Castle Resources Inc. (TSX VENTURE:CRI) has announced that further to its press dated August 30, 2010, it has today acquired a 100% interest in the past producing Granduc Copper Mine located near Stewart, B.C. from Bell Copper Corporation.
The acquisition supersedes the previously announced option agreement (the "Option Agreement") between the company and Bell Copper (see press release dated July 19, 2010). Pursuant to the acquisition, Castle paid to Bell Copper consideration consisting of $2 Million and issued 2,750,000 Castle common shares. Together with consideration previously paid under the option agreement, Castle will have paid an aggregate of $4,500,000 and issued an aggregate of 3,000,000 Castle common shares to Bell Copper in connection with the Granduc Copper Mine.
"We are very excited to close the Granduc transaction with Bell Copper," said Mr. Mike Sylvestre, President & COO of Castle Resources. "The Granduc has the potential to become a significant Canadian copper/gold/silver mining operation. Our objective is to commission a preliminary NI 43-101 resource estimate based on the results of this year's program which we hope will confirm the presence of a large and potentially mineable copper and precious metal resource at the Granduc."
Castle would also like to announce the departure of Mr. Robert Campbell from the board of directors. Management would like to thank Mr. Campbell for his assistance, direction and effort during his tenure as a director and wish him the best in all future endeavours.
Castle also wishes to announce that pursuant to the terms and conditions of its Stock Option Plan, it has granted, in the aggregate, 3,230,000 incentive stock options (the "Options") to officers, management, directors and consultants of the Company. Of the Options being issued, 100,000 are being issued to Proconsul Capital in connection with their recent retention by Castle to provide investor relations services. The Options will be exercisable for a five year period at $0.50 per share.
Source: Castle Resources Inc.