Castle Resources Begins North Zone Drill Program at the Granduc Copper Project, B.C.
August 17 2011 - 6:00AM
Marketwired
Castle Resources Inc. (TSX VENTURE: CRI) ("Castle" or the
"Company") is pleased to report that a 5th drill has been mobilized
to the Granduc Copper Project near Stewart, B.C (the "Granduc
Project").
"The objective of the North Zone drilling is to graduate the
exploration potential identified by SRK in their NI 43-101 resource
estimate into a resource category," stated Mr. Mike Sylvestre,
President & CEO of Castle Resources Inc. "We believe the North
Zone could represent significant future resource upside based on
historical Newmont and Esso drill data."
Castle is also pleased to announce that it has acquired a mining
claim located in the Skeena mining division in B.C. in connection
with the development of its Granduc Project. In connection with
this acquisition, Castle has paid cash consideration in the amount
of $20,000, issued an aggregate of 94,118 common shares of Company,
and has granted a 2% NSR over the acquired claim. The common shares
issued in connection with the acquisition will all be subject to a
four month regulatory hold period commencing from the date of
issue.
In addition, the Company announces that, effective Friday,
August 12, 2011, it completed its continuance under the Business
Corporations Act (Ontario), as previously approved by special
resolution of the shareholders of the Company at Castle's annual
and special meeting held on March 22, 2011. The Company was
previously governed under the Business Corporations Act
(Alberta).
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 the100% owned past producing Granduc
Copper Mine and begin new exploration activities; as well,
management is quickly advancing the ElmtreeGold Project in New
Brunswick toward feasibility in 2011. Castle currently has $14
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.
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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