Castle Resources Inc.

October 19, 2010 09:00 ET

Castle Resources Acquires 100% Interest in Granduc Copper Project

TORONTO, ONTARIO--(Marketwire - Oct. 19, 2010) - Castle Resources Inc. ("Castle" or the "Company") (TSX VENTURE:CRI) is pleased to announce that further to its press dated August 30, 2010, it has today acquired (the "Acquisition") a 100% interest in the past producing Granduc Copper Mine located near Stewart, B.C. from Bell Copper Corporation ("Bell Copper").

The acquisition supersedes the previously announced option agreement (the "Option Agreement") between the company and Bell Copper (see press release dated July 19, 2010). Pursuant to the acquisition, Castle paid to Bell Copper consideration consisting of $2 Million and issued 2,750,000 Castle common shares. Together with consideration previously paid under the option agreement, Castle will have paid an aggregate of $4,500,000 and issued an aggregate of 3,000,000 Castle common shares to Bell Copper in connection with the Granduc Copper Mine.

"We are very excited to close the Granduc transaction with Bell Copper," said Mr. Mike Sylvestre, President & COO of Castle Resources. "The Granduc has the potential to become a significant Canadian copper/gold/silver mining operation. Our objective is to commission a preliminary NI 43-101 resource estimate based on the results of this year's program which we hope will confirm the presence of a large and potentially mineable copper and precious metal resource at the Granduc."

Castle would also like to announce the departure of Mr. Robert Campbell from the board of directors. Management would like to thank Mr. Campbell for his assistance, direction and effort during his tenure as a director and wish him the best in all future endeavours.

Castle also wishes to announce that pursuant to the terms and conditions of its Stock Option Plan, it has granted, in the aggregate, 3,230,000 incentive stock options (the "Options") to officers, management, directors and consultants of the Company. Of the Options being issued, 100,000 are being issued to Proconsul Capital in connection with their recent retention by Castle to provide investor relations services. The Options will be exercisable for a five year period at $0.50 per share.

About Castle Resources

Castle Resources Inc. is a Toronto-based junior mineral exploration company focusing on high-quality, advanced development projects. Management's goal is to begin the redevelopment of the past producing Granduc Copper Mine and begin new exploration activities; as well, management is quickly advancing the Elmtree Gold Project in New Brunswick toward feasibility in 2010. 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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