CRI Churchill Resources Inc

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Castle Resources Inc. ("Castle" or the "Company") (TSX VENTURE:CRI) is pleased
to announce today that it has raised gross proceeds of $12,001,750 by way of a
brokered private placement (the "Offering") through Scotia Capital Inc., as lead
agent, and Cormark Securities Inc., Primary Capital Inc., and D&D Securities
Inc. (collectively, the "Agents"). Under the Offering the Company issued
19,675,000 common shares (each a "Shares") at a purchase price of $0.61 per
Share.


The Agents received a cash commission of 6% of the gross proceeds raised through
the Agents under the Offering, and 1,180,500 compensation options (each a
"Compensation Option") entitling them to acquire up to 1,180,500 Shares at a
price of $0.61 per Compensation Option.


Proceeds from the Offering will be used for exploration and development of the
Company's Granduc property located near Stewart, British Columbia, exploration
and development of the Elmtree Gold property in New Brunswick, and for general
working capital purposes. All securities issued pursuant to the Offering,
including the Compensation Options issued to the Agents, are subject to a four
(4) month statutory hold commencing from closing. The Offering is subject to TSX
Venture Exchange acceptance of requisite regulatory filings.


"With this financing Castle is in an excellent position to aggressively drill
and explore the Granduc this year," said Mr. Mike Sylvestre, President & COO.
"Based on positive drill results from last year's campaign our objective remains
to develop a significant NI 43-101 copper and precious metals resource at the
Granduc."


About Castle Resources 

Castle Resources Inc. is a Toronto-based junior mineral exploration company
focusing on high-quality, advanced exploration projects. Management's goal is to
continue the redevelopment of the past producing Granduc Copper Mine and begin
new exploration activities; as well, management is quickly advancing the Elmtree
Gold Project in New Brunswick toward feasibility in 2011. For more information
please visit the Castle Resources' website at www.castleresources.com.


Disclaimer

Certain statements contained in this news release may contain forward-looking
information within the meaning of Canadian securities laws. Such forward-looking
information is identified by words such as "estimates", "intends", "expects",
"believes","may", "will" and include, without limitation, statements regarding
the company's plan of business operations (including plans for progressing
assets), estimates regarding mineral resources, projections regarding
mineralization and projected expenditures. There can be no assurance that such
statements will prove to be accurate; actual results and future events could
differ materially from such statements. Factors that could cause actual results
to differ materially include, among others, metal prices, risks inherent in the
mining industry, financing risks, labour risks, uncertainty of mineral resource
estimates, equipment and supply risks, title disputes, regulatory risks and
environmental concerns. Most of these factors are outside the control of the
company. Investors are cautioned not to put undue reliance on forward-looking
information. Except as otherwise required by applicable securities statutes or
regulation, the company expressly disclaims any intent or obligation to update
publicly forward-looking information, whether as a result of new information,
future events or otherwise.

Churchill Resources (TSXV:CRI)
Historical Stock Chart
From Jun 2024 to Jul 2024

Churchill Resources (TSXV:CRI)
Historical Stock Chart
From Jul 2023 to Jul 2024