Castle Mountain Mining Provides Corporate Update

Castle Mountain Mining Company Limited ("Castle Mountain" or the "Company" (TSX
VENTURE:CMM)): is pleased to provide an update on corporate activities and
ongoing development work at the Castle Mountain Mine in San Bernardino County,
California. 


Following the closing of a bought deal financing for gross proceeds of
$5,755,750 on June 27th, 2014, the Company is now fully financed through
completion of a feasibility study, and completion of the current Phase II drill
program. The Company expects to release preliminary results of the feasibility
study in early Q1, 2015.


President and CEO Gord McCreary commented; "The completion of a feasibility
study and a phase two drill program are the next significant development
milestones on the path to delivering the Castle Mountain Mine back into
production. We are confident that an engineering optimization program, coupled
with infill and exploration drilling, will improve upon the already robust
results of our Preliminary Economic Assessment. We remain convinced that the
Castle Mountain Mine is a best-in-class asset, and look forward to delivering
continued positive results and confirmation." 


Feasibility Study

The Company is in the process of selecting an engineering firm, and expects to
release details of the partnership before the end of July, 2014. The scope of
work to be undertaken includes; 




--  Optimization of the mine plan with a focus on reducing the strip ratio 
--  Process flow sheets, plant and leach pad designs 
--  Full hydro-geological study 
--  Confirmatory metallurgical test program, focused on a combination of
    material below the pit bottoms and areas anticipated for the first phase
    of production 
--  Pit slope evaluation 
--  Mine support infrastructure: electrical power, water, mine ancillary
    facilities, access road(s), communication facilities 
--  Environmental, permitting and mine closure 
--  Construction plan, Execution plan, EPCM schedule 



Phase II Drill Program 

The Company has commenced the Phase II drill program, and expects initial assay
results in July, 2014. As the mine plan continues to be refined, Castle Mountain
will actively target drilling within the pit limits in an effort to reduce the
strip ratio and provide a feedback loop with respect to mine planning.


The drill program is expected to be comprised of the following; 



--  Five PQ (large diameter) core holes in the base of the historic pits,
    and zones currently targeted for the early stages of production 
--  PQ core will be assayed and delivered to McClelland Labs Inc. for both
    bottle-roll and column metallurgical testing 
--  A drill program of up to 10,000 metres (combined core and reverse
    circulation) designed to both infill current resources, and define new
    resources in the planned pit shells 



About Castle Mountain Mining Company

Subject to certain obligations, Castle Mountain Mining 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 (6,160 acres). On December 11, 2013,
the Company filed the Technical Report for its maiden NI 43-101 mineral resource
estimate, that is available both on SEDAR at www.sedar.com and on the Company's
website at www.castlemountainmining.com. 


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 press release. 


Forward-Looking Statements 

Statements contained in this press 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 the drilling program; the timing and costs of future
development and exploration activities on the Company's properties; success of
development and exploration activities; time lines for technical reports and
further studies, including a prefeasibility or feasibility study; and planned
exploration and development of properties and the results thereof. 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 press release, the
Company has applied several material assumptions, including, but not limited to,
that the current development, 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 inherent to the preliminary
nature of the preliminary economic assessment, risks related to permitting,
water availability, operating cost overruns, and capital cost overruns; risks
related to a sustained and significant reduction in gold prices; risks that the
metallurgical performance of different process feeds are not as anticipated;
risks related to the availability of financing on commercially reasonable terms
and the expected use of proceeds; operations and contractual obligations; 

changes in development and exploration programs based upon results of
exploration; 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 development and exploration on the Castle Mountain
Project; certainty of mineral title; community relations; delays in obtaining
governmental approvals or financing; the Company's dependence on one mineral
project; the nature of mineral development, 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 and annual information form for the year
ended December 31, 2013 which is available on SEDAR at www.sedar.com. 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 press release to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Castle Mountain Mining Company
Gordon McCreary
President and CEO
(416) 572-0152
gmccreary@castlemountainmining.com


Castle Mountain Mining Company
Fraser Buchan
VP Corporate Development
(416) 640-1933
fbuchan@83yonge.com
www.castlemountainmining.com
Canabo Medical (delisted) (TSXV:CMM)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024