Thursday, 26 July 2012

Newcastle Minerals says NY85 Capital begins drilling at Carscallen project

Newcastle Minerals (CVE:NCM) said Thursday that NY85 Capital has started a drill program on Newcastle's 120 hectare Carscallen property in the West Timmins area of Ontario.

NY85 Capital has the option to earn a 60-per-cent interest in the property by making total cash payments of $85,000 to Newcastle over a period of two years and issuing a total of 750,000 NY85 common shares.

In addition, NY85 Capital must spend exploration costs totaling $900,000 on the property over a period of three years.
In addition to Carscallen, Canadian gold explorer Newcastle is advancing its 11,100-hectare Pickle Lake property in northwestern Ontario, and its 6,898-hectare property in the Swayze greenstone belt of Ontario near Iamgold's Cote Lake deposit.

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