Duncastle Gold Corp.

Duncastle Gold Corp.

February 24, 2010 13:36 ET

Duncastle Announces Amendment to Yankee-Dundee Property Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2010) - Duncastle Gold Corp. (the "Company") (TSX VENTURE:DUN)(FRANKFURT:5D3) reported today that it has amended the underlying property Agreement on its Yankee-Dundee Mine project 3km from Ymir BC in the Nelson Mining District of Southeast BC.

The amendment revises the processing requirement to 10,000 tonnes from 15,000 tonnes as originally agreed. This facilitates permitting of a bulk sample from the historic mine in compliance with BC exploration regulations. The amendment allows the sample to be milled at a facility mutually selected by the parties.

The amendment also changes the timing of a $20,000 cash payment due March 31, 2010 to two $10,000 payments, one paid February 15, 2010, and the balance on June 30, 2010.

The Company also announces that it has granted 200,000 incentive stock options at an exercise price of $0.12 per share for a period of five years to a Director and Officer in accordance with the Stock Option Plan. The granting of the stock options is subject to regulatory approval.

About Duncastle Gold

Duncastle Gold Corp. is a Vancouver based gold exploration company with mineral claims covering or surrounding past producers in two historic BC districts. In Southeast BC Duncastle is targeting high-grade gold-silver-lead-zinc veins at the former Yankee-Dundee mine, 50km from the smelter at Trail BC. In Northwest BC the Company's holdings cover a 10 km long magnetic anomaly, previous workings, and high- grade veins at its Porphyry Creek project. Now covering more than 150 sq km, Duncastle has assembled contiguous claim blocks in each of these two productive regions for gold exploration.

As part of the Manex Resource Group, Duncastle benefits from shared expertise in corporate finance, public company administration, investor relations, and technical and geological services provided for six public companies. Since its formation in 1997, the companies within the Manex Group have raised over C$250 million in exploration financing.

On behalf of the Board of Directors,

Victor J E Jones, President, Director, Duncastle Gold Corp.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information