Mr. Tom MacNeill reports

NORSE GOLD ANNOUNCES APPLICATION FOR REACTIVATION TO TSX-V, PRIVATE PLACEMENT FINANCING AND STOCK OPTIONS GRANT

Norse Gold Corp. is applying to the TSX Venture Exchange for approval of the reactivation of the corporation's listing on the TSX-V as a Tier 2 mining issuer. Norse Gold also announces a non-brokered private placement offering of units of the corporation for gross proceeds of up to $1-million and the grant of stock options.

Reactivation

The common shares of the corporation are currently listed and posted for trading on the NEX. As the corporation's application for reactivation to the TSX-V is based on the same business with the same principals, TSX-V policies allow discretion to permit reactivation where certain conditions are satisfied, including: satisfaction of TSX-V continued listing requirements; the corporation owning a satisfactory interest in a property or business of merit; the corporation having an interest in a property from which it expects to earn significant revenues or incur significant expenditures directly related to the exploration and/or development of the corporation's assets; and the corporation having adequate working capital and financial resources to carry out the corporation's business plan or recommended work program.

Upon approval by the TSX-V of the reactivation, the common shares will be delisted from the facilities of the NEX board of the TSX-V and listed on the facilities of the TSX-V, at which point Norse Gold shall become a Tier 2 mining issuer. The corporation has not yet obtained acceptance of the reactivation from the TSX-V, and there is no assurance that the application will be accepted on the corporation's expected timeline or at all.

Private placement

The financing consists of a private placement offering by the corporation of up to 10 million units at a price of 10 cents per unit for gross proceeds of up to $1-million. Each unit will be composed of one common share and one common share purchase warrant, with each whole warrant entitling the holder to acquire one common share at a price of 20 cents for a period of two years from the date of issuance. The proceeds from this financing will be applied toward the payment of outstanding payables and for exploration work on the corporation's 3,231-hectare Yellowknife gold belt mineral property located 75 kilometres north of Yellowknife. Program updates will be announced when plans are finalized.

This financing is subject to the approval of the TSX-V, including the conditional approval of the TSX-V in respect of the reactivation. In accordance with applicable securities laws, the common shares and warrants (and the common shares issuable upon exercise of the warrants) issued under this financing will be subject to four-month hold periods.

Stock option grant

The corporation has approved the grant of 3.7 million stock options pursuant to the corporation's stock option plan. Of the foregoing options, two million were granted to directors and executive officers, with the balance granted to consultants. The options are exercisable at an exercise price of 10 cents per share on or before Feb. 19, 2031, subject to earlier termination in accordance with the corporation's stock option plan and the applicable policies of the TSX-V.

About Norse Gold Corp.

Norse Gold's primary asset is its 100-per-cent interest in the 3,231-hectare Morris Lake property, consisting of seven contiguous claims and three leases, 75 kilometres north of Yellowknife. Norse Gold plans to advance this brownfield gold exploration project in the Yellowknife greenstone belt. Historically, gold was initially discovered on the property in 1945. Historic work conducted has included over 15,000 metres of diamond drilling in 100 holes on the Viking zone, and 33 holes on the Greenlee zone, along with underground development work at the Viking zone. Several other gold zones and occurrences to be followed up on have been located on the property. The geological model for the gold mineralization is that of an Archean lode gold deposit consisting of gold-bearing veins and shoots within a structurally controlled shear vein system.

We seek Safe Harbor.