SOURCE: NewCastle Gold Ltd.

NewCastle Gold Ltd

June 16, 2017 06:30 ET

NewCastle Gold Announces Election of Directors and Update

TORONTO, ON--(Marketwired - June 16, 2017) - NewCastle Gold Ltd. (TSX: NCA) ("NewCastle Gold" or the "Company"), is pleased to report the results from its 2017 Annual General Meeting of shareholders held today. Shareholders voted in favor of all items put forward by the Board of Directors and management..

Each of the nominees listed in the Company's Management Information Circular dated May 8, 2017 was elected as a director. A summary of the result are as follows:

             
Name of Nominee  Votes For  %  Votes
Withheld/Abstain
 %
R. Stuart Angus  85,323,501  94.60  4,866,965  5.40
Lenard Boggio  90,179,700  99.99  10,766  0.01
Louis Dionne  90,179,700  99.99  10,766  0.01
Jacques McMullen  90,176,367  99.98  14,099  0.02
Gerald Panneton  90,182,866  99.99  7,600  0.01
Richard W. Warke  90,182,866  99.99  7,600  0.01
         

NewCastle Gold would like to welcome Louis Dionne P.Eng, Lenard Boggio FCPA, FCA, and Gerald Panneton, MSc Geology, (the Company's President and CEO), to the Board of Directors.

Lenard Boggio- Director

Mr. Boggio was formerly a partner of PricewaterhouseCoopers LLP (PwC) where he served for more than 30 years until his retirement in May 2012. During that time he was Leader of the B.C. Mining Group of PwC, a senior member of PwC's Global Mining Industry Practice and an auditor of Canadian, U.S. U.K. and other internationally listed mineral resource and energy clients. Len is a Fellow of the Chartered Professional Accountants of Canada (FCPA, FCA) and has served as president of the British Columbia Institute of Chartered Accountants and chairman of the Canadian Institute of Chartered Accountants.

Louis Dionne- Director

Mr. Dionne is a Professional Engineer who has spent over 30 years in the operation and development of gold properties. Most recently, Mr. Dionne served as President and Chief Executive Officer of Richmont Mines Inc., a Canadian gold producer until July 2005. Prior to his service with Richmont, Mr. Dionne was Senior Vice President, Underground Operations for Barrick Gold Corporation, where he also provided technical input and leadership in the area of corporate mergers and acquisitions. Mr. Dionne obtained his Bachelor's degree in Mining Engineering from Laval University. Mr. Dionne also served as director at Detour Gold, Aurizon Mines and other boards.

Gerald Panneton- Director

Mr. Panneton, President and CEO of the Company since August 2016, is a senior geologist with over 30 years of experience. He founded Detour Gold Corp. (2006-2013), and built Detour Lake into Canada's largest gold mine with 16 million ounces of reserves. He worked as the Corporate Development and Exploration Director at Barrick Gold Corporation from 1994-2006, and is the recipient of the 2012 PDAC Bill Dennis Award for best Canadian Discovery.

Newcastle Gold would like to express its thanks and appreciation to the three departing directors, Frank Giustra, Colin Sutherland and Mark Wayne, for their contributions and wish them success in their future endeavors.

2017 Update

The Company recently completed a very successful 40,000m definition drill program on the proposed starting pit at Castle Mountain. The Company plans to release a resource update in September 2017, and a pre-feasibility statement by year end.

The Company is currently drilling two (2) large diameter water wells on its patented and permitted mining area to evaluate the April 2017 water testing that indicated a flow of potentially more than 300 gpm.

About NewCastle Gold

NewCastle Gold (an augustagroup company) has a 100% interest in the Castle Mountain property in San Bernardino County, California. The Castle Mountain heap leach gold mine produced over one million ounces of gold from 1991 to 2004. The Mine and Reclamation Plan, under which the mine operated, was authorized by the County of San Bernardino as the Lead Agency and remains in effect. Water for the drill programs was accessed from existing patented wells on the Project.

An updated NI 43-101 resource for the Project was announced December 2, 2015 which includes Measured Mineral Resources of 17.4 million tonnes grading 0.86 g/t gold containing 0.48 million gold ounces, Indicated Mineral Resources of 202.5 million tonnes grading 0.57 g/t gold containing 3.71 million gold ounces along with Inferred Mineral Resources of 40.8 million tonnes grading 0.58 g/t gold and containing 0.76 million gold ounces. The Project hosts a disseminated low sulphidation epithermal system. Gold is primarily hosted by late-stage rhyolite volcanic units within zones of silicification and brecciation associated with northeast-southwest trending/southeast dipping fault structures which are interpreted to have developed within a collapsed caldera environment. Eleven gold domains are represented by both steep and shallow-dipping orientations.

Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward-Looking Statements

This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable Canadian securities legislation. Forward-looking information includes information that relates to, among other things, statements with respect to the drill program at Castle Mountain, the mineral resource expansion at Castle Mountain, the identification of future expansion targets at Castle Mountain and the restart of operation using Run of Mine (ROM) material from the JSLA pit. Forward-looking information is not, and cannot be, a guarantee of future results or events.

Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that we identified and were applied by us in drawing conclusions or making forecasts or projections set out in the forward looking information include, but are not limited to that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results will be consistent with management's expectations.

The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, the risks discussed under the heading "Risks" in general to the business of NewCastle in documents filed (or to be filed) with Canadian regulatory authorities. Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, the reader should not place undue reliance on forward-looking information. NewCastle does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.

Contact Information

  • For further information, please contact:

    NewCastle Gold Ltd.
    Gillian Roy
    Manager, Investor Relations and Corporate Communications
    Telephone: 437 993 4353
    Email: groy@newcastlegold.ca