Castle Mountain Mining Files National Instrument 43-101 Technical Report on the Maiden Mineral Resource for the Castle Mounta...
December 11 2013 - 11:49AM
Marketwired
Castle Mountain Mining Files National Instrument 43-101 Technical
Report on the Maiden Mineral Resource for the Castle Mountain
Mining Project
TORONTO, ONTARIO--(Marketwired - Dec 11, 2013) - Castle
Mountain Mining Company Limited (TSX-VENTURE:CMM) ("Castle
Mountain Mining", "we", "our" or the "Company") is pleased to
announce the filing of its technical report entitled "Technical
Report on the Mineral Resource Estimate for Castle Mountain
Project, San Bernardino County, California, U.S.A." dated December
6, 2013, prepared by Mr. Reno Pressacco, M.Sc. (Applied), P.Geo. of
RPA Inc., who is an independent "Qualified Person" under National
Instrument 43-101. The Company previously disclosed a mineral
resource estimate in a news release dated November 21, 2013. The
Mineral Resource estimate includes an Indicated Mineral Resource of
3.15 million ounces and an Inferred Mineral Resource of 1.06
million ounces of gold. The Report can be found at
www.sedar.com.
About Castle Mountain Mining Company
Subject to certain obligations, Castle Mountain has 100% of the
right, title and beneficial interest in and to the Castle Mountain
Venture, a California general partnership, which owns the Castle
Mountain property in San Bernardino County, California. The Castle
Mountain heap leach gold mine produced over one million ounces of
gold from 1992 to 2001, when mining was suspended due to low gold
prices.
The Castle Mountain venture land holdings (7,458 acres total)
include patented claims (1,298 acres), and unpatented claims (3,209
acres), covering approximately 4,507 acres, plus additional leased
claims of approximately 2,951 acres. On November 21, 2013, the
Company announced its maiden NI 43-101 mineral resource estimate
which included an indicated resource of 3.15 million ounces of gold
and an inferred resource of 1.06 million ounces of gold. The press
release is available at the Company's website at
www.castlemountainmining.com. The company has engaged RPA Inc. to
complete a Preliminary Economic Assessment with an anticipated
delivery in the first quarter of 2014.
Castle Mountain Mining Company Limited, through its wholly owned
subsidiaries including Castle Mountain Venture, is focused on the
exploration and, if warranted, development of deposits in San
Bernardino County, California. The principal gold mineralization
identified to date within the Project are below and surrounding the
historically mined pits on the property including the Oro
Belle-Hart Tunnel, Jumbo, and Lesley Anne-Jumbo South Pits, as well
as in the South Domes area.
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 news release.
Forward-Looking Statements
Statements contained in this news release that are not
historical facts are "forward-looking information" or
"forward-looking statements" (collectively, "Forward-Looking
Information") within the meaning of applicable Canadian securities
legislation and the United States Private Securities Litigation
Reform Act of 1995. Forward Looking Information includes, but is
not limited to, disclosure regarding possible events, conditions or
financial performance that is based on assumptions about future
economic conditions and courses of action; the timing and costs of
future exploration activities on the Company's properties; success
of exploration activities; permitting time lines and requirements;
time lines for technical reports; planned exploration and
development of properties and the results thereof; and planned
expenditures and budgets and the execution thereof. Statements
concerning mineral resource estimates may also be deemed to
constitute forward-looking information to the extent that they
involve estimates of the mineralization that will be encountered if
the property is developed. In certain cases, Forward-Looking
Information can be identified by the use of words and phrases such
as "plans", "expects" or "does not expect", "is expected", budget",
"scheduled", "suggest", "optimize", "estimates", "forecasts",
"intends", "anticipates", "potential" or "does not anticipate",
believes", "anomalous" or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved". In
making the forward-looking statements in this news release, the
Company has applied several material assumptions, including, but
not limited to, that the current exploration and other objectives
concerning the Castle Mountain Project can be achieved and that its
other corporate activities will proceed as expected; that the
current price and demand for gold will be sustained or will
improve; that general business and economic conditions will not
change in a materially adverse manner and that all necessary
governmental approvals for the planned exploration on the Castle
Mountain Project will be obtained in a timely manner and on
acceptable terms; the continuity of the price of gold and other
metals, economic and political conditions and operations.
Forward-Looking Information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the Forward-Looking Information. Such risks
and other factors include, among others, risks related to the
availability of financing on commercially reasonable terms and the
expected use of proceeds; operations and contractual obligations;
changes in exploration programs based upon results of exploration;
future prices of metals; availability of third party contractors;
availability of equipment; failure of equipment to operate as
anticipated; accidents, effects of weather and other natural
phenomena and other risks associated with the mineral exploration
industry; environmental risks, including environmental matters
under U.S. federal and California rules and regulations; impact of
environmental remediation requirements and the terms of existing
and potential consent decrees on the Company's planned exploration
on the Castle Mountain Project; certainty of mineral title;
community relations; delays in obtaining governmental approvals or
financing; fluctuations in mineral prices; the Company's dependence
on one mineral project; the nature of mineral exploration and
mining and the uncertain commercial viability of certain mineral
deposits; the Company's lack of operating revenues; governmental
regulations and the ability to obtain necessary licenses and
permits; risks related to mineral properties being subject to prior
unregistered agreements, transfers or claims and other defects in
title; currency fluctuations; changes in environmental laws and
regulations and changes in the application of standards pursuant to
existing laws and regulations which may increase costs of doing
business and restrict operations; risks related to dependence on
key personnel; and estimates used in financial statements proving
to be incorrect; as well as those factors discussed in the
Company's public disclosure record. Although the Company has
attempted to identify important factors that could affect the
Company and may cause actual actions, events or results to differ
materially from those described in Forward-Looking Information,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that Forward-Looking Information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on Forward-Looking
Information. Except as required by law, the Company does not assume
any obligation to release publicly any revisions to Forward-Looking
Information contained in this news release to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Castle Mountain Mining CompanyGordon McCrearyPresident and
CEO(416) 572-0152gmccreary@castlemountainmining.comCastle Mountain
Mining CompanyFraser BuchanVP Corporate Development(416)
640-1933fbuchan@83yonge.comwww.castlemountainmining.com
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