Castillian Resources Corp.

Castillian Resources Corp.

February 23, 2010 08:24 ET

Castillian Resources Acquires Gold Claims in Yukon

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2010) - Castillian Resources Corporation (TSX VENTURE:CT) ("Castillian" or the "Company") is pleased to announce that it has acquired by staking a 100% interest in 46 mineral claims totaling approximately 961 hectares located on the historic Klondike gold fields in northern Yukon, known as the Pure Gold Property (the "Property"). The Property is at the headwaters of Pure Gold Gulch, nine kilometres southeast of Dawson City (see Figure 1 attached) and is readily accessible via a number of well maintained ATV trails south from the Klondike Highway and the Bonanza Creek road just south of Dawson.

The Property lies within the Tintina Gold Belt that hosts a number of world class gold deposits including Donlin Creek, Nixon Fork, Fort Knox, Pogo, Brewery Creek and Dublin Gulch (see Figure 1). The Property occupies the ground immediately south of the Klondike River and immediately to the east of Bonanza Creek, the most productive placer gold creek on the Klondike from which in excess of 4 million ounces is reported to have been recovered. (Yukon Energy Mines and Resources, 2007)

The Company anticipates that the primary target on the Property will be "White" style gold mineralization which has been the focus of extensive exploration over the past two years in the Klondike region. The Property is located approximately 95 kilometres north of the White property and is underlain by a similar geological environment. Mineralization at the White property is hosted in carbonate-sericite-pyrite altered and quartz veined rocks separating hanging wall ophiolitic rocks of the Dawson assemblage and footwall Klondike schist. 

The claims are subject to the payment of a finder's fee in the amount of $20,000 and a 1% net smelter return royalty (the "NSR") to an arm's length consultant of the Company. The NSR may be purchased by the Company at any time for $250,000.

Bill Pearson, President & CEO of Castillian commented "We are excited to acquire a land position in the highly prospective Tintina Gold Belt. We believe the Property is well situated both geologically and logistically. We expect the initial exploration programs will commence at the beginning of the coming field season and plan to pursue other opportunities in Yukon and elsewhere as we build Castillian into a strong gold-focused junior exploration and development company."

Dr. Bill Pearson, P.Geo. a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the technical content of this press release.

In addition, the Company announces that it has successfully reached a settlement agreement with a creditor of the Company to restructure USD$89,895.62 in outstanding net debt as of February 22, 2009. The Company will settle the outstanding amount through the issuance of approximately 1,201,997 common shares of the Company. Issuance of the common shares is subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Castillian Resources

Castillian is a mineral exploration company with Gold and Base metal Properties in South America and Tanzania and trades under the symbol CT on the TSXV. For further info go to

Cautionary Note Regarding Forward-looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of the Company, its subsidiaries and its projects, statements regarding exploration prospects, statements regarding the development and exploration potential of the Property, and financial impact of the acquisition of the Property, the terms and conditions of the acquisition of the Property, receipt of requisite approvals in connection with the acquisition of the Property, the benefits of the Property, the identification of mineral reserves and resources, costs of and capital for exploration projects, exploration expenditures, timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; acquisition risks, the actual results of current exploration activities; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; not realizing on the potential benefits of the Property acquisition; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and shortages and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view Figure 1, please visit the following link:


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