Toronto, Ontario, February 27, 2017 − NewCastle Gold Ltd. (NCA: TSX) (NewCastle Gold or the “Company”) is pleased to announce the appointment of Jacques McMullen, P. Eng., to the Board of Directors, effective immediately. Mr. McMullen succeeds James (Jim) Gowans, who is stepping down as a director of NewCastle Gold to focus on his role of President and CEO of Arizona Mining Inc.
Richard Warke, Executive Chairman of NewCastle Gold, stated, “We would like to thank Jim for his time and contribution to the Board over the past year. He has been a valued member of our team and we wish him all of the best with his current venture. We are excited to welcome Jacques McMullen to the Board and our team. His many years of senior experience in the mining industry will be invaluable to the success of the Castle Mountain project and the Company.”
With over 35 years of senior management experience in the mining industry, Mr. McMullen has been directly involved with major capital projects including roles in operations, evaluations, and corporate development for several mining companies.
He spent the majority of his career working with Barrick Gold Corporation in various senior roles from 1994 to 2012, as well as serving as Director of Highland Gold Mining Ltd., IGE Resources AB, Fire River Gold Corp and Minera S.A. From 2014 to 2016, Mr. McMullen was Director and Chairman of Orvana Minerals. From 2012 to 2016, he was also Principal and Partner, Mines and Metals with BBA, a private engineering firm, and was a non-executive Director on the Board of Directors.
He holds a B.Sc. in Applied Sciences (Metallurgy), is a Professional Engineer, and completed a Master’s Degree of Applied Sciences in Mineral Processing at Laval University. Mr. McMullen currently serves as an advisor to management at Detour Gold, and is the Principal of J. McMullen & Associates, a privately held consulting company.
NewCastle (an augustagroup company) has a 100% interest in 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 2004. The Mine and Reclamation Plan, under which the mine operated, was authorized by the County of San Bernardino as the Lead Agency and remains in effect. Water for the drill programs was accessed from existing patented wells on the Project.
An updated NI 43-101 resource for the project was announced December 2, 2015 which includes Measured Mineral Resources of 17.4 million tonnes grading 0.86 g/t gold containing 0.48 million gold ounces, Indicated Mineral Resources of 202.5 million tonnes grading 0.57 g/t gold containing 3.71 million gold ounces along with Inferred Mineral Resources of 40.8 million tonnes grading 0.58 g/t gold and containing 0.76 million gold ounces. The Project hosts a disseminated low sulphidation epithermal system. Gold is primarily hosted by late-stage rhyolite volcanic units within zones of silicification and brecciation associated with northeast-southwest trending/southeast dipping fault structures which are interpreted to have developed within a collapsed caldera environment. Eleven gold domains are represented by both steep and shallow-dipping orientations.
Ian R. Cunningham-Dunlop, P. Eng., the Company’s Senior Vice President Technical Services, is the designated Qualified Person for this news release within the meaning of NI 43-101. He has reviewed and verified that the technical information contained in this release is accurate and has approved of the written disclosure of the same.
For further information, please contact:
NewCastle Gold Ltd.
Vice President, Investor Relations and Corporate Communications
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains “forward-looking statements” and “forward-looking information” (collectively, “forward-looking information”) within the meaning of applicable Canadian securities legislation. Forward-looking information includes information that relates to, among other things, statements with respect to the completion of the proposed drill program at Castle Mountain, the mineral resource expansion at Castle Mountain and the identification of future expansion targets at Castle Mountain. Forward-looking information is not, and cannot be, a guarantee of future results or events.
Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that we identified and were applied by us in drawing conclusions or making forecasts or projections set out in the forward looking information include, but are not limited to that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results will be consistent with management’s expectations.
The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, the risks discussed under the heading “Risks” in general to the business of NewCastle in documents filed (or to be filed) with Canadian regulatory authorities. Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, the reader should not place undue reliance on forward-looking information. NewCastle does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.