Posts Tagged Newcastle Minerals

Newcastle Minerals Board Appointment

Newcastle Minerals Ltd. has appointed Leon David Michaud to the company’s board of directors.

Mr. Michaud specializes in the start-up and operation of large-scale metallurgical concentrators. The metallurgical consultant, who speaks French, English and Spanish, holds a bachelor’s degree in mining engineering from Queen’s University.

For the last year, Mr. Michaud has been consulting in mining for MetallurgyInMotion Inc. Prior to that, he was acting as operations manager to Corriente Resources Inc. and involved in the feasibility study of its large-tonnage, copper-gold project in South America. One of his most recent high-profile assignments was as the mill operation’s superintendent in the successful 2001 start-up of the concentrator at Compania Minera Antamina SA in Peru. Mr. Michaud was part of the group that successfully headed the commissioning and transition to stable operation of the Antamina concentrator. Previous to 2001, Mr. Michaud spent five years at Highland Valley Copper in technical and operational positions. Highland Valley Copper is one of the largest open-pit copper operations in the world since February, 2007. He specializes in the start-up and operation of large-scale metallurgical concentrators.

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Newcastle Minerals Closes Financing

Newcastle Minerals is pleased to announce that it has closed its non-brokered private placement of 6,000,000 units at a price of $0.03 per unit. 

Each unit consists of one common share and one warrant.  Each warrant, in turn, entitles the holder to purchase an additional common share until July 20, 2011 at a price of $0.07 per share until July 20, 2010 and $0.10 per share thereafter.  The units are subject to a hold period expiring November 21, 2009. 

The proceeds from the private placement will be used for exploration of Newcastle’s Yukon mineral claims and working capital.  A finder’s fee of $6,000 cash will be paid in respect of the offering.

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NEWCASTLE ACQUIRES YUKON PROPERTY NEAR UNDERWORLD’S WHITE GOLD PROJECT

Newcastle Minerals Ltd. has, subject to regulatory acceptance, acquired 25 lode quartz mineral claims located near Underworld Resources’ White Gold property in the Yukon. The claims cover approximately 1,000 hectares and are located about 15 kilometres east of Underworld’s recently announced discovery of 103 metres of 3.4 grams of gold per tonne. 

Newcastle will pay or issue to the vendor, Blair Naughty, $75,000 cash, three million shares of Newcastle and a 3-per-cent net smelter returns royalty. The company may repurchase 1 per cent of the royalty for $1-million. Newcastle also agreed to spend $25,000 to explore the property by June 1, 2010, and $225,000 by Sept. 1, 2010.

In conjunction with this acquisition, Newcastle Minerals has negotiated, subject to regulatory approval, a non-brokered private placement consisting of up to six million units at a price of three cents per unit, to qualified investors.

Each unit will consist of one common share and one warrant. Each warrant will, in turn, entitle the holder to purchase an additional common share for a period of two years following the closing date at a price of seven cents per share during the first 12 months and 10 cents per share thereafter.

The proceeds from the private placement will be used for exploration of the Yukon claims and working capital.

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