NewCastle Options Gold Prospect Near Trelawney’s Chester Discovery
Newcastle Minerals Ltd.
Press Release
NEWCASTLE OPTIONS GOLD PROSPECT NEAR TRELAWNEY’S CHESTER DISCOVERY
VICTORIA, BC, March 31, 2010 – Newcastle Minerals Ltd. (TSXV:NCM) is Suite 416 108-800 Kelly Road Victoria, BC V9B 6J9 pleased to announce that it has, subject to regulatory acceptance, negotiated an T 250 474 7999 option to purchase a 100% interest in 26 mineral claims covering approximately 15,400 acres in the Townships of Potier and Neville in the F 250 474 7997 [email protected] Porcupine mining district of Ontario.
www.newcastleminerals.com TSXV-NCM The claims are located three kilometres north of Trelawney Mining and Exploration Inc.’s (TSXV:TRR) Chester Project. Trelawney recently reported intersecting 107.11 metres of 8.20 grams per tonne of gold, including 313.55 grams per tonne gold over 2.56 metres, on the Chester Project.
The claims straddle the contact between mafic volcanics and a suite of diorite to granodiorite intrusive rocks, and the contact trends roughly east-west across the more southerly parts of both Potier and Neville Townships. A regional lake sediment survey conducted by the Ontario Geological Survey (published as Open File Report 6166) and a second study entitled “Central Swaze Study Area” confirms that there are at least two separate and coinciding lake sediment gold, silver and base metal anomalies defined in the southwest part of Potier Township on the western part of the claims. The lake sediment gold anomalies range from seven to nine parts per billion and greater than or equal to nine parts per billion.
Newcastle’s President, Michael Romanik, said “Although Newcastle is focused on its Pickle Lake and Carscallen projects, this new parcel of claims represents an excellent opportunity for a joint venture with the right partner.”
To exercise its option and acquire a 100% interest in the claims, Newcastle must pay the optionors a total of $60,000 and issue a total of 2,700,000 shares of the Company in two stages over six months. Newcastle must also grant the optionors a 3% net smelter returns royalty, of which one-half may be repurchased for $1,000,000.
The technical information herein was prepared under the supervision of Mr. A.A. Burgoyne, P.Eng., M.Sc. of Burgoyne Geological Inc., who acts as Newcastle’s Qualified Person as defined by National Instrument 43-101.
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.