NewCastle Options Claims Adjoining PC Gold’s Pickle Crow Gold Property
Newcastle Minerals Ltd.
Press Release
NEWCASTLE OPTIONS CLAIMS ADJOINING PC GOLD’S PICKLE CROW GOLD PROPERTY
VICTORIA, BC, June 17, 2010 – Newcastle Minerals Ltd. (TSXV: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 Suite 416 108-800 Kelly Road Victoria, BC V9B 6J9 Connell Township and Dona Lake Township in northwestern Ontario.
T 250 474 7999 F 250 474 7997 These claims adjoin PC Gold Inc.’s Pickle Crow property within 200 metres of [email protected] their No. 20 Vein, at which PC Gold intersected 20.96 grams of gold per tonne www.newcastleminerals.com TSXV-NCM 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.
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.