|By Marketwired .||
|March 18, 2014 11:00 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/18/14 -- As a result of a review by the British Columbia Securities Commission, Castle Peak Mining Ltd. ("Castle Peak" or the "Company") (TSX VENTURE: CAP) is issuing this news release to clarify and retract certain technical disclosure.
Castle Peak's November 19, 2013 news release, November 2013 corporate presentation and Management's Discussion & Analysis for the period ended September 30, 2013 disclose that the Company was undertaking an internal conceptual study in order to consider the potential development of the Akorade Project with a view to completing a preliminary economic assessment ("PEA") on the Akorade Project. In addition, in a March 2013 interview with Proactive Investors, the Company stated that "next steps (include) internally modelling the Apankrah target in order to evaluate underlying economics and determine overall potential" of the project.
The Company clarifies that the foregoing internal conceptual study does not imply the results of any economic analysis in respect of the project, that a preliminary economic analysis has not been prepared in respect to the development of the project, and that the mineral resources of the project are classified as inferred mineral resources, meaning that they are considered too speculative, geologically, to have economics applied to them and there is no certainty that economic results can be achieved. The Company further clarifies that a development decision has not yet been made in respect of the Akorade Project and any such conceptual planning is subject to change.
The Company retracts all disclosure in the above-noted documents and interview that relate to the internal conceptual study and advises the non-compliant disclosure should not be relied upon. Accordingly, any persons that still have copies of the documents or interview should not rely upon them. The internal conceptual study referred to in those documents and in that interview is not supported by a technical report compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), which is not in compliance with NI 43-101. The retracted information was not the subject of a complete report, and such report cannot be completed without significant additional work which must be completed by an independent qualified person under NI 43-101.
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 NI 43-101. The Akorade Project represents early stage exploration properties which include a mineral resource on the Apankrah Deposit with an effective date of June 1, 2013, as described in the "NI 43-101 Technical Report on The Apankrah Project, Western Region, Ghana", dated June 1, 2013, authored by Simon Meadows Smith (IOM3), a fulltime employee of SEMS, who acts as an independent consultant to the Company. A copy of the report, as amended, is filed under the Company's profile on SEDAR at www.sedar.com and the Castle Peak website.
About Castle Peak
Castle Peak Mining Ltd. is a Canadian-based mineral exploration company focused on advancing greenfields and early stage gold projects. The Company holds a large, 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 since 1983 has been about $12.5 billion, with production the highest in the history of the country at 4.2 million ounces in 2012 (source: Ghana Business News, April 8, 2013).
On behalf of the Board of Castle Peak Mining Ltd.:
Darren Lindsay, President and Chief Executive Officer
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 future exploration and development 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 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.
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