Castle Peak Clarifies Technical Disclosure
March 18 2014 - 11:00PM
Marketwired
Castle Peak Clarifies Technical Disclosure
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 18, 2014) - As a
result of a review by the British Columbia Securities Commission,
Castle Peak Mining Ltd. ("Castle Peak" or the "Company")
(TSX-VENTURE:CAP) is issuing this news release to clarify and
retract certain technical disclosure.
Castle Peak's November 19, 2013 news release, November 2013
corporate presentation and Management's Discussion & Analysis
for the period ended September 30, 2013 disclose that the Company
was undertaking an internal conceptual study in order to consider
the potential development of the Akorade Project with a view to
completing a preliminary economic assessment ("PEA") on the Akorade
Project. In addition, in a March 2013 interview with Proactive
Investors, the Company stated that "next steps [include] internally
modelling the Apankrah target in order to evaluate underlying
economics and determine overall potential" of the project.
The Company clarifies that the foregoing internal conceptual
study does not imply the results of any economic analysis in
respect of the project, that a preliminary economic analysis has
not been prepared in respect to the development of the project, and
that the mineral resources of the project are classified as
inferred mineral resources, meaning that they are considered too
speculative, geologically, to have economics applied to them and
there is no certainty that economic results can be achieved. The
Company further clarifies that a development decision has not yet
been made in respect of the Akorade Project and any such conceptual
planning is subject to change.
The Company retracts all disclosure in the above-noted documents
and interview that relate to the internal conceptual study and
advises the non-compliant disclosure should not be relied upon.
Accordingly, any persons that still have copies of the documents or
interview should not rely upon them. The internal conceptual study
referred to in those documents and in that interview is not
supported by a technical report compliant with National Instrument
43-101 - Standards of Disclosure for Mineral Projects ("NI
43-101"), which is not in compliance with NI 43-101. The retracted
information was not the subject of a complete report, and such
report cannot be completed without significant additional work
which must be completed by an independent qualified person under NI
43-101.
Technical Disclosure
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 in NI 43-101. The Akorade Project represents early stage
exploration properties which include a mineral resource on the
Apankrah Deposit with an effective date of June 1, 2013, as
described in the "NI 43-101 Technical Report on The Apankrah
Project, Western Region, Ghana", dated June 1, 2013, authored by
Simon Meadows Smith (IOM3), a fulltime employee of SEMS, who acts
as an independent consultant to the Company. A copy of the report,
as amended, is filed under the Company's profile on SEDAR at
www.sedar.com and the Castle Peak website.
About Castle Peak
Castle Peak Mining Ltd. is a Canadian-based mineral exploration
company focused on advancing greenfields and early stage gold
projects. The Company holds a large, 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, putting Ghana as the second largest gold
producer in Africa with past production of >150 million ounces.
The investment inflow for Ghana's mining sector since 1983 has been
about $12.5 billion, with production the highest in the history of
the country at 4.2 million ounces in 2012 (source: Ghana
Business News, April 8, 2013).
On behalf of the Board of Castle Peak Mining Ltd.:
Darren Lindsay, President and Chief Executive
Officer
FORWARD-LOOKING STATEMENTS
Except for statements of historical fact, this news release
contains certain 'forward-looking information' and 'forward-looking
statements' within the meaning of applicable securities laws
including statements regarding future exploration and development
at the Akorade Project. Such forward-looking statements are based
on the opinions and estimates of management at the date the
statements are made, and are subject to known and unknown risks,
uncertainties and assumptions that could cause actual results to
vary materially from the anticipated results or events predicted in
these forward-looking statements, including those risk factors
identified in the Company's Annual MD&A filed under the
Company's SEDAR profile. As a result, readers 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.
Castle Peak Mining Ltd.Darren LindsayPresident and Chief
Executive Officer604 681
1466darrenl@castlepeakmining.comwww.castlepeakmining.com
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