Newcastle Minerals Ltd.

Newcastle Minerals Ltd.

October 01, 2010 08:40 ET

Newcastle Adds to Its Pickle Lake Property Holdings

VICTORIA, BRITISH COLUMBIA--(Marketwire - Oct. 1, 2010) - Newcastle Minerals Ltd. (TSX VENTURE:NCM) is pleased to announce that it has, subject to regulatory acceptance, negotiated an option to purchase three mineral claims covering approximately 500 hectares in Ponsford Township in northwestern Ontario. These claims are located on the western edge of Newcastle's existing claim block covering the western extent of a magnetic high, which is adjacent to the iron formation hosting both the past-producing Central Patricia and Pickle Crow Gold Mines.

Newcastle's President, Mr. Michael Romanik, said "These new claims are a terrific addition to our extensive land position within the Pickle Lake greenstone belt. We are finalizing plans for our drilling program and we will update the shareholders on those plans in the near future."

To exercise its option, Newcastle must pay the optionors $10,000 and 200,000 shares of the Company and grant the optionors a 2% net smelter returns royalty. Newcastle may repurchase one-half of the royalty for $1,500,000.

The technical information herein was prepared under the supervision of Mr. Brian Newton of Billiken Management Services Inc., who acts as Newcastle's qualified person as defined by National Instrument 43-101.

Newcastle Minerals Ltd. is a Canadian gold and base metal exploration company trading on the TSX Venture Exchange (TSX VENTURE:NCM). The company has been optioning and acquiring new key properties, including its 120-hectare Carscallen Property in the West Timmins area of Ontario, its 11,000-hectare Pickle Lake Property in northwestern Ontario, and its 6,600-hectare property located in the Swayze greenstone belt of Ontario near Trelawney Mining and Exploration Inc.'s Chester Project.


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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