TORONTO, ONTARIO–(Marketwire – June 28, 2011) – Castillian Resources Corp. (“Castillian” or the “Company”) (TSX VENTURE:CT) is pleased to announce that Quantec Geoscience Ltd. (“Quantec”) has been contracted to carry out a Titan 24 survey at the Company’s Hope Brook gold property located in Hope Brook, Newfoundland. Titan 24 is a specialized ground geophysical survey system developed by Quantec that has been successfully applied on many mineral exploration projects worldwide.
This proprietary system acquires large amounts of subsurface physical property information including induced polarization chargeability and direct current resistivity at depths of up to 750 metres and magnetotelluric resistivity to 1500 metres or more. The planned survey will cover the major target areas identified by Castillian in the old Hope Brook Mine – 240 Zone area. Work on the survey is expected to be completed during July 2011.
Dr. Bill Pearson, P.Geo., President & CEO commented: “We expect that this survey will provide us with high quality data to better define the nature and extent of the gold mineralized system at depth. This will aid considerably in planning additional drill holes to test potential deeper targets which were largely untested by historical drilling. In addition we are continuing an aggressive program of down-hole and surface surveys using high resolution induced polarization and resistivity measurements to better define the full extent of the mineralized zone at shallower levels. Diamond drilling continues with two drills testing the Mine Zone, Hanging Wall and Pit Zone targets.”
Stock Options Granted
Following the approval of the Company’s 10% rolling stock option plan in accordance with the policies of the TSX Venture Exchange (see press release of June 22, 2011), Castillian granted a total of 525,000 stock options to certain directors and a consultant of the Company. The options shall vest immediately, subject to the statutory four month hold period, are exercisable at $0.20 per option and expire on June 27, 2016. The grant of options remains subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
Dr. Bill Pearson, P.Geo., President and CEO of Castillian and Dr. Chris Hale, Chief Geophysicist for Castillian, both of whom are qualified persons as defined by National Instrument 43-101 (“NI 43-101”), have reviewed and approved the scientific and technical content of this press release.
About Castillian Resources
Castillian Resources Corp. is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol “CT”, which has gold and base metal properties in Canada and South America. Castillian’s flag ship property is the Hope Brook Gold Project located in southwestern Newfoundland, where it is carrying out a 25,000 metre diamond drill program.
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the impact of the Titan 24 survey, the future financial or operating performance of the Company, its subsidiaries and its projects, statements regarding exploration prospects, statements regarding the potential and financial impact of the filing of the financial statements, the identification of mineral reserves and resources, costs of and capital for exploration projects, exploration expenditures, timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; acquisition risks, the actual results of current exploration activities; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; the Property not being integrated successfully or such integration proving more difficult, time consuming or costly than expected, not realizing on the potential benefits of the proposed transaction; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and shortages and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such 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. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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.
Castillian Resources Corp.
Investor Relations Manager
Castillian Resources Corp.
President & CEO
SOURCE: Castillian Resources Corp.