Newcastle Minerals Ltd.

Newcastle Minerals Ltd.

June 17, 2010 08:27 ET

Newcastle Options Claims Adjoining PC Gold's Pickle Crow Gold Property

VICTORIA, BRITISH COLUMBIA--(Marketwire - June 17, 2010) - Newcastle Minerals Ltd. (TSX VENTURE:NCM) is pleased to announce that it has, subject to regulatory acceptance, negotiated an option to purchase up to 100% of 21 mineral claims covering 2,960 hectares in Connell Township and Dona Lake Township in northwestern Ontario.

These claims adjoin PC Gold Inc.'s Pickle Crow property within 200 metres of their No. 20 Vein, at which PC Gold intersected 20.96 grams of gold per tonne over 0.5 metres at a depth of 126 metres in February 2010. Newcastle's Pickle Lake gold prospect now comprises 10,400 hectares or about 100 square kilometres.

Newcastle's President, Mr. Michael Romanik, said "We are exceptionally pleased to have completed this deal with Cadillac Ventures Inc., which further consolidates and strengthens our land position in the Pickle Lake greenstone belt. These new claims adjoin PC Gold to the south and are contiguous with our existing claims. The newly-acquired claims' close proximity to PC Gold's No. 20 Vein discovery makes the area a new high priority target for exploration."

To exercise its option and acquire a 60% interest in the claims, Newcastle must pay the optionor, Cadillac Ventures Inc., $30,000 and 1,000,000 shares of the Company, and incur $250,000 of exploration costs over one year. To acquire the remaining 40% interest, Newcastle must pay the optionor an additional $85,000 and 1,000,000 shares over two years, incur an additional $300,000 of exploration costs over two and one-half years, and grant the optionor a 2% net smelter returns royalty. Newcastle may repurchase one-half of the royalty for $1,000,000.


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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