Norman Cay Development Announces Approval of Edu

FORT LAUDERDALE, Fla., June 13, 2012 /PRNewswire/ -- Norman Cay Development, Inc. (OTCQB: NCDL) ("Norman Cay" or the "Company"), an emerging international gold exploration and development company, is pleased to announce that the Company has received notification of the approval by the Minerals Commission of Ghana of the assignment of option rights for the Edum Banso Gold Project to Discovery Gold Ghana Limited ("Discovery Gold"), a wholly-owned subsidiary of the Company. The assignment of the option rights from Xtra-Gold Mining Limited to Discovery Gold is the final obligation under the Edum Banso Acquisition Agreement between the two companies.

"The assignment of the option rights to our Discovery Gold subsidiary will mark the successful completion of the Edum Banso Gold Project acquisition from Xtra-Gold Mining in Ghana," said Steve Flechner, President of Norman Cay. "With the Minerals Commission transfer approval process behind us, the Company intends to move forward with an aggressive strategy to fund and continue exploration of the numerous previously identified gold targets on the property."

Following notification of the option right transfer approval, completion of the transaction was subject to payment of a nominal consideration to the Minerals Commission, to be followed by formal Ministerial consent. Xtra-Gold Mining has already made the above mentioned payment to the Minerals Commission and has been issued an official receipt acknowledging such payment. The Company's Ghana legal counsel has indicated that formal Ministerial consent for the transfer is expected to be issued within the next 30 days.

Further updates regarding the Edum Banso Gold Project and other Norman Cay business will be made as additional information becomes available.