Castle Peak Appoints Clive Arthur Vp Exploration; Board Approves 2012 Phased Exploration Budget
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/16/12 -- Castle Peak Mining Ltd. ("Castle Peak" or "the Company") (TSX VENTURE: CAP) is pleased to announce the appointment of Clive Arthur as Vice President Exploration of Castle Peak.
Mr. Arthur is a commercially astute economic geologist with over 30 years experience in the mining industry ranging from grassroots exploration, advanced evaluation and mine development for both precious and base metals. He has worked for major and junior companies throughout Africa and in Central Asia, Eastern Europe and Russia and is familiar with the complete range of prospecting techniques, mine evaluation, engineering and extraction methods. He specializes in project evaluation and feasibility studies and has a thorough understanding of the business of exploration and mining.
Darren Lindsay, President and CEO of Castle Peak, commented, "Clive's extensive experience in the management of exploration programs at greenfield through development levels will be a great addition to our Ghana based team as they prioritize the abundant opportunities of the Akorade Project. He will play an important role in guiding our exploration, definition and development activities as Castle Peak grows the value of our exploration assets."
Mr. Arthur will be taking charge of the exploration programs in progress and will be responsible for the development and implementation of exploration and delineation policies, processes, procedures and controls related to the exploration and development of existing and potential new projects.
2012 Exploration Program
The Company also announces the Board approval of a $5 million phased exploration budget. Castle Peak plans to execute a follow up drill program on the high grade Apankrah target with additional evaluation drilling to be undertaken on the Nana and Dansuom targets totaling up to 5,000m. A regional target generation, prioritization and drill evaluation program will also be undertaken totaling up to 5,000m. As part of the new target generation program, ground based geophysical surveys (Induced Polarization, magnetics, gradient IP) to complement the existing comprehensive geological database will be completed.
About Castle Peak
Castle Peak Mining Ltd. is a Canadian-based exploration and development company focused on advancing greenfield 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.
On behalf of the Board of Castle Peak Mining Ltd.:
Darren Lindsay, President & CEO
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, development and drill programs at the Akorade Project. 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.
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.
Ashlee Utterback
Investor Relations Manager
604 681 1466 (X225)
604 681 1404 (FAX)
ashleeu@castlepeakmining.com
www.castlepeakmining.com
