NewCastle Announces Private Placement

Newcastle Minerals Ltd.

Press Release

NEWCASTLE ANNOUNCES PRIVATE PLACEMENT

VICTORIA, BC, January 26, 2012 – Newcastle Minerals Ltd. Suite 416 108-800 Kelly Road Victoria, BC V9B 6J9 (TSXV:NCM) is pleased to announce that it has negotiated, subject to T 250 474 7999 regulatory acceptance, a non-brokered private placement of 10,000,000 F 250 474 7997 [email protected] units at a price of $0.05 per unit with one investor.

www.newcastleminerals.com TSXV-NCM Each unit consists of one common share and one-half of one warrant. Each full warrant, in turn, entitles the holder to purchase an additional common share at a price of $0.10 for a period of one year from the closing of the offering. The proceeds from the private placement will be used for general working capital.

Newcastle Minerals Ltd. is a Canadian gold exploration company trading on the TSX Venture Exchange (TSX Venture: NCM). The company is advancing its three key properties: the 11,100-hectare Pickle Lake Property in northwestern Ontario, its 6,898-hectare property located in the Swayze greenstone belt of Ontario near Trelawney Mining and Exploration Inc.’s Cote Lake deposit, and its 120-hectare Carscallen Property in the West Timmins area of Ontario.

ON BEHALF OF THE BOARD

Signed “Michael Romanik”

Michael Romanik, President Direct line: (204) 724-0613

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.