securities of Intrepid Metals Corp. held by the company and for general working capital purposes.

One insider of the company, by virtue of holding more than 10 per cent of the common shares of the company, purchased an aggregate 20 million units under the private placement. The insider's participation constitute a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Securityholders in Special Transactions. Such transactions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of any securities issued to nor the consideration paid by such person exceeds 25 per cent of the company's market capitalization. The company did not file a material change report 21 days prior to the closing of the private placement as the details relating to the participation of the insiders were not settled until shortly prior to the closing of the private placement. Further information regarding the private placement will be provided in a material change report to be filed by the company.

The company did not pay any finders' fees with respect to the private placement.

All securities issued in connection with the private placement will be subject to restrictions on resale for a period of four months and one day in accordance with applicable securities laws.

About Leocor Mining Inc.

Leocor Mining is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte mining district. Leocor's Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous approximately 2,000-hectare exploration corridor.

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