Mr. Alex Klenman reports

LEOCOR GOLD ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Leocor Gold Inc. has closed its non-brokered private placement and has issued 38.3 million units at a price of five cents per unit for gross proceeds of $1,915,000. Each unit consists of one common share of the company and one-half of one common share purchase warrant, entitling the holder thereof to purchase one additional share at a price of 10 cents until April 19, 2027.

The company intends to use the gross proceeds to advance the exploration and development of its gold and copper projects in Newfoundland and for general working capital purposes.

In connection with closing of the offering, the company paid finders' fees totalling $25,200 and issued 504,000 warrants to certain arm's-length brokerage firms. All securities issued in connection with the private placement are subject to a statutory hold period until Aug. 20, 2024, under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside of Canada.

Brian Shin, the chief financial officer of the company, subscribed for 200,000 units in the offering. Participation in the offering by an insider of the company constitutes a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The issuance of securities to Mr. Shin is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b) as the shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(a) of MI 61-101, in that the fair market value of the consideration paid for the securities issued to Mr. Shin does not exceed 25 per cent of the company's market capitalization.

"We're pleased with support of existing and new shareholders who participated in this raise," said Alex Klenman, chief executive officer. "The additional funds realized in this placement will assist greatly in moving our Baie Verte project forward. With demonstrated robust gold and copper mineralization, the projects that make up this exploration package provide exceptional opportunities. Now is the perfect time to complete the next stage of development of these assets," continued Mr. Klenman.

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 district-scale land packages in north-central Newfoundland, known as Robert's Arm, Hodge's Hill and Leamington (collectively Western Exploits) representing over 144,000 hectares (1,440 square kilometres) of prospective exploration ground.

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