Newcastle Minerals Ltd.

Newcastle Minerals Ltd.

December 02, 2010 09:59 ET

Newcastle Maintains 100% Interest in Carscallen Project

VICTORIA, BRITISH COLUMBIA--(Marketwire - Dec. 2, 2010) - Newcastle Minerals Ltd. (TSX VENTURE:NCM) announces that it has received notice from SGX Resources Inc. that they will not exercise their option to acquire an interest in Newcastle's Carscallen Property located 21 kilometres southwest of Timmins, Ontario. Since entering into the option, SGX Resources has completed a mobile metal ion soil sampling program over the entire property, drilled seven holes totalling 1,500 metres targeting a small portion of the IP anomalies, and has paid Newcastle $225,000 of cash and shares.

The company would like to thank the SGX Resources team for their work and for helping Newcastle prove the technical merit of the Carscallen Property. Newcastle's geologists will review the data from SGX Resources' exploration to identify the next targets for a future work program.

Newcastle's President, Michael Romanik, said, "Maintaining a 100% interest in our Carscallen Property strategically compliments our Pickle Lake Project in northwestern Ontario. To the west of our Carscallen Property, Melkior Resources Inc. recently completed a deep downhole IP survey revealing a large anomaly at a depth of 500 metres and they have commenced a 5,000-metre drilling program."

Newcastle Minerals Ltd. is a Canadian gold and base metal exploration company trading on the TSX Venture Exchange (TSX VENTURE:NCM). The company is advancing its three key properties: its 120-hectare Carscallen Property in the West Timmins area of Ontario, its 11,100-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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