Castle Resources Inc.

November 02, 2009 12:39 ET

Castle Resources Acquires Horseshoe Property As Part of Strategic Move into the Stewart Mining Camp, British Columbia

- 17,000 ha land package with multiple mineral showings at surface 10 kms southeast of Stewart, B.C.

- Grab samples from the Horseshoe Property have returned 20.7 g/t Au, 68.3 g/t Ag and 2.0% Cu, 156 g/t Ag, 1.04 g/t Au

- Property is directly adjacent to the Clone Deposit, operated by Canasia Industries (12.8 meters of 44.75 g/t Au)

TORONTO, ONTARIO--(Marketwire - Nov. 2, 2009) - Castle Resources Limited (TSX VENTURE:CRI) ("Castle" or the "Company") is pleased to announce that it has entered into an agreement to acquire a 100% interest in the Horseshoe Claim Group in the prolific Stewart Mining Camp in northwest British Columbia, Canada.

Castle will earn a 100% undivided interest in the Horseshoe Property over a 3 year period by spending $1.5 million on exploration and drilling expenses. Castle will pay the vendor a total of $300,000 and will issue 360,000 shares of the Company over the term of the option, subject to exchange approval.

"The Horseshoe Property has several attractive high-grade vein systems at surface which we intend to aggressively explore in the coming year," said Mr. Stephen Shefsky, President & CEO of Castle Resources. "As part of a focused effort to acquire highly-prospective mineral properties in the Stewart Gold Belt, we believe the Horseshoe property offers our shareholders exposure to an attractive exploration block in a historical mining camp that has produced many world class deposits."

The Horseshoe Property has numerous promising precious metal surface showings including the High-Grade Vein showing, which has received most of the historic work in the area. According to a Minister of Mines Annual Report in 1926, a sample of quartz vein material assayed 86.2 g/t gold and 123 g/t silver During a recent property visit, 3 grab samples were collected along the High-Grade Vein, which returned values of 20.7 g/t Au and 68.3 g/t Ag; 2.23 g/t Au; and 0.9 g/t Au. The 4th grab sample was collected from a separate showing with a visible surface strike length of over 100 metres averaging 7+ metres in width and returned values of 2.0% Cu, 156 g/t Ag and 1.04 g/t Au.

Castle is planning a comprehensive exploration program for next year to test this vein system with the goal of developing a NI 43-101 compliant resource calculation. The closest past producer to the Horseshoe Property is known as the Porter-Idaho located less than 750 meters to the north of the property boundary.

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.

Contact Information