VICTORIA, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2012) - Newcastle Minerals Ltd. (TSX VENTURE:NCM) is pleased to announce that it has negotiated, subject to regulatory acceptance, a non-brokered private placement of 10,000,000 units at a price of $0.05 per unit with one investor.

Each unit consists of one common share and one-half of one warrant. Each full warrant, in turn, entitles the holder to purchase an additional common share at a price of $0.10 for a period of one year from the closing of the offering. The proceeds from the private placement will be used for general working capital.

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