🕐27.11.12 - 06:27 Uhr

EXPLORATION UPDATE



Castle Minerals Announcements

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Castle Minerals Limited

Exploration Update

Dear MvM Commodity Group

Castle Minerals Limited (ASX:CDT) is pleased to announce that exploration drilling is well underway on its Wa project in northern Ghana.

A second rig is scheduled to commence in December testing a number of high grade gold targets including the Danyawu prospect that has reported drill intercepts of 9m@ 22g/t and 16m@14.7 g/t gold1 (as announced 25 June 2012).
 
The key objectives for the 2012/13 field season are to define maiden gold resources at Danyawu and Alpha, Bravo and Charlie mineralisation and, using Castle’s own rig to complete +40,000m of RAB drilling testing 26 of more than 60 gold targets identified within the larger Wa Project area.

With its own rig Castle was able to reduce drilling costs to below $6 per metre during the 2011/12 drill season.
 
Metallurgy for the Kambale graphite resource, one of the world’s larger global graphite deposits, is near completion and Castle’s next objective is to seek end user participation to advance project development.
 
A new artisanal mining area has recently developed north of Bulenga village after gold was discovered whilst excavating foundations for a building earlier this month.  Up to 500 artisanal miners are working the area developing shafts on several gold bearing quartz veins.

The significance of this occurrence is yet to be determined however it is situated within a 3,500m long corridor of anomalous soil geochemistry that Castle has now proposed to be drill tested.  
Castle’s Managing Director, Mr Mike Ivey, said; “Having our own drill rig gives us a great flexibility and cost advantages allowing us to test our numerous gold and mineral targets quickly and cheaply and I look forward to reporting positive news as this work progresses.”

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