Newcastle Options Its Carscallen Property to Rodocanachi Capital Inc.

Last Update: 10/28/2011 11:53:38 AM

VICTORIA, BRITISH COLUMBIA, Oct 28, 2011 (Marketwire via COMTEX) -- Newcastle Minerals Ltd. (NCM) is pleased to announce that it has, subject to regulatory acceptance, granted an option to Rodocanachi Capital Inc. on Newcastle's Carscallen Property located in the West Timmins area of Ontario.

To exercise its option and acquire a 60% interest in Newcastle's Carscallen Property, Rodocanachi must pay Newcastle $85,000 and issue 750,000 Rodocanachi shares over the next two years, and complete $900,000 of exploration on the property over the next three years.

Newcastle Minerals Ltd. is a Canadian gold exploration company trading on the TSX Venture Exchange (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

Michael Romanik, President