Castle Resources Announces Changes in Management and Stock Consolidation
TORONTO, ONTARIO--(Marketwired - Oct. 9, 2015) - Castle Resources Inc. (CSE:CRI) ("Castle" or the "Company") announces that Mr. Lenny Foreht has resigned as President and C.E.O of the Company. The Chairman of Castle's board of directors (the "Board"), Mr. Tim Mann, will assume the roles of interim President and C.E.O. of the Company. Mr. Mann is a Mining engineer and is President of TLM Consulting since July 2004 and owner and principal of TLM Consulting Services since October 2010. He held the position of Vice President of Engineering for Largo Resources Ltd. from December 13, 2006 to January 2011 and Chief Operating Officer of Largo Resources Ltd. from January 2011 to September, 2013. The Board will initiate a search for a permanent President and C.E.O. immediately.
The Company further announces that its directors have resolved to proceed with the share consolidation of its common shares on the basis of one (1) "new" common share for thirty (30) "old" common shares (the "Consolidation"), which was previously approved by shareholders at the Company's annual general and special meeting held on March 5, 2015. The Consolidation remains subject to the filing of required documents by the Company with the Canadian Securities Exchange.
As of the date hereof, the Company has 251,632,748 common shares issued and outstanding. After giving effect to the Consolidation, the Company would have approximately 8,387,758 common shares issued and outstanding. The Company does not propose to change the name of the Company in conjunction with the Consolidation. A detailed press release will be issued with respect to the Consolidation prior to the record date for the Consolidation.
About Castle Resources
Castle is a Toronto-based junior mineral development company focusing on high-quality, advanced projects. The Company is the 100% owner of the past producing Granduc Copper Mine in Stewart B.C. 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 the proposed Consolidation), 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.
Contact
Castle Resources Inc.
Tim Mann
Chairman, Interim President & CEO
647-295-2830
www.castleresources.com