Castle Resources Inc. (TSX VENTURE:CRI) ("Castle" or the "Company") is pleased
to announce it will soon restart comprehensive exploration and development
activity at the Granduc Copper Project located near Stewart B.C.


"All the pieces are in place to begin our 2011 field season at the Granduc,"
stated Mr. Mike Sylvestre, President & COO of Castle Resources. "We are well
financed and set to begin a very aggressive drill program with the goal of
further increasing our already sizable copper resource. In addition, we continue
to press forward on numerous infrastructure and permitting fronts as part of our
goal to restart the past producing Granduc Copper mine." 


Drilling To Commence:



--  Exploration camp to be mobilized to support 30,000 metre infill and
    exploration drill program set to begin mid May 
    
--  Four (4) surface diamond drills to target the Granduc resource zones
    with the goal of upgrading the initial resource from the inferred to the
    indicated category; also graduate exploration potential identified by
    SRK Consulting (Canada) Inc. in their recent NI 43-101 resource estimate
    dated February 28, 2011 into a resource category 
    
--  Surface drilling program to transition underground later this year in
    anticipation of the successful rehabilitation of the access tunnel and
    underground workings 



Conceptual Study Underway:



--  Conceptual Study commissioned to provide comprehensive economic analysis
    of mining methodology and potential production model 
    
--  Study to be authored by Mr. David Penswick P. Eng., a highly regarded
    mining engineer and industry specialist, in conjunction with SRK
    Consulting (Canada) Inc. 
    
--  The Conceptual Study will establish the preferred development
    alternative(s) that will then be advanced with a Preliminary Economic
    Assessment (PEA) to be completed later in 2011 



General Update:



--  Discussions have begun and will be ongoing this year with First Nations
    and provincial environmental permitting agencies 
    
--  Discussions are well underway with B.C. Hydro and their conceptual
    review has concluded connection to the grid is feasible. B.C. Hydro has
    initiated a system impact study (SIS) on Castle's behalf 
    
--  Team assembled to begin environmental baseline studies in May 2011 



Granduc Resource Estimate:



--  SRK Consulting (Canada) Inc. completed a 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 131.4 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 
    
--  See Castle press release dated February 28, 2011 for complete NI 43-101
    Granduc resource, including Cu cut-off sensitivity, and identified
    exploration potential on the Main and North Zones 



Granduc Highlights:



--  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 



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 no t 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.


Churchill Resources (TSXV:CRI)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Churchill Resources Charts.
Churchill Resources (TSXV:CRI)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Churchill Resources Charts.