Castillian Resources Corp.

Castillian Resources Corp.

November 24, 2011 07:00 ET

Castillian Announces Changes to Board of Directors

TORONTO, ONTARIO--(Marketwire - Nov. 24, 2011) - Castillian Resources Corp. ("Castillian" or the "Company") (TSX VENTURE:CT) is pleased to announce that Mr. Brian Penney, P.Eng., has joined its board of directors as an independent director.

Mr. Penney is currently the Chief Operating Officer of Alderon Iron Ore Corp., and previously worked for the Iron Ore Company of Canada ("IOC"), a Rio Tinto subsidiary, for more than 15 years. During his time at IOC he held many senior roles including General Manager of all processing facilities, General Manager of Mining Operations and General Manager of Integrated Planning. Mr. Penney has extensive operating experience in iron ore, as well as a great deal of knowledge working within the Labrador Trough through working with IOC at its Carol Lake Iron Ore Deposit in Labrador. His twenty years of experience in the mining sector also includes senior operating and environmental positions in the gold industry. Mr. Penney was the Manager of Environmental Services (NWT Division) and Mill Superintendent of the Colomac Mine for Royal Oak Mines, and was the Mill Manager of the Tangier Gold Mine in Nova Scotia. He is a professional engineer, graduating from Technical University of Nova Scotia with a degree in Metallurgy.

Castillian also announces the resignation of Messrs. Stan Bharti and David Argyle from the Board of Directors. Castillian remains a member of the Forbes & Manhattan Group of Companies and continues to receive all of the benefits of such membership, including access to a world class team of geologists and mining engineers, advice from Mr. Bharti, Mr. Argyle and other Forbes & Manhattan capital market professionals and strategic advice from the Forbes & Manhattan Board of Advisors.

"On behalf of the board of directors, I would like to welcome Mr. Penney. His professional knowledge and extensive production experience will be invaluable to Castillian as we continue to grow the Company," said Dr. Bill Pearson, P.Geo., President & CEO of Castillian. "I would also like to thank Stan Bharti and David Argyle for their hard work as board members. They have been valued members of the board through Castillian's initial years."

Appointment of New Corporate Secretary

The Company is also pleased to announce the appointment of Mr. Josh Van Deurzen as its new Corporate Secretary. Mr. Van Deurzen is a corporate and securities lawyer who works as a legal consultant to various public and private companies in the resource-based sectors. Previously, he practiced law at large law firms in New York and Toronto. Mr. Van Deurzen holds a Master of Business Administration and a Juris Doctor from the University of Toronto.

The Company thanks Ms. Jennifer Wagner for her service as Corporate Secretary.

Granting of Stock Options

In addition, the Company announces that it has granted a total of 1,100,000 stock options pursuant to the stock option plan of the Company to certain officers, directors, consultants and employees of the Company. The options shall vest immediately, subject to the statutory four month hold period, are exercisable at $0.20 per option and expire on November 24, 2016. The grant of options remains subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Castillian Resources

Castillian Resources Corp. is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol "CT", which has gold and base metal properties in Canada and South America. Castillian's flagship property is the Hope Brook Gold Project located in southwestern Newfoundland, where it is carrying out a 25,000 metre diamond drill program.

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 regarding the impact of the appointments on the Company and the timing of future exploration. 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; the Property not being integrated successfully or such integration proving more difficult, time consuming or costly than expected, not realizing on the potential benefits of the proposed transaction; 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.


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