Newcastle Minerals Ltd.

Newcastle Minerals Ltd.

January 27, 2010 15:04 ET

Newcastle Expands Its Pickle Lake Gold Prospect

VICTORIA, BRITISH COLUMBIA--(Marketwire - Jan. 27, 2010) - Newcastle Minerals Ltd. (TSX VENTURE:NCM) is pleased to announce that it has, subject to regulatory acceptance, amended and expanded its option announced January 12 to add 11 adjacent mineral claims covering approximately 2,720 hectares.

The expanded Pickle Lake Property is located in the Pickle Lake Greenstone Belt where over 2.2 million ounces of gold were extracted from three mines between 1934 and 1996. The property adjoins the past-producing Central Patricia Mine property (650,000 ounces of gold) and extends to the past-producing Dona Lake Mine property (225,000 ounces of gold). The property hosts several gold showings identified by previous exploration.

Newcastle's President, Mr. Michael Romanik, stated, "Newcastle's management and staff have worked very hard over the past month to secure this promising land package tied on to PC Gold Inc.'s Pickle Crow Gold Mine Property. PC Gold reportedly has three drills currently working on its property and results are expected soon."

The option amendment provides that Newcastle may acquire the 11 additional claims by paying the optionors, 2125930 Ontario Limited and Mr. Pete Robert, a total of $17,000 and 600,000 shares of the Company, and granting the optionors a 2% net smelter returns royalty. Newcastle may repurchase half of the royalty for $1,000,000. One of the optionors – 2125930 Ontario Limited – is related to the optionor in the original transaction, Mhakari Gold Corp.


Michael Romanik, President

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.

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