Castillian Resources Corp.
TSX VENTURE : CT

Castillian Resources Corp.

November 14, 2007 07:30 ET

Castillian Intersects 27.20 Meters Grading 0.66% Nickel, 0.39% Copper Including 8.94 Meters Grading 0.92% Nickel, 0.53% Copper and Significant PGM at Las Aguilas, Argentina

TORONTO, ONTARIO--(Marketwire - Nov. 14, 2007) - Castillian Resources Corporation (TSX VENTURE:CT) announces additional assay results from drilling at the Las Aguilas Nickel-Copper-PGE East deposit (see releases dated September 17 and October 7 for previously released drill results). Assays for eight holes are listed in Table 1 below, including hole LA07-021 which intersected 27.2 meters grading 0.66% Ni, 0.39% copper, 0.03% cobalt including 8.94 meters grading 0.92% Nickel, 0.53% Copper and 0.04% Cobalt.

The ongoing drill program is designed to confirm and expand the Las Aguilas Ni-Cu deposit and provide data required to complete a NI-43-101 compliant resource estimate that includes assays for platinum group elements (PGE) which were not systematically analysed by previous explorers. The occurrence of significant platinum, palladium and gold values in holes LA07-21, 19 and 24 provides evidence that precious metals could provide a significant contribution to the value of the deposit. These holes were drilled deeper than any previous drill holes. The mineralization intercepted is associated with olivine pyroxenites and peridotites and occur as net-textured and disseminated sulphides (pyrrhotite, chalcopyrite) with local stringers and massive sulphide veins. Hole LA07-021 extends the deposit to the south and at depth and it remains open in those directions. Both the Las Aguilas East Deposit and West deposit remain open at depth at this time.

Danielle Giovenazzo, PhD, P.Geo., Exploration Manager for Castillian said; "More than half of the drill holes completed to date have assays pending, however it is very encouraging that we are intersecting well mineralized ultramafic rocks outside of the area that was drilled by previous workers and that the deposits both remain open at depth and along strike. We have learned a lot about the mineralization since commencing the program in July and this is helping us better target the ongoing drilling."

Since the program started in early July a total of 56 drill holes totalling 8,755 meters of drilling have been completed, of which assay results have only been received for 24 drill holes. Thirty two (32) drill holes have assays pending and these will be reported on a continual basis as the data is received. The project is on track and it is expected that an initial, independent, NI 43-101 compliant resource estimate will be completed by year-end. Turn around time for assay results has been much longer than expected due to high volumes at the laboratories, so it is possible completion of the resource estimate could be delayed for several weeks due to pending assay results. It is possible that the deposit will not be closed off at the end of this drill campaign.

The Las Aguilas Deposit contains a historical resource of 2.2 million tonnes grading 0.52 % Ni, 0.51 % Cu and 0.04 % Co at a 0.3% Ni cut-off grade. The resource occurs in two sulfide deposits (Las Aguilas East and West Deposits), as defined by Fabricaciones Militares in 1986, which intermittently carried out various geological, geophysical and surface drilling exploration campaigns from 1972 until 1986. This resource estimate has not been confirmed by Castillian and predates the establishment of NI 43-101 standards and is provided for information only. Las Aguilas is located 40 km NE of the city of San Luis and about 200 km East of city of Mendoza and is an option - joint venture with Marifil Mines Ltd. (TSX:MFM) (see press release dated March 5, 2007).

Quality Control

The company employs a diligent QA/QC protocol on all aspects of the analytical procedures. Core samples are sawn and one half of the NQ core is restored to the core box for future reference and one half of the core is sent for analysis. Samples are taken in approx. 1.0 -metre intervals or less when in the mineralized zone, and at 1.5 metres or less when in disseminated sulphides (less than2% sulphides). Sample preparation is completed at the ALS-Chemex lab preparation lab in Mendoza, Argentina and assayed at ALS-Chemex lab in Vancouver, Canada, using multi-acid digest/ ICP-AES for the base metals and A.A. when Ni and Cu are over the detection limits. Platinum, palladium and gold values are determined by 30 gram fire assay with ICP-AES finish. A blank sample is inserted every 40th sample and standard samples representing a range of grades are inserted at intervals of 1 in 20 to 30 samples.

The quality control and all aspects of the exploration program are supervised by Castillian exploration managers, Danielle Giovenazzo, Ph.D., PGeo, and Fernando Tallarico, Ph.D., PGeo, both of whom meet the criteria for a qualified person as defined under National Instrument 43-101.

David Gower, PGeo, President and Chief Executive Officer of Castillian, who is a qualified person as defined by NI 43-101, has reviewed this release.

About Castillan Resources

Castillian Resources Corp. is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol "CT" with approximately 87.8 million shares issued and outstanding. Castillian has partnered with Xstrata Nickel to explore the approximately 153,000 ha Mangabal nickel-copper project in Brazil. The company is earning an interest in the Las Aguilas Nickel-Copper-PGM Project in Argentina from Marifil Mines Ltd. and has the right to purchase a 100% interest in the Kagera Project which comprises over 1,600 square kilometers in the highly mineralized Kabanga Nickel Belt in Tanzania and rights to acquire 90% of the Pederson deposit, an advanced gold exploration project in Bolivia which is currently under force majeure.

Forward Looking Statements

This document may contain or refer to forward looking information based on current expectations, including, but not limited to, mineralization projections, estimates regarding the timing for resource modeling and the preparation of a 43-101 compliant technical report. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. These forward-looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.

Table 1: Mineralized intercepts from the Las Aguilas East Deposit. Width in the table represents core length of the intersection, true width is expected to be 70% or more of the core width.



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CT From To Width Ni% Cu% Co% Pt ppm Pd ppm Au ppm
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LA07-015 No significant mineralization
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LA07-016 58.26 65.10 6.84 0.57 0.22 0.03 0.27 0.30 0.05
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LA07-017 131.00 132.10 1.10 0.36 0.19 0.02 0.27 0.24 0.03
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LA07-018 46.55 48.61 2.06 0.53 0.40 0.02 0.07 0.31 0.03
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86.70 97.65 10.95 0.42 0.27 0.03 0.11 0.10 0.03
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106.15 112.65 6.50 0.42 0.43 0.03 0.11 0.10 0.04
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LA07-019 132.90 160.46 27.56 0.46 0.34 0.02 0.34 0.38 0.17
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including 143.47 148.46 4.99 0.56 0.34 0.02 0.27 0.46 0.23
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LA07-020 29.93 34.00 4.07 0.46 0.19 0.02 0.47 0.34 0.07
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LA07-021 173.70 200.90 27.20 0.66 0.39 0.03 0.32 0.39 0.14
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including 178.76 183.80 5.04 0.73 0.32 0.03 0.30 0.44 0.06
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including 186.50 200.90 14.40 0.78 0.49 0.03 0.38 0.46 0.19
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also 191.96 200.90 8.94 0.92 0.53 0.04 0.28 0.41 0.09
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LA07-024 149.54 151.64 2.10 0.57 0.25 0.03 0.18 0.29 0.03
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161.19 164.19 3.00 0.35 0.13 0.02 0.15 0.14 0.02
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196.71 198.17 1.46 0.57 0.64 0.04 0.05 0.18 0.04
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To view "FIGURE 1: Location Map of Las Aguilas drill holes" please view the following link: http://www.ccnmatthews.com/docs/ct1114a.pdf

To view "FIGURE 2. Vertical longitudinal section of the Las Aguilas East deposit" please view the following link: http://www.ccnmatthews.com/docs/ct1114b.pdf

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