Castle Peak Secures Drill Contract, Set to Commence Drilling This Week
April 18 2011 - 12:23PM
Marketwired
Castle Peak Mining Ltd. ("Castle Peak" or "the Company") (TSX
VENTURE: CAP), is pleased to announce it has mobilized a diamond
drill rig to high priority targets on the Nkwanta concession after
signing a contract with Reflex Drilling Ltd. The drilling will kick
off the +10,000 metre Phase I drill program announced last month,
with initial drill targets testing significant artisanal workings
that extend up to 200 metres ('m') in strike length and have been
excavated down 30m. These workings are coincident with the northern
end of a 1400m x 350m gold ('Au') in soil anomaly defined by
consistent values of greater than 100 parts per billion ('ppb')
(ranging from less than 50ppb Au to greater than 5000ppb Au).
The Company is pleased to announce the dispute surrounding the
Nkwanta and Asougya prospecting licenses has been resolved with
Netas Mining Company Ltd. outside of arbitration proceedings. The
assigned concessions are now in the final approval processes of the
Ghana Minerals Commission and the Minister of Lands and Natural
Resources, with the expectation that the Company will receive final
approvals by the end of April.
In addition, a contract has been signed with SEMS Exploration
Services Ltd. ('SEMS') of Accra, Ghana to provide senior field
leadership for Castle Peak's exploration programs. SEMS is the
leading full-service mineral exploration consultancy company in
West Africa, providing a wide range of technical services as a
local company with a large regional footprint.
Qualified Person
Castle Peak's technical disclosure in this news release has been
reviewed and approved by Darren Lindsay, P.Geo., Castle Peak's
President and CEO, who serves as a Qualified Person under the
definition of National Instrument 43-101 ('NI 43-101). Quality
assurance and quality control procedures currently being
established include the systematic insertion of blanks, standards
and duplicates into the sample stream either in the field or at the
Lab; samples are placed in sealed bags and are delivered to
Intertek Mineral Services (previously Transworld) Laboratories in
Tarkwa, Ghana. The Castle Peak projects are early stage exploration
properties and do not contain any mineral resources as defined by
NI 43-101.
About Castle Peak
Castle Peak Mining Ltd. is a Canadian-based exploration and
development company focused on advancing greenfields and early
stage gold projects. The Company holds a strategic land package in
the Ashanti belt adjacent to several producing gold mines in Ghana,
West Africa. The Ashanti belt is known as one of the most prolific
gold belts in the world with over 150 million proven ounces
uncovered and current investment in excess of $2.5 B USD. Castle
Peak is now executing an aggressive exploration program on
identified gold targets.
On behalf of the Board of Castle Peak Mining Ltd.:
Darren Lindsay, President
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements. Such
forward-looking statements are subject to known and unknown risks,
uncertainties and assumptions that could cause actual results to
vary materially from targeted results the results or events
predicted in these forward-looking statements. As a result,
investors are cautioned not to place undue reliance on these
forward-looking statements. The forward-looking statements
contained in this news release are made as of the date of this
release. Except as required by applicable law, Castle Peak
disclaims any intention and assumes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Castle Peak Mining Ltd. Marlo Hamer-Jackson Investor
Relations Manager 604-681-1466 (X235) 604-681-1404 (FAX)
marlo@castlepeakmining.com www.castlepeakmining.com
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