Castle Mountain Mining Company Limited ("Castle Mountain Mining", "we" or the "Company") is pleased to announce that RPA Inc. ("RPA") has been engaged by the Company to prepare a Preliminary Economic Assessment ("PEA") of the Castle Mountain Gold Project in San Bernadino County, California.
RPA was previously engaged to complete the preparation of the Company's Maiden NI 43-101 Mineral Resource Estimate, which was publicly released on November 21st, 2013 and the Technical Report to be delivered within 45 days of that same press release. The Company expects this PEA to be delivered in the First Quarter of 2014, and also expects to have a significant cash position remaining in the treasury after completion of the PEA.
Gord McCreary, President and CEO stated, "We have elected to undertake a Preliminary Economic Assessment to further de-risk the Castle Mountain Gold Project. Creating economic parameters around the recently defined Mineral Resource Estimate is a critical step in confirming the commercial viability of the project. Given the large scale and high grade of the Mineral Resource Estimate, a mining permit in hand, and a history of production at very low capital and operating costs, we believe the PEA will demonstrate the very high quality of the Castle Mountain Gold Project."
About Castle Mountain Mining Company
Subject to certain obligations, Castle Mountain 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 (3,209 acres), covering approximately 4,507 acres, plus additional leased claims of approximately 2,951 acres. In June 2013 the Company completed the Phase 1 drill program which tested several exploration targets at various locations on the property. These drill results were disclosed in press releases dated June 20, 2013 and July 16, 2013. On November 21, 2013, the Company announced its maiden NI 43-101 mineral resource estimate. The press releases are available at the Company's website at www.castlemountainmining.com. Castle Mountain Mining expects to start a Phase 2 program at the property in early 2014, subject to financing.
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.