Newcastle Announces Private Placement

VICTORIA, BRITISH COLUMBIA, Dec 10, 2010 (MARKETWIRE via COMTEX News Network) --

Newcastle Minerals Ltd. (TSX VENTURE: NCM) is pleased to announce that it has negotiated, subject to regulatory acceptance, a non-brokered private placement of up to 3,000,000 flow-through shares at a price of $0.10 per share to qualified investors.

The proceeds from the private placement will be used for exploration of the Company's Carscallen project in West Timmins, Ontario, while it awaits assay results from the drill program on its Pickle Lake project.

Newcastle will pay a cash finder's fee of up to 8% of the subscription proceeds in respect of the offering.

Newcastle Minerals Ltd. is a Canadian gold and base metal exploration company trading on the TSX Venture Exchange (TSX VENTURE: NCM). The company is advancing its three key properties: its 120-hectare Carscallen Property in the West Timmins area of Ontario, its 11,100-hectare Pickle Lake Property in northwestern Ontario and its 6,600-hectare property located in the Swayze greenstone belt of Ontario near Trelawney Mining and Exploration Inc.'s Chester Project.

ON BEHALF OF THE BOARD

Michael Romanik, President

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.

Contacts: Newcastle Minerals Ltd. Michael Romanik President Direct line: (204) 724-0613 info@newcastleminerals.com www.newcastleminerals.com

SOURCE: Newcastle Minerals Ltd.