Castle Peak Commences Follow-up on Drill Program on High Grade Apankrah Target
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/14/12 -- Castle Peak Mining Ltd. ("Castle Peak" or the "Company") (TSX VENTURE: CAP), is pleased to announce it has commenced an 1,100 metre ('m') follow up drill program on its high grade Apankrah target at the Company's Akorade Project in the southern Ashanti belt, Ghana, Africa (see Figure 1 Apankrah Target, Akorade Project Location Map). The program will encompass four to five holes, with the first two holes targeting down dip and down plunge of drill hole NKDDH022 announced in August, which returned (uncut) 80 grams per tonne ('g/t') gold ('Au') across the 6.0m mineralized structural zone within a 17m intersection of lower grade gold mineralization. Other drill holes that define the high grade shoot include 10.0m of 6.7 g/t Au and 9.8m of 6.8 g/t Au from holes NKDDH017 and NKDDH018 respectively.
Darren Lindsay, President and CEO, stated, "We are very excited to be working towards the further definition of a significant high grade discovery at Apankrah. Given its close proximity to several low grade producers, the Apankrah Target may be the anchor point we have been looking for to begin our resource growth."
The Company completed 3,000m of drilling in 2012 to partially define the Apankrah Shoot, a steeply plunging high grade shoot with a strike length averaging over 100m and increasing with depth and a down plunge/dip extent of over 200m and remains open (see Figure 2 Apankrah Shoot Longitudinal Section). This high grade shoot is located within the auriferous Apankrah structure which has a known strike length of greater than 350m and is open in all directions.
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, putting Ghana as the second largest gold producer in Africa with past production of greater than 150 million ounces. The investment inflow for Ghana's mining sector was $2.5 billion from 2009 to 2011, with increasing annual production reaching 3.6 million ounces in 2011 (source: Ghana Business News, November 11, 2012 http://www.ghanabusinessnews.com/2012/11/11/ghana-gets-2-5b-in-mining-investments-in-three-years-report/).
On behalf of the Board of Castle Peak Mining Ltd.:
Darren Lindsay, President and Chief Executive Officer
Technical Disclosure
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 in National Instrument 43-101 ('NI 43-101'). The exploration activities are supervised by Clive Arthur, Castle Peak's Vice President Exploration. The procedures include the systematic insertion of blanks, standards and duplicates into the sample stream both in the field and at the lab; samples are placed in sealed bags and are delivered to SGS Laboratory Services GH Ltd. in Tarkwa, Ghana, for routine gold analysis by 50g charge fire assay with atomic absorption finish. Samples with visible gold or returning greater than 5 g/t Au from fire assay are subject to analysis using screen metallic assay. The Akorade project is an early stage exploration project and does not contain any mineral resources as defined by NI 43-101. The potential quantities and grades disclosed herein are conceptual in nature and there has been insufficient exploration to define a mineral resource for the targets disclosed herein. It is uncertain if further exploration will result in these targets being delineated as a mineral resource. Further information is available in the NI 43-101 compliant technical report dated February 14, 2011 and entitled "NI 43-101 Technical Evaluation Report on Nkwanta & Ayiem concessions, Wassa-West District, Republic of Ghana, West Africa" authored by Daniel Gaudreault, P.Eng. and Alain-Jean Beauregard, P.Geol. of Geologica Groupe-Conseil Inc., and in the NI 43-101 compliant technical report dated January 2, 2012 and entitled "NI 43-101 Technical Report on the Asuogya License, Ghana" authored by Gareth O'Donovan, Corporate Exploration Consultant, of SRK Exploration Services Ltd, copies of which are filed under the Company's profile on SEDAR at www.sedar.com.
FORWARD-LOOKING STATEMENTS
Except for statements of historical fact, this news release contains certain 'forward-looking information' and 'forward-looking statements' within the meaning of applicable securities laws including statements regarding proposed exploration, sampling and drilling at the Akorade Project and statements concerning the anticipated results of that exploration, sampling and drilling. Such forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to vary materially from the anticipated results or events predicted in these forward-looking statements, including those risk factors identified in the Company's Annual MD&A and Filing Statement filed under the Company's SEDAR profile. As a result, readers 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.
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Contacts:
Castle Peak Mining Ltd.
Marlo Hamer-Jackson
Investor Relations Manager
604 681 1466 (X225)
marlohj@castlepeakmining.com
www.castlepeakmining.com