Castle Resources Announces Granduc Resource Estimate Conference Call
March 02 2011 - 4:08PM
Marketwired
Castle Resources Inc. (TSX VENTURE: CRI) ("Castle" or the
"Company") is pleased to announce it will host a conference call on
Thursday, March 3 at 4:00 p.m. EST to provide analysis on the
recent NI 43-101 resource estimate for its Granduc Copper Project,
near Stewart B.C., as more fully disclosed in the press release
dated February 28, 2011.
Participant Dial-In Number(s):
Local / International: 416-850-9144
North American Toll-Free: 1-866-400-3310
The conference call will be archived for replay on our website
within 48 hours.
"I would like to invite investors and shareholders to
participate in our review of the initial Granduc NI 43-101 resource
estimate," stated Mike Sylvestre, President & COO of Castle
Resources. "This significant new resource estimate identifies a
high grade copper zone between the 2600 and 1600 foot levels of the
main zone and to the north along strike, referred to as the 'North
Zone' Importantly, it does not include any of the downdip targets
beneath the 1600 foot horizon identified as a historical resource
in our initial assessment prior to drilling last fall, a potential
zone of contiguous mineralization we will be aggressively exploring
this year."
Investors are encouraged to reference the Castle press release
dated February 28 titled 'Castle Resources NI 43-101 Resource
Estimate For Granduc Copper Project Exceeds Expectations'. In
addition, an updated corporate presentation will be available on
the Castle website should investors want further information and
this will include new images and schematics of the Granduc resource
and exploration upside.
Granduc Highlights:
-- SRK Consultants provided the following NI 43-101 compliant resource
estimate using a 0.8% Cu cut-off grade: Indicated Resources of 3.75
million tonnes grading 1.59% Cu containing 130.4 million pounds of
copper; Inferred Resources of 15.8 million tonnes grading 1.36%
containing 471.5 million pounds of copper
-- Exploration Potential is estimated to contain an additional 17 to 23
million tonnes grading between 1.3% Cu to 1.6% Cu. The potential
quantity and grade of the exploration potential is conceptual in nature
and there has been insufficient exploration to define a mineral
resource. It is uncertain if further exploration will result in the
exploration targets being delineated as a mineral resource
-- Newmont and Esso Minerals operated the Granduc Mine between 1971-1984;
processed over 15 million tonnes of ore grading 1.71% Cu; produced 420
million pounds of copper (plus gold and silver credits); the mine was
closed in 1984 due to low copper prices
-- Operators of the Granduc Mine invested over $115 million from Oct 1965
until start-up operations began in 1971
-- 17 km haulage tunnel remains in good condition today
-- Mining operations at the Granduc Mine consisted of crushing underground
then processing of up to 9000 tpd. The concentrate was trucked on a 54
km all weather road to the year-round deep sea port facility in Stewart
which remains in operation today
-- Bell Copper's exploration activities between 2004 and 2007 have
confirmed mineralization within 4 km to the north and south of the main
Granduc orebody
Castle also wishes to announce that pursuant to the terms and
conditions of its Stock Option Plan, it has granted, in the
aggregate, 1,700,000 incentive stock options (the "Options") to
officers, management, directors and consultants of the Company. The
Options will be exercisable for a five year period at $0.75 per
share.
Brad Leonard, P. Geo., Castle's Exploration Manager, is the
Qualified Person responsible for the scientific and technical work
(as defined under National Instrument 43-101) discussed in this
press release, and has reviewed this press release.
About Castle Resources
Castle Resources Inc. is a Toronto-based junior mineral
development company focusing on high-quality, advanced projects.
Management's goal is to continue the redevelopment of the 100%
owned 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. Castle
currently has $15 million in treasury and has issued and
outstanding shares of 102 million.
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.
This news release does not constitute an offer to sell or
solicitation of an offer to sell any of the securities in the
United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to a
U.S. Person unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
Neither the 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 Resources Inc. Mike Sylvestre President &
Chief Operating Officer 416-366-4100 mike@castleresources.com
Castle Resources Inc. Lenny Foreht VP Corporate Development
416-364-2266 lforeht@hotmail.com
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