TORONTO, ONTARIO -- (Marketwire) -- 06/07/11 -- Castle Resources Inc. (TSX VENTURE: CRI) ("Castle" or the "Company") is pleased to announce that it has initiated comprehensive environmental studies at its Granduc Copper Project located near Stewart, B.C.
"As part of our overall redevelopment strategy at the Granduc Copper Project we have begun comprehensive baseline environmental data collection," stated Mr. Mike Sylvestre, President & COO of Castle Resources. "These baseline studies will focus on geochemistry, water quality, hydrology, hydrogeology, fisheries and aquatic biota, vegetation, wildlife, social, economic, and heritage topics, to name a few. We are moving quickly to initiate these detailed studies in preparation for the permitting process."
Working with Smithers based Ecos Environmental Consulting Inc., Castle Resources has assembled a team of highly rated technical specialists with proven track records for all necessary environmental disciplines. Specifically, Castle has engaged SRK Consulting (Canada) Inc. for ML/ARD and hydrogeology studies; Lorax Environmental Services Ltd. for water quality and hydrology; Triton Environmental Consultants Ltd. for fisheries and aquatics; and is finalizing arrangements for Stantec to conduct terrain, soil, vegetation, wildlife, air quality, meteorology, archaeology, health and other studies that will be required, and to provide additional project management and team support as needed. These baseline studies are the first step of a comprehensive environmental process as Castle advances the Granduc Copper Project towards feasibility and ultimately production.
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 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 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 & Chief Operating Officer
416-366-4100
mike@castleresources.com
Castle Resources Inc.
Lenny Foreht
VP Corporate Development
416-644-9003
lforeht@castleresources.com
