Castle Resources Inc.

March 02, 2011 16:09 ET

Castle Resources Announces Granduc Resource Estimate Conference Call

TORONTO, ONTARIO--(Marketwire - March 2, 2011) - Castle Resources Inc. (TSX VENTURE:CRI) ("Castle" or the "Company") is pleased to announce it will host a conference call on Thursday, March 3 at 4:00 p.m. EST to provide analysis on the recent NI 43-101 resource estimate for its Granduc Copper Project, near Stewart B.C., as more fully disclosed in the press release dated February 28, 2011.

Participant Dial-In Number(s):

Local / International: 416-850-9144

North American Toll-Free: 1-866-400-3310

The conference call will be archived for replay on our website within 48 hours.

"I would like to invite investors and shareholders to participate in our review of the initial Granduc NI 43-101 resource estimate," stated Mike Sylvestre, President & COO of Castle Resources. "This significant new resource estimate identifies a high grade copper zone between the 2600 and 1600 foot levels of the main zone and to the north along strike, referred to as the 'North Zone' Importantly, it does not include any of the downdip targets beneath the 1600 foot horizon identified as a historical resource in our initial assessment prior to drilling last fall, a potential zone of contiguous mineralization we will be aggressively exploring this year."

Investors are encouraged to reference the Castle press release dated February 28 titled 'Castle Resources NI 43-101 Resource Estimate For Granduc Copper Project Exceeds Expectations'. In addition, an updated corporate presentation will be available on the Castle website should investors want further information and this will include new images and schematics of the Granduc resource and exploration upside.

Granduc Highlights:

  • SRK Consultants provided the following NI 43-101 compliant resource estimate using a 0.8% Cu cut-off grade: Indicated Resources of 3.75 million tonnes grading 1.59% Cu containing 130.4 million pounds of copper; Inferred Resources of 15.8 million tonnes grading 1.36% containing 471.5 million pounds of copper
  • Exploration Potential is estimated to contain an additional 17 to 23 million tonnes grading between 1.3% Cu to 1.6% Cu. The potential quantity and grade of the exploration potential is conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the exploration targets being delineated as a mineral resource
  • Newmont and Esso Minerals operated the Granduc Mine between 1971-1984; processed over 15 million tonnes of ore grading 1.71% Cu; produced 420 million pounds of copper (plus gold and silver credits); the mine was closed in 1984 due to low copper prices
  • Operators of the Granduc Mine invested over $115 million from Oct 1965 until start-up operations began in 1971
  • 17 km haulage tunnel remains in good condition today
  • Mining operations at the Granduc Mine consisted of crushing underground then processing of up to 9000 tpd. The concentrate was trucked on a 54 km all weather road to the year-round deep sea port facility in Stewart which remains in operation today
  • Bell Copper's exploration activities between 2004 and 2007 have confirmed mineralization within 4 km to the north and south of the main Granduc orebody

Castle also wishes to announce that pursuant to the terms and conditions of its Stock Option Plan, it has granted, in the aggregate, 1,700,000 incentive stock options (the "Options") to officers, management, directors and consultants of the Company. The Options will be exercisable for a five year period at $0.75 per share.

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

About Castle Resources

Castle Resources Inc. is a Toronto-based junior mineral development company focusing on high-quality, advanced projects. Management's goal is to continue the redevelopment of the 100% owned 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 2011. Castle currently has $15 million in treasury and has issued and outstanding shares of 102 million.

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.

This news release does not constitute an offer to sell or solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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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