Castle Gold Corporation

Castle Gold Corporation

October 29, 2007 12:06 ET

Castle Gold Raises $1.1 Million From Early Exercise of Warrants

TORONTO, ONTARIO--(Marketwire - Oct. 29, 2007) - Further to Castle Gold Corporation's ("Castle Gold" or the "Company") (TSX VENTURE:CSG) news release dated September 17, 2007 announcing the re-pricing of certain warrants (the "Warrants") from $0.72 to $0.58 to encourage their early exercise by October 19, 2007, the Company is pleased to report that 80% of the Warrants have been exercised resulting in the issuance of 1,919,635 shares.

Proceeds totalling $1,113,338 are expected to be used to advance initiatives at Castle Gold's 100% owned El Castillo gold mine in Mexico and for general working capital purposes. The 489,363 Warrants, which were not exercised early, remain exercisable at a price of $0.72 per share until 4:00p.m. EST on April 20, 2008.

Castle Gold is a growth oriented gold producer focused on expanding gold production within the Americas. Castle Gold owns a 100% interest in the El Castillo gold mine in Mexico and a 50% interest in the El Sastre gold mine in Guatemala. Castle Gold is also advancing exploration and development work at its La Fortuna gold project in Mexico and at its El Sastre, Bridge and Lupita projects in Guatemala.

Current issued and outstanding share capital: 73,095,782

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release.

Contact Information

  • Castle Gold Corporation
    Court Babcock
    Investor Relations
    (778) 928-5006 or Toll Free: 1-866-646-3274