TORONTO, ONTARIO--(Marketwired - Jun 8, 2015) - Castle Mountain Mining Company Limited ("Castle Mountain" or the "Company") (TSX VENTURE:CMM)(CTMQF) is pleased to announce the appointment of Martin (Marty) Tunney to Vice President, Business Development. Marty previously held the title of Vice President, Technical Services.
"We are pleased to announce Marty's appointment to his new role. Marty has been an integral member of the team since the acquisition of the Castle Mountain Project. We look forward to his continued contribution as we continue to optimize the project," commented President and CEO, David Adamson.
In connection with his appointment the Company has granted 125,000 options. The options were granted under the Company's Fixed Stock Option Plan. The grant of options under the Fixed Stock Option Plan contains provisions prohibiting their exercise until such time as the requisite shareholder and TSX Venture Exchange approval is obtained for the Fixed Stock Option Plan and the grant of options thereunder.
Each option is exercisable for one common share of the Company, for five years, at an exercise price of $0.41, based on the closing price of the Company's shares on June 5, 2015. The options vest rateably over a one year period.
About Castle Mountain
Subject to certain obligations, Castle Mountain has 100% of the right, title and beneficial interest in and to the Castle Mountain Venture, a California general partnership, which owns the Castle Mountain property in San Bernardino County, California, (7,458 acres in total). The Castle Mountain heap leach gold mine produced over one million ounces of gold from 1992 to 2001, when mining was suspended due to low gold prices.
1A National Instrument 43-101 - Technical Report for the initial mineral resource estimate prepared by RPA Inc. was filed on December 11, 2013. The resource estimate is 182 Mt grading 0.6 g/t Au for 3.15 million ounces in the Indicated category and 63.7 Mt grading 0.57 g/t Au for 1.06 million ounces of gold in the Inferred category. Resources were calculated using a cut-off of 0.14 g/t gold. On June 5, 2014, the Technical Report for its Preliminary Economic Assessment, prepared by RPA Inc. was filed. Static case economics, at a gold price of $1300/oz, show an NPV (5% discount rate) of $122 million and post-tax IRR of 29.7%. Both documents are available on SEDAR at www.sedar.com and on the Company's website at www.castlemountainmining.com.
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.