VANCOUVER, July 18, 2016 /CNW/ - NewCastle Gold Ltd. (NCA:TSX-V, the "Company" or "NewCastle") announces the departure of David Adamson, President, CEO and Director to pursue other interests. In the interim, Richard W. Warke, the Company's Executive Chairman, will assume the duties of CEO.
Mr. Warke commented "The Board would like to thank Mr. Adamson for his service to Newcastle over the last year. David has put the Company on a solid footing to enable the ongoing exploration of the Castle Mountain gold project and we wish him the best in his future endeavours."
The Company would also like to thank Mr. David Reid who is standing down as a director of the Company at this time. Mr. R. Stuart "Tookie" Angus has been appointed a director. Mr. Angus is an independent business advisor to the mining industry and was formerly Head of the Global Mining Group for Fasken Martineau. Mr. Angus is currently the Chairman and a director of Nevsun Resources Ltd. Mr. Angus was formerly Chairman of the Board of BC Sugar Refinery Limited, a Director of First Quantum Minerals until June 2005, a Director of Canico Resources Corporation until it's takeover by CVRD in 2005, a Director of Bema Gold until it's takeover by Kinross Gold in 2007, a Director of Ventana Gold until it's takeover by AUX Canada Acquisition in 2011 and a Director of Plutonic Power until its merger with Magma Energy in 2011.
NewCastle 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 (the "Project") 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 Mine and Reclamation Plan, under which the mine operated, was authorized by the County of San Bernardino as the Lead Agency and remains in effect. Water for the drill programs was accessed from existing patented wells on the Project.
An updated NI 43-101 resource for the Project was announced December 2, 2015 which includes Measured Mineral Resources of 17.4 million tonnes grading 0.86 g/t gold containing 0.48 million gold ounces, Indicated Mineral Resources of 202.5 million tonnes grading 0.57 g/t gold containing 3.71 million gold ounces along with Inferred Mineral Resources of 40.8 million tonnes grading 0.58 g/t gold containing 0.76 million gold ounces. The Project hosts a disseminated low sulphidation epithermal system. Gold is primarily hosted by late-stage rhyolite volcanic units within zones of silicification and brecciation associated with northeast-southwest trending/southeast dipping fault structures which are interpreted to have developed within a collapsed caldera environment. Eleven gold domains are represented by both steep and shallow-dipping orientations.
Ian R. Cunningham-Dunlop, P. Eng., the Company's Vice President Exploration, is the designated Qualified Person for this news release within the meaning of NI 43-101. He has reviewed and verified that the technical information contained in this release is accurate and has approved of the written disclosure of the same.
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.
This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable Canadian securities legislation. Forward-looking information is not, and cannot be, a guarantee of future results or events.
Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that we identified and were applied by us in drawing conclusions or making forecasts or projections set out in the forward looking information include, but are not limited to that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results will be consistent with management's expectations.
The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, the risks discussed under the heading "Risks" in general to the business of NewCastle in documents filed (or to be filed) with Canadian regulatory authorities. Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, the reader should not place undue reliance on forward-looking information. NewCastle does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law. Readers should refer to the Company's Annual Information Form and Management Discussion and Analysis for the year ended December 31, 2015 as well as the Company's most recent Management Discussion and Analysis, available on www.sedar.com.
SOURCE NewCastle Gold Ltd.
For further information: NewCastle Gold Ltd., Paul Ireland, Chief Financial Officer, Telephone: 604 687 1717, Email: email@example.com