NewCastle Options Mollie River Gold Prospect Near Trelawney’s Chester Discovery
Newcastle Minerals Ltd.
Press Release
NEWCASTLE OPTIONS MOLLIE RIVER GOLD PROSPECT NEAR TRELAWNEY’S CHESTER DISCOVERY
Suite 416 108-800 Kelly Road VICTORIA, BC, March 4, 2010 – Newcastle Minerals Ltd. (TSXV:NCM) is 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 the Mollie River property, which F 250 474 7997 comprises three mineral claims covering approximately 1,400 acres in the [email protected] Township of Benneweis of the Porcupine mining district of Ontario.
www.newcastleminerals.com TSXV-NCM The Mollie River property is located 4.7 kilometres east 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.
Newcastle’s President, Michael Romanik, said “Our preliminary review of exploration data from the 1970s indicates good potential for the Mollie River property. We believe this area’s gold potential has been largely overlooked and, as a result of the recent discovery by Trelawney, merits closer examination. This makes the property an excellent, high priority exploration project for Newcastle.”
Newcastle’s initial work program is expected to take the form of ground geophysics, which will be followed by a diamond drill program.
To exercise its option and acquire a 100% interest in the Mollie River property, Newcastle must pay the optionor $15,000, issue 2,000,000 shares of the Company and grant the optionor a 3% net smelter returns royalty. Newcastle may repurchase one-third of the net smelter returns royalty for $1,000,000.
ON BEHALF OF THE BOARD
Signed “Michael Romanik”
Michael Romanik, President Direct line: (204) 724-0613
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