Newcastle Minerals Ltd.

Newcastle Minerals Ltd.

March 04, 2010 17:38 ET

Newcastle Options Chester Township Gold Prospect

VICTORIA, BRITISH COLUMBIA--(Marketwire - March 4, 2010) - Newcastle Minerals Ltd. (TSX VENTURE:NCM) is pleased to announce that it has, subject to regulatory acceptance, negotiated an option to purchase a 100% interest in one mineral claim covering approximately 120 acres in Chester Township, Ontario.

The mineral claim is located 1.8 kilometres from Trelawney Mining and Exploration Inc.'s (TSXV:TRR) Chester Project and is surrounded by Augen Gold Corp's (TSXV:GLD) South Swayze property. Trelawney recently reported intersecting 107.11 metres of 8.20 grams per tonne of gold, including 313.55 grams per tonne gold over 2.56 metres, on its Chester Project.

Newcastle's president, Michael Romanik, said: "We are extremely pleased to have secured a land position so close to Trelawney's exciting new discovery. These new property acquisitions are a terrific addition into our current portfolio of projects which include our Carscallen gold property and our 18,000 acres positioned on both ends of PC Gold's Pickle Crow Gold mine property trend. It will be a very active and exciting 2010 for Newcastle and its shareholders."

To exercise its option and acquire a 100% interest in the mineral claim, Newcastle must pay the optionor $12,000, issue 400,000 shares of the Company and grant the optionor a 3% net smelter returns royalty. Newcastle may repurchase one-third of the net smelter returns royalty for $1,000,000. The Company will pay a finder's fee of $1,200 and 40,000 shares to 2125930 Ontario Limited in respect of the transaction.


Signed "Michael Romanik"
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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