Newcastle Options Pickle Lake Gold Prospect
January 12 2010 - 12:37PM
Marketwired
Newcastle Minerals Ltd. (TSX VENTURE: NCM) is pleased to announce
that it has, subject to regulatory acceptance, negotiated an option
to purchase up to a 100% interest in Mhakari Gold Corp.'s Pickle
Lake Property, which comprises 19 mineral claims covering
approximately 9,600 acres in Ontario's Connell, Dona Lake and
Ponsford Townships.
The Pickle Lake Property is located in the Pickle Lake
Greenstone Belt where over 2.2 million ounces of gold were
extracted from three mines between 1934 and 1996. The property
adjoins the past-producing Central Patricia Mine property (650,000
ounces of gold) and extends to the past-producing Dona Lake Mine
property (225,000 ounces of gold). The property hosts several gold
showings identified by previous exploration.
Mhakari Gold Corp.'s public relations consultant, Mr. Ari Todd,
stated, "We are very pleased to have entered into an option
agreement with Newcastle Minerals Ltd. We share Newcastle's vision
for the Pickle Lake area and we are excited to be partnering with
them in this very promising camp."
To exercise its option and acquire an 80% undivided interest in
the property, Newcastle must pay the optionor a total of $40,000
and issue a total of 1,000,000 shares over one year, and grant the
optionor a 3% net smelter returns royalty. In addition, Newcastle
may acquire the remaining 20% interest by paying or issuing an
additional $12,000, 350,000 shares, and warrants to purchase a
further 350,000 shares exercisable during the succeeding two years
at a price equal to 110% of the then-current market price.
Mhakari Gold Corp. is a private Ontario-based exploration
company with gold and silver properties located in Northern Ontario
and Nevada. Mhakari's properties are located in the Timmins,
Kirkland Lake, Matachawen and Pickle Lake areas of Northern
Ontario, and on Mineral Ridge, Walker Lane District in Nevada. All
of its properties are near or adjacent to historic gold and silver
producers, and are exposed to excellent infrastructure with
year-round accessibility.
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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