Castle PEAK Provides Update ON Sale Transaction and New Directors
NEWS RELEASE
CASTLE PEAK PROVIDES UPDATE ON SALE TRANSACTION AND NEW DIRECTORS
Vancouver, B.C., November 2, 2017 – Castle Peak Mining Ltd. (“Castle Peak” or the “ Company”,
TSXV: CAP) is p leased to a nno u nce tha t at the A n nual G ene ral and Sp ecial Meeti ng of t he C omp any on
October 19, 2017 (the “ Shareholders’ Meeting”), the shareholders of the Company approved the sale of
the Company’s exploration interests in the southern Ashanti Belt, Western Region, Ghana to Star Goldfields
Ltd. (the "Transaction") for proceeds of an aggregate of US$4,250,000 in cash.
The closing of the Transaction is expected to take place in November 2017, following satisfaction of certain
conditions precedent set out in the Share Purchase Agreement dated July 31, 2017 between Castle Peak
and Star Goldfields Ltd. (the “ Agreement”) which remain outstanding. The parties have agreed to extend
the term of the Agreement to November 30, 2017.
As previously disclosed, following completion of the Transaction, the Company will not have any active
business operations or assets other than cash. At the Shareholders’ meeting, the shareholders approved
c e r t a i n a l t e r n a t i v e s w h i c h m a y b e c a r r i e d o u t a t t h e d i r e c t o r s ’ d i s c r e t i o n , i n c l u d i n g d i s t r i b u t i o n o f t h e
Company’s assets and dissolution of the Company. The Board of Directors of Castle Peak intends to explore
potential strategic alternatives following the closing of the Transaction and will update shareholders when
any decisions are made. There can be no assurance that such exploration of strategic alternatives will result
in a transaction being pursued, entered into or consummated. The TSXV may transfer Castle Peak to the
NEX, a separate board of the TSXV if Castle Peak fails to meet the ongoing minimum listing requirements of
the TSXV.
At the Shareholders’ Meeting, two additional directors, Iyad Jarbou and Michael Novak were elected. In
addition, following the Shareholders’ Meeting, Jurgen Eijgendaal has informed the Company that he will be
resigning from the Board of Directors of the Company for personal reasons. In order to fill the vacancy left
by Mr. Eijgendaal’s resignation, the Board of Directors has appointed Mr. Andreas Marangos to the Board of
Director s. T he C o mp any th ank s M r. Eij g end aal f or his year s of service a s a Direct or of C astle Peak and
welcomes Mssrs. Jarbou, Novak and Marangos to the Board.
About Castle Peak
Castle Peak Mining Ltd. is a Canadian-based junior exploration company focused on advancing greenfields
and early stage gold projects. The Company holds a strategic land package in the Ashanti belt adjacent to
several producing gold mines in Ghana, West Africa. The Ashanti belt is known as one of the most prolific
gold belts in the world.
For additional information please visit www.castlepeakmining.com or contact:
Iyad Jarbou, Director
Tel: 604-362-7685
Email: [email protected]
VANCOUVER OFFICE
#29- 1255 Riverside Drive
Port Coquitlam V3B 7W5
Tel: 604.345.1926
Fax:
Website: www.castlepeakmining.com
Email: [email protected]
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
Certain information provided in this press release constitutes forward-looking statements and information within the meaning
of applicable securities laws. Specifically, and without limitation, this press release contains forward-looking statements and
information relating to: the anticipated benefits of the Transaction, the anticipated timing for the closing of the Transaction
the listing of the Company on the TSXV and the future prospects of the Company. Forward -looking information typically
contains statements with words such as “anticipate”, “believe”, “forecast”, expect”, “plan”, “intend”, “estimate”, “propose”,
“project”, or similar words suggesting future outcomes. The Company cautions readers and prospective investors in the
Company’s securities not to place undue reliance on forward -l o o k i n g i n f o r m a t i o n a s , b y i t s n a t u r e , i t i s b a s e d o n cu r r e n t
expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could
cause actual results to differ materially from those anticipated by the Company. In respect of the forward-looking statements
and information set out in this press release, the Company has provided such in reliance on certain assumptions that it
believes are reasonable at this time, including assumptions as the ability of the Company to satisfy, in a timely manner, the
other conditions to the closing of the Transaction and as to the future prospects of the Company. There are many risk factors
associated with the Company’s operations and a number of factors could cause actual results to differ materially from those
anticipated by the Company, including but not limited to risks and uncertainties related to a material adverse change to the
Company’s assets or revenue, risks of unknown liabilities that may arise, uncertainties regarding natural disasters, change in
government policies, currency fluctuations and controls, risks of high inflation and increased costs, changes in currency
exchange rates, and other risks associated with international activities. The forward -looking information included herein is
expressly qualified in its entirety by this cautionary statement. The forward-looking information included herein is made as of
the date hereof and the Company assumes no obligation to update or revise any forward -looking information to reflect new
events or circumstances, except as required by law.
Neither 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 release.