Newcastle Maintains 100% Interest in Carscallen Project
December 02 2010 - 9:58AM
Marketwired
Newcastle Minerals Ltd. (TSX VENTURE: NCM) announces that it has
received notice from SGX Resources Inc. that they will not exercise
their option to acquire an interest in Newcastle's Carscallen
Property located 21 kilometres southwest of Timmins, Ontario. Since
entering into the option, SGX Resources has completed a mobile
metal ion soil sampling program over the entire property, drilled
seven holes totalling 1,500 metres targeting a small portion of the
IP anomalies, and has paid Newcastle $225,000 of cash and shares.
The company would like to thank the SGX Resources team for their
work and for helping Newcastle prove the technical merit of the
Carscallen Property. Newcastle's geologists will review the data
from SGX Resources' exploration to identify the next targets for a
future work program.
Newcastle's President, Michael Romanik, said, "Maintaining a
100% interest in our Carscallen Property strategically compliments
our Pickle Lake Project in northwestern Ontario. To the west of our
Carscallen Property, Melkior Resources Inc. recently completed a
deep downhole IP survey revealing a large anomaly at a depth of 500
metres and they have commenced a 5,000-metre drilling program."
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
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