Vancouver, British Columbia--(Newsfile Corp. - April 18, 2019) - Castle Peak Mining Ltd. (TSXV: CAP) ("Castle Peak" or the "Company") hereby provides a second news release on corporate developments since its TSX Venture Exchange trading halt 60 days ago.
The Company is pleased to announce that it has concluded the independent review exercise and due diligence report on the Kunsu PL property, which was conducted by PGeo, Mr. Sam Torkornoo, a registered member of the Association of Professional Geoscientists of Ontario, registration number 2340. The Company has provided this review report for final TSX Venture Exchange approval.
Further, the Company can confirm that a Ghana law firm has finalized the requested title opinion on the Kunsu prospecting license. The title opinion has also been submitted for final TSX consideration and approval.
Finally the Company is pleased to announce the following field progress report on follow-up exploration work. This work commenced on the 22nd February, 2019 and has covered the customary community consultation and traditional protocols within the project area. Assessment of Crop compensation, which is to compensate farmers for their farming crops that were affected by operations, for the period is underway. The Field Work includes the 5.8 km Induced Polarization (IP) geophysical survey at the North Grid zone. 430 m of trenches have been excavated on the geophysical defined targets to establish lateral continuity of the mineralized zone and also provide information on the extent and prospectivity of gold mineralization within the corridor. 362 trench samples have been submitted to ALS laboratories in Kumasi, Ghana for Au analysis by Fire Assay and AAS finish.
ON THE KUNSU PROPERTY
The Kunsu PL property is located approximately 35 km Northwest of Kumasi and 240 km Northwest of Accra. The property which is situated in close proximity to the Sefwi gold belt is strategically placed on the Asankragua Manso Nkwanta gold belt. The Kunsu concession is about 27 km north of Asanko Gold's mine, and even closer to the Asanko Esaase gold prospect, all of which are inferred to be underlain by similar geology regionally as Kunsu.
TECHNICAL DISCLOSURE
Castle Peak's technical disclosure in this news release has been reviewed and approved by Mr. Sam Torkornoo, P.Geo., who serves as a Qualified Person under the definition in National Instrument 43-101 ('NI 43-101').
ABOUT CASTLE PEAK
Castle Peak Mining Ltd. is a Canadian-based junior exploration company focused on advancing greenfields and early stage gold projects. Castle Peak has successfully discovered and sold the high grade Apankrah deposit with an associated strategic land package. The Company is in the process of acquiring the Kunsu prospecting license strategically placed on the Asankragua Manso Nkwanta gold belt in Ghana, West Africa.
On behalf of the Board of Castle Peak Mining Ltd.:
"Iyad Jarbou"
Chief Financial Officer
Tel: 604-362-7685
Email: iyadj@castlepeakmining.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING AND OTHER CAUTIONARY INFORMATION
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address the planned operations are forward-looking statements. Although the Company believes the forward-looking statements are based on reasonable assumptions, such statements should not be in any way construed as guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices for metals, the conclusions of detailed feasibility and technical analyses, the timely renewal of key permits, lower than expected grades and quantities of resources, mining rates and recovery rates and the lack of availability of necessary capital, which may not be available to the Company on terms acceptable to it or at all. The Company is subject to the specific risks inherent in the mining business as well as general economic and business conditions. For more information on the Company, Investors should review the Company's Annual Form 40-F filing with the United States Securities Commission and its home jurisdiction filings that are available at www.sedar.com.
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