Castillian Resources Corp.

Castillian Resources Corp.

November 29, 2006 08:00 ET

Castillian Appoints David Gower, P.GEO. as President and C.E.O.

TORONTO, ONTARIO--(CCNMatthews - Nov. 29, 2006) - Stan Bharti, Chairman of Castillian Resources Corporation (TSX VENTURE:CT) is pleased to announce the appointment of David Gower to the position of President and C.E.O. of Castillian effective December 1, 2006. David Gower has spent the past 20 years working for Falconbridge Limited and Noranda Inc. (now Xstrata) most recently as General Manager of Global Nickel and PGM Exploration for Falconbridge and a member of the senior operating team for the Nickel Business.

"We are excited about David Gower's addition to the team" said Stan Bharti, Chairman of Castillian. "His world wide experience in exploration, particularly in nickel, will significantly enhance our Mangabal Nickel Project in Brazil."

At Falconbridge, Mr. Gower was responsible for all brownfield and greenfield nickel exploration programs world wide and provided the geological support for mining project development. He led a Falconbridge exploration team that had one of the strongest discovery records in the nickel industry over the past few years, including brownfield discoveries at Raglan and Sudbury and greenfield discoveries on the Araguaia Project in Brazil and significant increases in resources at Kabanga in Tanzania.

Prior to working in the nickel business, David was the General Manager of Copper and Zinc Exploration - Northern Hemisphere and Australasia for Noranda Inc., and was part of the discovery team of the Perseverance Deposit currently being developed by Xstrata in Matagami and the Duck Pond Deposit being developed by Aur Resources in Newfoundland. Two of David's exploration teams have been awarded the prestigious "Prospector of the Year Award" by the Prospectors and Developers Association of Canada.

Mr. Gower's appointment to President and C.E.O. of Castillian follows the resignation of Gary Anstey who resigned to pursue other interests, but has agreed to be a special advisor to the Company.

Castillian intends to raise up to $4 million through a non-brokered private placement offering of units at $0.35 per Unit. Each Unit will consist of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire a common share of the Company at $0.50 for a period of 18 months. The private placement financing remains subject to regulatory approval.

About Mangabal Nickel Program

The Mangabal Nickel project is located in central Brazil approximately 280 km to the west of Brasilia. Castillian has a right to earn a 50% interest in the Project from Falconbridge Brasilia Ltda. a wholly owned subsidiary of Xstrata Canada Inc. (refer to press release dated 10/10/06). Going forward the project will be operated by Castillian on behalf of the partners. Drilling by Xstrata has intersected significant near surface nickel sulphide mineralization (refer to press release dated 10/10/06) including 7.2 meters grading 2.12% nickel and 0.48% copper starting at a depth of 34 meters). The next phase of work will focus on expanding the existing mineralized zone, drilling six additional high priority targets within the Mangabal intrusion and will commence airborne surveys over a number of previously unexplored intrusive bodies in the Mangabal JV area.

About Castillian Resources

Castillian Resources Corp. is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol "CT" with approximately 44.5 million shares issued and outstanding. Castillian is partnered with Xstrata Nickel on the approximately 75,000 ha. Mangabal mafic-ultramafic intrusive Ni/Cu project. The company also owns the Kagera Project, which comprises over 1600 square kilometres of the rich Kabanga nickel belt in Tanzania and 100% rights to the Pederson deposit, an advanced stage gold project in Bolivia.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward looking statements"

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information