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Cielo Press

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Cielo News Release

Cielo Announces Bio-Diesel Agreement With Northcore
2013-06-12

SURREY, British Columbia, Canada
June 12, 2013
CNSX:CMC

CIELO ANNOUNCES BIO-DIESEL AGREEMENT WITH NORTHCORE

Cielo Gold Corp. ("Cielo Gold" or the "Company") is pleased to announce the signing of an interim agreement with Northcore Technologies Inc. (TSX: NTI; OTCBB: NTLNF), to purchase certain assets that include the Blue Horizon Bio-Diesel Renewable Fuel demonstration plant and related intellectual property (the "Bio-Diesel Assets"), that is producing renewable green diesel fuel from municipal solid waste.

Under terms of the agreement, Northcore will purchase the renewable fuel assets in exchange for the issue of Northcore shares equivalent to a 48-per-cent ownership position in Northcore. Northcore will receive a 50-per-cent share of the profits resulting from commercialization of the renewable diesel assets, which include new production plants that will be financed by Cielo.

Closing of the transaction is subject to the completion of a definitive asset purchase agreement and related due diligence and execution of closing documentation, plus applicable Toronto Stock Exchange, regulatory and shareholder approvals. Northcore has called a shareholder meeting on July 23, 2013, to approve the proposed transaction.

The president of Cielo Gold, Don Allan, has been appointed as CEO of Northcore and to its board of directors.

Don Allan, president and chief executive officer of Cielo, stated: "We are focused on building value for shareholders, through business growth. This agreement with Northcore is in line with Cielo's growth strategies. We look forward to a great relationship with Northcore."

ON BEHALF OF THE BOARD

Don Allan
President, CEO & Chairman
Tel: (403)430-1542 Ext 224
Fax: (403)343-3572
Email: donallan@cielows.com