Castle Peak says Allan Green elected to board

Castle Peak Mining (CVE:CAP) reported Tuesday that it has elected a new member and approved new control persons during its annual special meeting of shareholders.

At the annual special meeting of shareholders, Allan Green was elected to the board of directors by stakeholders.

Furthermore, chief executive Darren Lindsay along with Randy Smallwood, Brian Lock, Randal Gindi, Peter Hawley were also elected as directors.

During the meeting shareholders approved two new control persons: Grizal and East China Mining, Castle Peak said in a statement.

The company can now move towards closing its previously announced brokered private financing of $3.0 million with Grizal and the non-brokered financing with East China Mining.

Prior to the meeting, Castle Peak was advised East China Mining would subscribe for 20.6 percent of Castle Peak’s common shares.

In addition, stakeholders passed a resolution to amend Castle Peak’s articles of incorporation setting threshold approval for special resolutions at two-thirds.

Last month, the Ghana-based gold explorer had appointed project evaluation and feasibility studies specialist Clive Arthur as vice president of exploration.

It also approved a $5 million exploration budget for 2012. The company’s campaign will include a follow up drill program on the
Apankrah target and further drilling on the Nana and Dansuom targets totalling up to 5,000 metres.

Castle Peak will undertake a regional target generation and drill evaluation program, which will include ground based geophysical surveys to add to the existing geological database.

The Canadian-based explorer has land packages in the Ashanti belt next to many gold producing mines in Ghana, West Africa.

The Ashanti belt is known as one of the most prolific gold belts in the world with more than 150 million proven ounces uncovered and current investment in excess of $3.3 billion.