http://at.marketwire.com/accesstracking/AccessTrackingLogServlet?docid=0767763001&sourceType=1
TORONTO, ONTARIO -- (Marketwire) -- 02/21/12 -- Castle Resources Inc. (TSX VENTURE:CRI) ("Castle" or the "Company") is pleased to provide investors with an updated NI 43-101 compliant resource estimate for the Granduc Copper Project near Stewart, British Columbia.
Granduc Copper Project Mineral Resource Statement, February 17, 2012
----------------------------------------------------------------------------
Copper Gold Silver
Resource Cut-off Quantity Grade Grade Grade
----------------------------------------------------------------------------
(NSR (millions (% (g/t (g/t
Category C$) of tonnes) Cu) Au) Ag)
----------------------------------------------------------------------------
Indicated 40 10.4 1.25 0.14 10.6
----------------------------------------------------------------------------
Inferred 40 36.6 1.26 0.13 9.7
----------------------------------------------------------------------------
----------------------------------------------------------------
NSR Contained Contained Contained
Resource Value Copper Gold Silver
----------------------------------------------------------------
(millions
Category (C$) of lbs) (ounces) (ounces)
----------------------------------------------------------------
Indicated 90.89 286.1 47,000 3,500,000
----------------------------------------------------------------
Inferred 90.25 1013.2 155,000 11,400,000
----------------------------------------------------------------
NSR calculation using the following parameters. US$to C$Exchange is 1 :
0.92, Cu Price = US$3.25 / lbs., Au Price = US$1275 / troy ounce, Ag Price =
US$21 / troy ounce Cu recovery at 91.7%, Au recovery = 62.56%, Ag recovery =
80.96%, Selling cost for Cu at US$0.312 / lbs., Au at US$5 / ounce, Ag at
US$0.35 / ounce, Conversions: 31.1035 g / troy ounce, 2204.6 lbs. / tonne
"This impressive update clearly demonstrates that the Granduc is now a major mineralized copper resource with significant exploration upside," stated Mr. Mike Sylvestre, President & CEO of Castle Resources. "In less than 18 months of exploration we have identified 1.3 billion pounds of copper primarily downdip beneath the historic mine workings. What is more impressive is that the highly consistent mineralized zones remains open at depth and on strike, suggesting that as we aggressively continue to drill there exists strong potential to demonstrate the latest Granduc resource is part of a much larger copper-rich system."
The resource estimate was prepared by SRK Consulting (Canada) Inc. (SRK) of Vancouver B.C., an independent, international consulting practice.
Granduc Copper Project Indicated Mineral Resource, February 17, 2012
----------------------------------------------------------------------------
Copper Gold Silver NSR Contained Contained Contained
Cut-off Quantity Grade Grade Grade Value Copper Gold Silver
----------------------------------------------------------------------------
(NSR (millions (% (g/t (g/t (millions (millions (millions
C$) of tonnes) Cu) Au) Ag) (C$) of lbs) of ounces) of ounces)
----------------------------------------------------------------------------
20 11.0 1.20 0.14 10.4 87.57 291.1 0.049 3.7
----------------------------------------------------------------------------
30 10.8 1.22 0.14 10.5 88.95 289.8 0.049 3.6
----------------------------------------------------------------------------
40 10.4 1.25 0.14 10.6 90.89 286.1 0.047 3.5
----------------------------------------------------------------------------
45 10.1 1.27 0.14 10.7 92.26 282.6 0.046 3.5
----------------------------------------------------------------------------
50 9.8 1.29 0.14 10.8 93.78 278.1 0.045 3.4
----------------------------------------------------------------------------
55 9.4 1.32 0.15 10.9 95.35 272.6 0.044 3.3
----------------------------------------------------------------------------
60 8.9 1.35 0.15 11.0 97.30 264.8 0.042 3.2
----------------------------------------------------------------------------
65 8.3 1.39 0.15 11.2 99.77 253.8 0.040 3.0
----------------------------------------------------------------------------
70 7.7 1.42 0.15 11.3 102.34 241.4 0.038 2.8
----------------------------------------------------------------------------
80 6.2 1.51 0.16 11.8 109.06 206.9 0.032 2.3
----------------------------------------------------------------------------
100 3.3 1.77 0.19 12.9 126.16 128.6 0.020 1.4
----------------------------------------------------------------------------
NSR calculation using the following parameters.
US$ to C$ Exchange is 1 : 0.92
Cu Price = US$ 3.25 / lbs., Au Price = US$ 1275 / troy ounce, Ag Price = US$
21 / troy ounce
Cu recovery at 91.7%, Au recovery = 62.56%, Ag recovery = 80.96%
Selling cost for Cu at US$ 0.312 / lbs., Au at US$ 5 / ounce, Ag at US$ 0.35
/ ounce
Conversions: 31.1035 g / troy ounce, 2204.6 lbs.