Castle Resources to Rehabilitate 17 km Tunnel at its Granduc Mine, British Columbia
Published : May 26, 2011

- Haulage Tunnel Connects the Minesite to Millsite and Enables Year Round Underground Drilling Access

- 32,000 Metre Surface Drill Program to Commence June 1st; Robust Underground Drilling Program to Commence Fall 2011 Upon Completion of Tunnel Rehabilitation

- Procon Mining Contracted: Highly Respected in the Mining Industry, with an Impressive Performance Record in Both Safety and Operations

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Keywords :   1971 | Canada | Copper | Gold | Market | Silver |

TORONTO, ONTARIO--(Marketwire - May 26, 2011) - Castle Resources Inc. (News - Market indicators) ("Castle" or the "Company") is pleased to announce Procon Mining Partnership has been contracted to rehabilitate the 17 km Tide Tunnel at its Granduc Mine, British Columbia, beginning June 2011 with a proposed completion target of fall 2011.

The Tide Tunnel connects the historic Granduc mine and mill site to a 51 km long road which leads directly to a year round deep sea terminal in Stewart B.C. Rehabilitation of this tunnel will facilitate a more aggressive year round drilling strategy as Castle seeks to prove up a significant copper resource and ultimately bring the Granduc mine back into production. 

Procon will begin to mobilize equipment, material and manpower and will be onsite in the coming weeks. Procon's mandate is to re-establish tunnel ventilation, install bolts, mesh and shotecrete as required, determine quality of existing steel sets and replace where necessary, and prepare the tunnel for the efficient movement of men and equipment. In addition, Procon will be rehabilitating select areas of the mine workings in preparation for the underground drill program.

"The rehab of the Tide Tunnel is a key step forward for Castle Resources," said Mr. Mike Sylvestre, President & COO. "Not only will it permit year round underground access to drill stations but as well it will provide pre-development access and intelligence on the mine infrastructure which will be critical to the restart of the mine."

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
  • 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

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 Procon

Procon is a full service mining contractor, providing a comprehensive range of expertise to meet the ever growing needs of the mining and civil industries. Since 1992 Procon has ranked as one of the leading mining contractors in North America and one of the top thirty general contractors in Canada.

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 www.castleresources.com.

Disclaimer

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.

Castle Resources Inc.
Mike Sylvestre
President & Chief Operating Officer
416-366-4100
mike@castleresources.com
or
Castle Resources Inc.
Lenny Foreht
VP Corporate Development
416-644-9003
lforeht@castleresources.com
www.castleresources.com
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Castle Resources Inc.

EXPLORATION STAGE
CODE : CRI.V
ISIN : CA1484771029
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Castle Res. is a copper exploration company based in Canada.

Its main exploration properties are GRANDUC COPPER MINE and ELMTREE in Canada.

Castle Res. is listed in Canada. Its market capitalisation is CA$ 23.0 millions as of today (US$ 18.4 millions, € 16.1 millions).

Its stock quote reached its highest recent level on April 08, 2011 at CA$ 0.95, and its lowest recent point on December 19, 2014 at CA$ 0.01.

Castle Res. has 191 990 000 shares outstanding.

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Annual reports of Castle Resources Inc.
Annual report 2006
Financings of Castle Resources Inc.
2/18/2011Castle Res. completes 12 001 750 private placement and issue...
2/18/2011Castle Res. completes 12 001 750 private placement and issue...
2/18/2011Completes $12,001,750 Private Placement
Nominations of Castle Resources Inc.
7/10/2013Appoints KPMG Corporate Finance as Financial Advisor
6/23/2011Appoints Mike Sylvestre as Chief Executive Officer
Project news of Castle Resources Inc.
4/24/2013Announces Filing of Preliminary Economic Assessment and Opti...
2/28/2011(Granduc Copper Mine)NI 43-101 Resource Estimate for Granduc Copper Project Excee...
10/26/2010(Granduc Copper Mine)Confirms Significant Copper Mineralization at the Granduc Co...
Corporate news of Castle Resources Inc.
9/12/2013Provides Corporate Update
7/18/2013Announces Mr. Tyler Mitchelson Appointed New Director
6/27/2013Announces Closing of $200,000 Offering
5/3/2013Announces Acquisition of Common Shares of GreenBank Capital ...
3/15/2013Announces Closing of $1.9 Million Offering
12/12/2012Reports New Granduc Resource Estimate With a Significant Inc...
10/25/2012Announces Complete 2012 South Zone Drill Results from the Gr...
10/10/2012Provides Corporate Update on Its Granduc Copper Project, B.C...
10/2/2012Announces Closing of $5.48 Million Offering
9/21/2012Announces Pricing of Previously Announced $6.5 Million Offer...
6/7/2011Initiates Baseline Environmental Studies at Granduc Copper P...
5/26/2011to Rehabilitate 17 km Tunnel at its Granduc Mine, British Co...
4/28/2011Provides Operations Update for the Granduc Copper Project
2/10/2011Adopts Shareholder Rights Plan
10/19/2010Acquires 100% Interest in Granduc Copper Project
1/14/2008Letter of intent to acquire Cobalt Silver camp
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