New Carolin Gold Corp.
TSX VENTURE : LAD
PINKSHEETS : MDULF

New Carolin Gold Corp.

December 19, 2011 11:12 ET

New Carolin Gold Announces Positive Initial Findings of the Preliminary Economic Assessment of the Tailings Project at the Ladner Gold Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 19, 2011) -

NOT FOR DISTRIBUTION IN THE UNITED STATES.

New Carolin Gold Corp. (TSX VENTURE:LAD)(PINKSHEETS:MDULF) ("NCGC" or the "Company") is pleased to announce that the initial findings of the Preliminary Economic Assessment ("PEA") of the tailings project at its Ladner Gold Property in British Columbia are positive.

The NI 43-101 resource study delineated an Indicated Mineral Resource estimate of 23,700 oz gold in 445,378 tons at a cutoff grade of 1.00 gm/t gold and an Inferred Mineral Resource estimate of 5,000 oz gold in 93,304 tons at a cutoff grade of 1.00 gm/t gold (see press release of November 9, 2011).

The PEA is being carried out by B. Ross Design Inc., of Vancouver and will be finalized in January, 2012 when input parameter assumptions, processing details, capital and operating cost estimates and a financial analysis will be disclosed in a press release. The permitted tailings impoundment has been monitored and inspected by independent consulting engineers and is in excellent condition. The Company will negotiate an operating agreement with an independent third party that will recover the gold from the tailings material. The Company will receive a royalty payment.

About B. Ross Design Inc.

B. Ross Design Inc. is a consulting engineering company based in Vancouver. Established in 2005, B. Ross Design Inc. tailors its services to the mining industry and provides a full service engineering package to junior and mid-tier mining companies. B. Ross Design Inc. staff collectively has over 200 years of global engineering experience.

About New Carolin Gold Corp.

New Carolin Gold Corp. is a Canadian junior-stage mining and exploration company engaged in the evaluation and development of several gold properties collectively known as the "Ladner Gold Project". These properties are located in southwestern British Columbia, Canada and comprise approximately 104 square kilometers of contiguous mineral claims. The Project, located along the prospective and under-explored Coquihalla Gold Belt is host to several historic small gold producers including the Carolin Mine, Emancipation Mine, Pipestem Mine and numerous other gold prospects.

For further Company and technical information, please visit the Company's website at www.newcarolingold.com.

The technical information contained in this release has been prepared by Bruce Downing, P.Geo., a qualified person who is the president and CEO of the Company.

ON BEHALF OF THE BOARD OF DIRECTORS

Bruce W. Downing, M.Sc., P.Geo, Hon.FEC, President & Chief Executive Officer

Caution concerning forward-looking information

This news release may contain forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.

Neither the 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 the accuracy of this press release. We seek Safe Harbor.

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