GOLD EXPLORATION: Castillian to acquire former Hope Brook mine

NEWFOUNDLAND - Castillian Resources of Toronto has entered into an agreement with the Quinlan brothers to acqu...

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NEWFOUNDLAND - Castillian Resources of Toronto has entered into an agreement with the Quinlan brothers to acquire the former Hope Brook gold producer near Port aux Basques. The agreement calls for Castillian to pay the Quinlans $280,000 and issue 500,000 shares to them over a period of four years.

The Hope Brook deposit was mined from 1987 to 1997 by Royal Oak Mines. It closed when reserves were depleted and the gold price was stubbornly low. While it operated, the mine produced over 750,000 oz of gold and a copper concentrate.

Castillian reports that gold mineralization occurs in a high-sulphidation epithermal system hosted by Late Proterozoic rocks of the northern Appalachian Avalon zone. Historical drill intersections (not 43-101-compliant) were 3.88 g/t Au over 41.0 metres, 6.98 g/t over 5.8 metres and 4.64 g/t over 14.3 metres from a 1-km strike zone southeast of the mine workings.

Completion of the deal is subject to customary approvals. Visit www.Castillian.ca to learn more about the company, which is active in South America and Africa.

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