Castillian Announces $9 Million Exploration Program on Nickel Sulphide Projects and Additions to Technical Teamadmin
June 27, 2007 Filed Under: Diamond Mining, Mining Services, Nickel Mining
Castillian Resources Corporation announces that the Board of Directors has approved a Cdn$9.0 million exploration budget to aggressively explore the Company’s three key nickel sulphide projects. The company has set an objective of completing the delineation drilling of the Mangabal South Deposit in Brazil and the Las Aguilas Deposit in Argentina, in order to commence economic evaluation of the resources in 2008. High quality targets on both of the Mangabal and Las Aguilas projects will be drilled in search of new discoveries as part of the programs in Brazil and Argentina. In total, more than 16,000 meters of drilling are planned. In addition to the drill programs in South America, the initial field campaigns and airborne surveys will be completed on the highly prospective Kagera project, adjacent to the Kabanga Nickel Project in Tanzania.
Castillian welcomes Dr. Danielle Giovenazzo, P. Geo. and Dr. Fernando Tallarico, P.Geo to its technical team. Danielle Giovenazzo and Fernando Tallarico will take responsibility for managing the Las Aguilas and San Luis projects in Argentina and be involved in evaluation of new projects. Dr. Giovenazzo is a nickel exploration specialist who brings more than 25 years of experience including most recently, 16 years with Falconbridge where she worked on nickel exploration in Canada and was involved in the discovery of new ore lenses at Raglan. She has also been involved in several international projects.
Fernando Tallarico was most recently the Exploration Manager – Diamonds, South America and participated in evaluation of nickel projects for BHPB. Prior to that he worked as a Senior Geologist responsible for Project Generation in Brazil for Noranda and Falconbridge and was part of the team that discovered the Araguaia Nickel Project in Brazil that is currently undergoing scoping studies by Xstrata. Dr. Tallarico has extensive knowledge of the geological potential in Brazil and a number of other South American countries.
Mangabal Project, Brazil (C$4,000,000)
Delineation drilling of the Mangabal South deposit is ongoing (see press releases dated April 24, May 16, 2007 for results to date). A VTEM airborne survey was completed over the most highly prospective areas in April and drilling has commenced to test high priority VTEM conductors in the Mangabal South area. More than 10 high quality anomalies have been identified for drilling within 5 kilometres of the Mangabal South Deposit. Additional conductive zones in the area adjacent to the Americano Nickel Mine are being evaluated for drilling. Approximately 10,500 meters of drilling are currently planned for the Brazil project. Castillian may earn a 50% interest in the project from Xstrata.
San Luis Project, Las Aguilas Deposit (C$3,400,000)
A program of delineation drilling on the Las Aguilas Deposit will commence (see Press releases dated March 6 and May 17, 2007 for further details). Approximately 6,000 meters of drilling will be completed to expand the Las Aguilas Deposit and redrill certain sections in order to evaluate the platinum group element (PGE) potential. Recent sampling has demonstrated significant platinum values associated with the deposit and PGEs were not assayed during previous drill campaigns. VTEM airborne surveying totaling approximately 3,200 line kilometers will be completed, over key parts of the extensive land package and follow up will commence as soon as data is processed. Castillian may earn up to a 65% interest in the projects from Marifil Mines Limited.
Kagera Project, Tanzania (C$1,600,000)
Airborne VTEM and magnetic surveying will be completed over the Kagera project with focus on the land packages adjacent to the Kabanga Nickel Deposits of Xstrata/Barrick. Field mapping is in progress on the Kagera claims. Field follow-up and if warranted drilling will commence after the airborne survey is completed. The contract will be completed after upgrading the VTEM system in Tanzania to include B-field and it is anticipated that the survey will not be completed until August based on feedback from the contractor. Castillian has a 100% interest in the projects.
David Gower, P.Geo., President & CEO of Castillian who is a qualified person as defined by NI 43-101 has reviewed this release.
About Castillian Resources
Castillian Resources Corp. is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol “CT” with approximately 84 million shares issued and outstanding. Castillian is partnered with Xstrata Nickel to explore the approximately 155,000 ha Mangabal nickel-copper project in Brazil. The company is earning an interest in the Las Aguilas Nickel-Copper-PGM Project in Argentina and has the right to purchase a 100% interest in the Kagera Project which comprises over 1,600 square kilometers in the highly mineralized Kabanga Nickel Belt in Tanzania and rights to acquire 100% of the Pederson deposit, an advanced gold exploration project in Bolivia which is currently under force majeure.
Forward Looking Statements
This document may contain or refer to forward looking information based on current expectations. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. These forward-looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflectt new events or circumstances.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts: Castillian Resources David Gower President & CEO (416) 861-5902 Email: firstname.lastname@example.org