Press
Release
NEWCASTLE
ANNOUNCES PRIVATE PLACEMENT WITH MINERALFIELDS GROUP
VICTORIA, BC, August 16, 2007
� Newcastle
Minerals Ltd. (TSXV:NCM) is pleased to announce that it has arranged a
non-brokered private placement of 3,571,427 flow-through units at a price of
$0.14 per unit with the MineralFields Group for gross proceeds of
$500,000. Each flow-through unit will consist of one flow-through common
share and one warrant. Each warrant will entitle the holder to purchase
one non-flow-through common share for a period of 24 months following the
closing date at a price of $0.30 during the first year and $0.40 during the
second year.
�We are very pleased to be
entering into this relationship with MineralFields Group,� said Kevin Whelan,
President of Newcastle Minerals Ltd. �This is an important milestone in
the growth of the company, and we look forward to working with MineralFields
Group as we develop our holdings in the Iskut
River region of northwestern British Columbia.�
The proceeds from the private
placement will be used for exploration. Due diligence fees of $20,000
cash, and a finder�s fee of $10,000 cash and an option to purchase 142,857
non-flow-through units at a price of $0.14 per unit for two years will be
payable to First Canadian Securities� upon closing. Each non-flow-through
unit will consist of one non-flow-through common share and one warrant to
purchase an additional share at a price of $0.30 during the first year and
$0.40 during the second year.
About MineralFields, Pathway
and First Canadian Securities�
MineralFields Group (a
division of Pathway Asset Management) is a Toronto-based mining fund with
significant assets under administration that offers its tax-advantaged super
flow-through limited partnerships to investors throughout Canada during most of the calendar
year, as well as hard-dollar resource limited partnerships to investors
throughout the world. Pathway Asset Management also specializes in the manufacturing
and distribution of structured products and mutual funds. Information about
MineralFields Group is available at www.mineralfields.com.
First Canadian Securities�, a division of Limited Market Dealer Inc., is active
in leading resource financings (both flow-through and hard dollar) on
competitive, effective and service-friendly terms, with investors both within,
and outside of MineralFields Group.
ON BEHALF OF THE BOARD
Signed �Kevin C. Whelan�
Kevin C. Whelan, President
The TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy or accuracy of
this release.
For Further
information contact:
Kevin
Whelan, President � (250) 474-7999
Brett
Whitelaw, Director � (778) 836-5891
Gord
Zelko � (250) 495-7123
#416 108 � 800 Kelly Road
Victoria,
B. C.
V9B 6J9
Fax: (250) 474-7997
info@newcastleminerals.com
www.newcastleminerals.com
Important Information
This release includes certain statements
that may be deemed to be "forward-looking statements" within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995. All
statements in this release, other than statements of historical facts, that
address future production, reserve potential, exploration and development
activities and events or developments that the Company expects, are
forward-looking statements. Although management believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance, and
actual results or developments may differ materially from those in the
forward-looking statements include market prices, exploration and development
successes, continued availability of capital and financing, and general
economic, market or business conditions. Please see our public filings at www.sedar.com for further
information.
