Castle Peak Secures Drill Contract, Set to Commence Drilling This Week
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/18/11 -- Castle Peak Mining Ltd. ('Castle Peak' or 'the Company') (TSX VENTURE: CAP), is pleased to announce it has mobilized a diamond drill rig to high priority targets on the Nkwanta concession after signing a contract with Reflex Drilling Ltd. The drilling will kick off the 10,000 metre Phase I drill program announced last month, with initial drill targets testing significant artisanal workings that extend up to 200 metres ('m') in strike length and have been excavated down 30m. These workings are coincident with the northern end of a 1400m x 350m gold ('Au') in soil anomaly defined by consistent values of greater than 100 parts per billion ('ppb') (ranging from less than 50ppb Au to greater than 5000ppb Au).
The Company is pleased to announce the dispute surrounding the Nkwanta and Asougya prospecting licenses has been resolved with Netas Mining Company Ltd. outside of arbitration proceedings. The assigned concessions are now in the final approval processes of the Ghana Minerals Commission and the Minister of Lands and Natural Resources, with the expectation that the Company will receive final approvals by the end of April.
In addition, a contract has been signed with SEMS Exploration Services Ltd. ('SEMS') of Accra, Ghana to provide senior field leadership for Castle Peak's exploration programs. SEMS is the leading full-service mineral exploration consultancy company in West Africa, providing a wide range of technical services as a local company with a large regional footprint.
Qualified Person
Castle Peak's technical disclosure in this news release has been reviewed and approved by Darren Lindsay, P.Geo., Castle Peak's President and CEO, who serves as a Qualified Person under the definition of National Instrument 43-101 ('NI 43-101). Quality assurance and quality control procedures currently being established include the systematic insertion of blanks, standards and duplicates into the sample stream either in the field or at the Lab; samples are placed in sealed bags and are delivered to Intertek Mineral Services (previously Transworld) Laboratories in Tarkwa, Ghana. The Castle Peak projects are early stage exploration properties and do not contain any mineral resources as defined by NI 43-101.
About Castle Peak
Castle Peak Mining Ltd. is a Canadian-based exploration and development company focused on advancing greenfields and early stage gold projects. The Company holds a strategic land package in the Ashanti belt adjacent to several producing gold mines in Ghana, West Africa. The Ashanti belt is known as one of the most prolific gold belts in the world with over 150 million proven ounces uncovered and current investment in excess of $2.5 B USD. Castle Peak is now executing an aggressive exploration program on identified gold targets.
On behalf of the Board of Castle Peak Mining Ltd.:
Darren Lindsay, President
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to vary materially from targeted results the results or events predicted in these forward-looking statements. As a result, investors are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this release. Except as required by applicable law, Castle Peak disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither 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.
Contacts:
Castle Peak Mining Ltd.
Marlo Hamer-Jackson
Investor Relations Manager
604-681-1466 (X235)
604-681-1404 (FAX)
marlo@castlepeakmining.com
www.castlepeakmining.com