Mr. Luke Alexander reports

NEWCORE GOLD ANNOUNCES CLOSING OF $5 MILLION PRIVATE PLACEMENT FINANCING

Newcore Gold Ltd. has closed its previously announced non-brokered private placement financing pursuant to which the company issued 33,333,332 units of the company at 15 cents per unit for aggregate gross proceeds of $4,999,999.80. The securities were offered under the listed issuer financing exemption (as defined below).

Luke Alexander, president and chief executive officer of Newcore, stated: "We are pleased to be welcoming a new institutional investor and would also like to thank our existing shareholders for their continued support. Management and the board of directors also meaningfully participated in the financing, continuing to be strongly aligned with shareholders by way of an approximate 21-per-cent equity ownership postfinancing. In a difficult market, we have been able to secure funding that allows Newcore to continue to advance and derisk the development of our Enchi gold project in Ghana. This funding will allow us to complete additional drilling and development work as we prove out the district scale potential of the property."

Each unit consisted of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share of the company at an exercise price of 20 cents per common share at any time on or before June 28, 2024.

The company intends to use the net proceeds of the offering to finance exploration and development activities at the company's 100-per-cent-owned Enchi gold project in Ghana, as well as for general corporate and working capital purposes.

The units were sold to purchasers pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106, Prospectus Exemptions. The securities issued in the offering pursuant to the exemption will not be subject to a statutory hold period pursuant to applicable Canadian securities laws.

In connection with the completion of the offering, the company paid $25,125 to certain arm's-length third parties that assisted in introducing subscribers to the offering.

Certain directors and management of the company participated in the offering. Participation by the insiders in the offering was considered a related party transaction pursuant to Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, as the insiders are directors or senior officers of the company. The company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the insiders' participation in the offering in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101.

About Newcore Gold Ltd.

Newcore Gold is advancing its Enchi gold project located in Ghana, Africa's largest gold producer. Newcore Gold offers investors a unique combination of top-tier leadership, aligned with shareholders through a 21-per-cent equity ownership, and prime district-scale exploration opportunities. Enchi's 216-square-kilometre land package covers 40 kilometres of Ghana's prolific Bibiani shear zone, a gold belt that hosts several five-million-ounce gold deposits, including the Chirano mine 50 kilometres to the north. Newcore's vision is to build a responsive, creative and powerful gold enterprise that maximizes returns for shareholders.

We seek Safe Harbor.