Mr. Alex Klenman reports

LEOCOR GOLD ANNOUNCES STRATEGIC INVESTMENT IN INTREPID METALS

Leocor Gold Inc. has reached an agreement to complete a strategic investment in Intrepid Metals Corp. It is contemplated that the company will subscribe for 8,823,549 units of Intrepid in a non-brokered private placement currently being completed by Intrepid.

Each unit will consist of one postconsolidation common share of Intrepid and one common share purchase warrant at a price of 34 cents (postconsolidation) per unit for an aggregate investment of $3-million. Each warrant will entitle the company to acquire one additional common share at a price of 40 cents (postconsolidation) for a period of 24 months from closing of the offering. Prior to the closing of the offering, Intrepid will complete a consolidation of its common share capital on the basis of one postconsolidation common share for every two preconsolidation common shares.

Intrepid has agreed that no less than $2.8-million from the investment will be utilized by Intrepid for the exploration and development of the Corral copper project, located in Cochise county, Arizona, United States. Arizona is home to approximately 70 per cent of the entire U.S. domestic cooper production.

In connection with completion of the investment, the company will receive the right to nominate two members of the board of directors of Intrepid. the directors are expected to be appointed upon closing of the investment.

Leocor considers partnering with Intrepid and investing specifically to move the Corral copper project forward as a strong strategic initiative. The company feels it will assist in anchoring a strong valuation in the coming years. The company is considering a distribution plan regarding the Intrepid shares once the statutory hold period expires.

Corral has had over 50,000 metres of historical drilling completed throughout the district, with near-surface mineralization of copper, silver, zinc and gold present. Historical small-scale mining from the late 1800s and early 1900s yielded grades up to 9.2 per cent copper. Corral boasts a three-kilometre trend of shallow mineralization and remains open in all directions within a larger land package approximately 9,600 acres (15 square miles). Historical drilling data include an abundance of significant drill intercepts throughout the property. In addition, several new drill targets have been identified using modern geophysics surveys.

Completion of the investment in Intrepid remains subject to customary closing conditions, including required approvals from the TSX Venture Exchange and the Canadian Securities Exchange, as well as completion of the consolidation and the finalization of closing documentation.

About Leocor Gold Inc.

Leocor Gold 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 Baie Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000-hectare exploration corridor. The company also controls three district-scale land packages in north-central Newfoundland, known as Robert's Arm, Hodge's Hill and Leamington, representing over 144,000 hectares (1,440 square kilometres) of prospective exploration.

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