Castle Resources Inc.

December 23, 2009 10:03 ET

Castle Resources Provides Corporate Update

- Preliminary Economic Assessment for the Elmtree Gold Project in New Brunswick expected early in 2010 - New Stewart B.C. acquisition positions the company in a prolific mining camp; 2010 drill program to test high-grade copper and gold showings

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2009) - Castle Resources Limited (TSX VENTURE:CRI)("Castle" or the "Company") is pleased to provide investors a corporate update of exploration activities and other project developments.

Castle has commissioned Micon International to prepare a Preliminary Economic Assessment for the West Gabbro Zone of the Elmtree Project near Bathurst, N.B. due in the first quarter of 2010. Recent drilling at the West Gabbro Zone has more clearly defined the shape and size of the gold deposit. Assays from this program have returned results of 29 metres of 2.43 g/t Au., incl. 20 metres of 3.19 g/t Au and 18.5 metres of 1.27 g/t Au, incl. 1.3 metres of 4.58 g/t Au at or near to surface.

"The Company is hopeful that Micon's economic assessment will lead to advancing the West Gabbro Zone toward feasibility in early 2010," said Mr. Stephen Shefsky, President & CEO of Castle Resources. "In addition to the potential of the high-grade deposit at Elmtree, the project is in the favorable Bathurst New Brunswick mining jurisdiction where there is significant infrastructure that should result in reduced costs."

In addition, the Phase II program at the Elmtree Gold Project was recently completed with 10 holes (1,986 meters) testing the South Gold Zone & Discovery Zone at depth and infilling previously unexplored areas. The goal of this Phase II program was to further define mineralization and test the relationship between the South Gold Zone and Discovery Zone.

Highlights of the drill program include:

Hole From to thickness (m) g/t Au
ELM09-68 131.5 133.0 1.5 1.50
156.0 167.0 11 0.89
201.0 228.0 25 0.98
ELM09-69 89.0 94.5 5.5 0.5
ELM09-72 165.0 180.0 15 1.08

Assay results indicate that the Discovery Zone is restricted to base metal veining within the Ordovician graphitic argillites on the north side of the Elmtree fault, whereas the South Gold Zone mineralization is more restricted to the bleached, calcareous, Silurian sandstone/siltstones and associated felsite intrusives on the south side of the Elmtree fault.

Castle has also begun to advance its newly acquired Horseshoe Property in the prolific Stewart B.C. mining camp. The Horseshoe Property has numerous promising precious metal surface showings including the High-Grade Vein zone (grab samples have returned 20.1 g/t Au and 68.3 g/t Ag) and the Copper zone (grab samples have returned 2% Cu and 156 g/t Ag). Both of these targets represent visible surface lengths of 400+ meters of strike with widths of 3+ meters. Castle is planning a comprehensive exploration program for next year on these showings with the goal of developing an initial NI 43-101 compliant resource calculation.

Brad Leonard, P. Geo., Castle's Exploration Manager, is the Qualified Person responsible for the scientific and technical work discussed as defined under National Instrument 43-101 and has reviewed this press release.

About Castle Resources

Castle Resources Inc. is a Toronto-based junior mineral exploration company focusing on high-quality, advanced exploration gold projects. Management's goal is to quickly advance the new Elmtree option and to seek additional opportunities to continue to add value for shareholders. For more information please visit the Castle Resources' website at


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.

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.

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