Castle Resources to Rehabilitate 17 km Tunnel at its Granduc Mine, British Columbia
May 26 2011 - 10:00AM
Marketwired
Castle Resources Inc. (TSX VENTURE: CRI) ("Castle" or the
"Company") is pleased to announce Procon Mining Partnership has
been contracted to rehabilitate the 17 km Tide Tunnel at its
Granduc Mine, British Columbia, beginning June 2011 with a proposed
completion target of fall 2011.
The Tide Tunnel connects the historic Granduc mine and mill site
to a 51 km long road which leads directly to a year round deep sea
terminal in Stewart B.C. Rehabilitation of this tunnel will
facilitate a more aggressive year round drilling strategy as Castle
seeks to prove up a significant copper resource and ultimately
bring the Granduc mine back into production.
Procon will begin to mobilize equipment, material and manpower
and will be onsite in the coming weeks. Procon's mandate is to
re-establish tunnel ventilation, install bolts, mesh and shotecrete
as required, determine quality of existing steel sets and replace
where necessary, and prepare the tunnel for the efficient movement
of men and equipment. In addition, Procon will be rehabilitating
select areas of the mine workings in preparation for the
underground drill program.
"The rehab of the Tide Tunnel is a key step forward for Castle
Resources," said Mr. Mike Sylvestre, President & COO. "Not only
will it permit year round underground access to drill stations but
as well it will provide pre-development access and intelligence on
the mine infrastructure which will be critical to the restart of
the mine."
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 along a 4+ km trend, with the main Granduc
orebody centrally located within the trend
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 Procon
Procon is a full service mining contractor, providing a
comprehensive range of expertise to meet the ever growing needs of
the mining and civil industries. Since 1992 Procon has ranked as
one of the leading mining contractors in North America and one of
the top thirty general contractors in Canada.
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
416-644-9003 lforeht@castleresources.com
www.castleresources.com
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