Harry R. Steele

    DARTMOUTH, NS, Oct. 3 /CNW/ - Harry R. Steele of Dartmouth, Nova Scotia
announced today that he has acquired 900,000 Class A Subordinate Voting Shares
of Newfoundland Capital Corporation Limited in a purchase through the
facilities of the Toronto Stock Exchange. Mr. Steele now owns or controls
4,760,158 Class A Shares representing approximately 48.4% of the outstanding
Class A Shares and 1,212,434 Class B Shares representing 96.4% of the
outstanding Class B Shares.
    The purchases were made for investment purposes. Subject to regulatory
limitations, Mr. Steele and companies controlled by him may acquire, dispose
of or continue to hold shares in the normal course of his investment
    %SEDAR: 00002995E

For further information:

For further information: REF: Scott G.M. Weatherby, Chief Financial
Officer and Corporate Secretary, Newfoundland Capital Corporation Limited, 745
Windmill Road, Dartmouth, Nova Scotia B3B 1C2, Tel: (902) 468-7557, Fax: (902)
468-7558, e-mail: investorrelations@ncc.ca, Web: www.ncc.ca

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