Newstrike Capital Inc.

Newstrike Capital Inc.

March 18, 2010 16:45 ET

Updated News Release: Newstrike Capital Receives $2 Million Termination Fee

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 18, 2010) -


Newstrike Capital Inc. (TSX VENTURE:NES) ("Newstrike" or the "Company") – – wishes to clarify the disclosure made in its March 16, 2010 news release. On March 16, 2010, the Company announced that it had received the $2 million termination fee that was due to it under the terms of its share purchase agreement with Desarrollos Mineros San Luis, S.A. de C.V. ("DMSL"), a wholly-owned subsidiary of Goldcorp Inc.

Under the share purchase agreement with DMSL, Newstrike agreed to acquire DMSL's 21.2% interest in the Morelos Project in Mexico. DMSL agreed that it would pay a $2 million termination fee if the transaction did not complete because of the exercise, by Gleichen Resources Ltd., of its right of first refusal to acquire DMSL's interest. On January 21, 2010 Gleichen announced that it had decided to exercise its right of first refusal. The Gleichen / DMSL transaction closed on February 24, 2010.

Subject to approval by the TSX Venture Exchange, a finder's fee will be paid to Woodstone Capital Inc. pursuant to an agreement made on December 1, 2009. Under the finder's agreement, Newstrike agreed to pay Woodstone $100,000 to for its efforts in respect of the Morelos Project transaction. It was further agreed that the fee would be payable if the transaction completed or if the termination fee was received.

About Newstrike (TSX VENTURE:NES)

Newstrike Capital Inc. is a gold-silver focused explorer, targeting known and historic mining districts in Mexico. Current management and directors co-discovered Goldcorp's and Teck's significant discoveries in Guerrero Gold Belt in Guerrero State, currently in advanced stages of exploration and production.

Newstrike holds a 100% interest in certain exploration properties in Mexico located within two established mining districts; the gold bearing oxidized iron skarn-porphyry camp of the Guerrero Gold Belt, and the polymetallic Ag-Au-Cu rich epithermal camp of the mining districts of Oaxaca State.

Neither the TSX Venture Exchange (the "TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has reviewed, nor do they accept responsibility for the adequacy or accuracy of, this release.

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