VANCOUVER, Aug. 9, 2016 /CNW/ - NewCastle Gold Ltd.
(NCA:TSX-V) (the "Company" or "NewCastle") is pleased to
announce the appointment of Gerald
Panneton as President and Chief Executive Officer, effective
August 8, 2016.
Gerald Panneton, a geologist with
over 30 years in mineral exploration and development, was the
founder, President and Chief Executive Officer of Detour Gold
Corporation from its incorporation in July
2006 until November 2013.
Under his leadership, the Detour Lake Project grew from 1.5 million
ounces in resources to over 16 million ounces in reserves and into
production in less than 6 years after its acquisition. The Detour
Lake Mine now ranks as the largest gold mine in Canada.
From 1994 to 2006 Mr. Panneton was with Barrick Gold Corporation
where for the last six years of his tenure he was Director of
Advanced Projects and Evaluations for the exploration and corporate
development group. Prior to Barrick
Gold, he worked for Lac Minerals, Placer Dome Exploration
and Vior-Mazarin Group.
Richard Warke, the Company's
Executive Chairman commented, "we are very pleased that Gerald
has agreed to join our team as we expand the drill program on our
highly prospective Castle Mountain Project. Gerald successfully
brought the Detour Lake Project from the exploration stage into
production and we look forward to his guidance and leadership on
Castle Mountain."
Mr. Panneton received his Bachelor of Science in Geology at the
University of Montreal and his Master
of Science in Geology from McGill
University. Mr. Panneton and his team were the recipients of
the PDAC 2011 Bill Dennis Award for a Canadian mineral discovery
and prospecting success.
About NewCastle
NewCastle 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 (the
"Project") 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. 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 containing 0.76 million gold ounces.
Ian R. Cunningham-Dunlop, P.
Eng., the Company's Vice President Exploration, 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.
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.
Forward-Looking Statements
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 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. Readers should refer to the
Company's Annual Information Form and Management Discussion and
Analysis for the year ended December 31,
2015 as well as the Company's most recent Management
Discussion and Analysis, available on www.sedar.com.
SOURCE NewCastle Gold Ltd.