Castle Resources Inc.

June 23, 2011 11:34 ET

Castle Resources Appoints Mike Sylvestre as Chief Executive Officer

- Mike Sylvestre joins Board of Directors

- Stephen Shefsky appointed as Executive Chairman

TORONTO, ONTARIO--(Marketwire - June 23, 2011) -Castle Resources Inc. (TSX VENTURE:CRI) ("Castle" or the "Company") is pleased to announce that Mr. Mike Sylvestre has been appointed Chief Executive Officer, effective July 1, 2011. Mr. Sylvestre will retain his current role as President of the Company but will resign from his prior post as Chief Operating Officer. Mr. Sylvestre is assuming the role of CEO from Mr. Stephen Shefsky who has served as Castle's Chief Executive Officer since February 19, 2008. Castle is also pleased to announce that Mr. Shefsky has been appointed Castle's Executive Chairman.

"Mike's strong leadership skills as well as his extensive mining experience will be key as Castle continues its strong growth profile," said Mr. Shefsky, Castle's new Executive Chairman. "Mike's past leadership roles running substantial operations for major companies will be a tremendous asset as the Company evolves and advances the past producing Granduc mine through the developmental stages of resource definition, mine planning and permitting and hopefully into full mining operations and production."

Mr. Sylvestre is an experienced senior mining executive with a track record of leading major mining operations over a 35 year career. Mr. Sylvestre has held senior management positions domestically and internationally, including, as (i) CEO Vale Inco New Caledonia, where he completed construction and began commissioning of the Goro nickel hydromet project, (ii) President Vale Inco Manitoba where he managed one of Inco's largest integrated mining properties, and (iii) Vice President of Operations PT Inco, the world's largest nickel laterite operations. Mr. Sylvestre holds an MSc and a BSc in Mining Engineering Degree from McGill University and Queen's University, respectively.

"In addition, Mr. Mark Brennan will be stepping down from Castle as Chairman of the Board and as a Director," stated Mr. Shefsky. "The board, management and employees of Castle are very grateful to Mr. Brennan for his contributions in founding and growing Castle to its current stage of development. Mr. Brennan will continue to assist the Company on a consultancy basis moving forward." Mr. Brennan is currently the President and CEO of Largo Resources Inc. (LGO.V) and CEO and a Director of Morumbi Oil and Gas Inc. (MOC.V).

Castle also announces that Mr. Sylvestre has been appointed as a Director of Castle to fill the vacancy left by Mr. Brennan's resignation.

Granduc Highlights:

  • 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 and Castle has engaged Procon Mining & Tunneling Ltd. to rehabilitate the Tide Tunnel beginning June 2011
  • 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 along a 4+ km trend, with the main Granduc orebody centrally located within the trend
  • Castle has begun a 30,000 metre surface drill program June 2011; 4 diamond drills currently in operation
  • Castle has begun baseline environmental data collection

About Castle Resources

Castle 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 its treasury and has issued and outstanding shares of 106 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.

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