TD Maintains $2 TargetNewCastle Gold Inc. (NCA-T) C$0.90 15.2m of 16.47 g/t Outside Resource Shell Event This morning, NewCastle reported additional drill results on the southern portion of the main Oro Belle Trend within the region of the JSLA pit on its permitted Castle Mountain Gold Project (100%) in San Bernardino County, California. The results included additional high-grade intercepts, which may form part of an emerging highgrade zone that is not currently part of our model. Impact: POSITIVE As a reminder, the Phase II drill program (44.5 km or 121 holes) was aimed at upgrading and growing resources through angled drilling (the majority of historical drilling was comprised of shallow, vertical, RC holes). Complete or partial assay results have now been reported for 85 holes with an additional 36 holes remaining to be reported in Phase II. A Resource update is planned for the end of September. Recent drilling continues to expand gold mineralization beyond the limits of the 2015 resource pit shell where it remains open along strike and to depth in all directions. Highlights: 103.6m of 2.77 g/t in CMM-161 below the modeled pit bottom in JSLA South and approximately 100m up-dip from CMM-031 Ext (1.63 g/t Au over 27.1m). While a similar result to the 102.7m of 2.76 g/t reported last week, that step-out was located in the South Domes area, 960m to the south. The company intends to provide a Resource update in September and a Pre- Feasibility Study in Q4/17. Pre-stripping is expected to start, with ROM leaching of backfill material in 2018. The company is currently looking at financing the initial capital for the pre-stripping and dump leach (on the order of $15mm) via debt financing, or better alternatives if presented.