New Carolin Gold Corp.
TSX VENTURE : LAD
PINK SHEETS : MDULF

New Carolin Gold Corp.

November 29, 2011 12:41 ET

New Carolin Gold Corp. Announces Acquisition of Mine Permit

WHITE ROCK, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2011) -

NOT FOR DISTRIBUTION IN THE UNITED STATES.

New Carolin Gold Corp. (TSX VENTURE:LAD)(PINK SHEETS:MDULF) ("NCGC" or the "Company") is pleased to announce that it has assumed responsibility for the reclamation and environmental protection security that forms part of the mine permit(s) referred to in the Purchase and Sale Agreement concluded with Century Mining Corporation (see press release July 12, 2011). The Company issued a C$200,000 convertible debenture to acquire this security as announced in a press release on September 30, 2011.

The mine operations permit, M-138, for the Carolin Mine site also includes the permitted tailings impoundment. NCGC's ownership and responsibility for these assets is a major step towards the re-development of the Carolin Mine. NCGC will be updating former site operational permits (e.g. diesel, air emissions, effluent, refuge disposal, explosives) when required, with the intent of putting the mine back into production. Updating of these permits will depend upon timing of the mine development plans. The original mine permit is for a 1300 ton/day operation. Any development of potential mining areas off the permitted mine site area will require an amendment to the existing mine permit. The Company also has a site water license. The Company has current underground and surface exploration permits.

The Company estimates that with this mine operations permit, it will realize major savings from:

  1. Time saving of several years while undergoing the permitting stages,
  2. The time to production may be reduced significantly for the new Carolin Mine and for the Tailings, assuming that the economics and financing are favourable,
  3. Cost of this time saving is estimated from $3 to $4 million dollars,
  4. A permitted tailings impoundment estimated value at C$8 to C$10 million if to replicate which includes permitting and construction.

"This is an exciting time for New Carolin Gold and we are pleased with the progress and support we are receiving in growing the Company and developing its gold properties," said Bruce Downing, President and CEO.

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 (formerly www.moduleresources.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

We seek Safe Harbor.

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.

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