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Castle Resources Inc.: Castle Resources Completes Phase One Drill Program; Options Adjacent Property at Elmtree Gold Project, B

^{Published on 2009-09-15 07:27:40 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Sept. 15, 2009) - Castle Resources Limited (TSX VENTURE:CRI) ("Castle" or the "Company") is pleased to announce that the first 3,000 meters of a comprehensive drill program at the Elmtree Gold Project has been completed. Sixteen holes targeted the high-grade West Gabbro Zone with an emphasis on further defining the gold resource.

"Our objective with the Phase One drilling is to expand the known mineralization both along strike and down dip in the West Gabbro Zone with the goal of undertaking a scoping study later this year," said Mr. Stephen Shefsky, President & CEO of Castle Resources Limited.

A Phase Two 2,000 metre program is set to begin in late September on the South Gold Zone and Discovery Zone. The primary objective is to test the unexplored portions of the claims and test for deeper intersections surrounding known mineralization.

The Elmtree Gold Property (85 claims, 1,375 hectares) hosts at least three gold-bearing zones, the higher grade West Gabbro Zone , original Discovery Zone and the larger tonnage, lower grade South Gold Zone. In 2008 a NI 43-101 compliant resource estimate reported 525,000 indicated tonnes in the West Gabbro Zone grading 2.45 g/t gold; 1,156,000 inferred tones in the West Gabbro Zone grading 2.01 g/t gold; 2,367,000 indicated tones in the South Gold Zone grading 0.74 g/t gold and 583,000 tonnes in the Discovery Zone grading 1.15 g/t gold only as well as 117,000 inferred tonnes grading 1.77 g/t gold, 44.36 g/t silver, 0.78% lead and 2.00% zinc. Estimated contained gold from all three zones in the inferred category is 185,000 ounces.

In addition, Castle is pleased to announce that it has entered into a 3 year option agreement to earn a 100% interest in 76 claims directly adjacent to the east of the current Elmtree Gold Project. A total of $30,000 and 200,000 Castle shares will be paid to the optioner with Castle committing to spend $200,000 over 3 years in drilling and exploration expenses. The past producing Keymet mine is located on this new claim block and management will undertake initial ground geophysics at this location as well as focus on several other significant geophysical anomalies.

Brad Leonard, P. Geo., Castle's Exploration Manager, is the Qualified Person responsible for the scientific and technical work discussed as defined under National Instrument 43-101 and has reviewed this press release.

About Castle Resources

Castle Resources Inc. is a Toronto-based junior mineral exploration company focusing on high-quality, advanced exploration gold projects. Management's goal is to quickly advance the new Elmtree option and to seek additional opportunities to continue to add value for shareholders. 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.

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.