Castle Resources Appoints Mike Sylvestre as Chief Executive Officer
June 23 2011 - 11:34AM
Marketwired
Castle Resources Inc. (TSX VENTURE: CRI) ("Castle" or the
"Company") is pleased to announce that Mr. Mike Sylvestre has been
appointed Chief Executive Officer, effective July 1, 2011. Mr.
Sylvestre will retain his current role as President of the Company
but will resign from his prior post as Chief Operating Officer. Mr.
Sylvestre is assuming the role of CEO from Mr. Stephen Shefsky who
has served as Castle's Chief Executive Officer since February 19,
2008. Castle is also pleased to announce that Mr. Shefsky has been
appointed Castle's Executive Chairman.
"Mike's strong leadership skills as well as his extensive mining
experience will be key as Castle continues its strong growth
profile," said Mr. Shefsky, Castle's new Executive Chairman.
"Mike's past leadership roles running substantial operations for
major companies will be a tremendous asset as the Company evolves
and advances the past producing Granduc mine through the
developmental stages of resource definition, mine planning and
permitting and hopefully into full mining operations and
production."
Mr. Sylvestre is an experienced senior mining executive with a
track record of leading major mining operations over a 35 year
career. Mr. Sylvestre has held senior management positions
domestically and internationally, including, as (i) CEO Vale Inco
New Caledonia, where he completed construction and began
commissioning of the Goro nickel hydromet project, (ii) President
Vale Inco Manitoba where he managed one of Inco's largest
integrated mining properties, and (iii) Vice President of
Operations PT Inco, the world's largest nickel laterite operations.
Mr. Sylvestre holds an MSc and a BSc in Mining Engineering Degree
from McGill University and Queen's University, respectively.
"In addition, Mr. Mark Brennan will be stepping down from Castle
as Chairman of the Board and as a Director," stated Mr. Shefsky.
"The board, management and employees of Castle are very grateful to
Mr. Brennan for his contributions in founding and growing Castle to
its current stage of development. Mr. Brennan will continue to
assist the Company on a consultancy basis moving forward." Mr.
Brennan is currently the President and CEO of Largo Resources Inc.
(LGO.V) and CEO and a Director of Morumbi Oil and Gas Inc.
(MOC.V).
Castle also announces that Mr. Sylvestre has been appointed as a
Director of Castle to fill the vacancy left by Mr. Brennan's
resignation.
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 and Castle has engaged Procon Mining & Tunneling
Ltd. to rehabilitate the Tide Tunnel beginning June 2011
-- 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
-- Castle has begun a 30,000 metre surface drill program June 2011; 4
diamond drills currently in operation
-- Castle has begun baseline environmental data collection
About Castle Resources
Castle 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 its treasury and has issued and outstanding shares of
106 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 &
CEO 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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