Castle Resources Inc.

March 29, 2010 18:15 ET

Castle Resources Announces Closing of Private Placement

TORONTO, ONTARIO--(Marketwire - March 29, 2010) - Castle Resources Inc. ("Castle" or the "Company") (TSX VENTURE:CRI) is pleased to announce that it has closed a non-brokered private placement offering (the "Offering") for gross proceeds of $621,000, pursuant to which it has issued 7,762,500 common shares in the capital of the Company at a purchase price of $0.08 per common share.

In connection with the Offering, the Company paid eligible persons (the "Finders") a cash fee of 6% of the gross proceeds raised through each Finder under the Offering and also issued common shares (the "Compensation Shares") equal to 6% of the total number of common shares issued through each Finder under the Offering. On closing, the Company paid an aggregate amount of $7,800 in cash fees to the Finders and issued an aggregate of 337,500 Compensation Shares to the Finders.

Proceeds from the Offering will be used to further finance the Company's exploration and development projects and for general working capital. All securities issued pursuant to the Offering, including the common shares and Compensation Shares issued to the Finders are subject to a four (4) month statutory hold commencing from closing. 

About Castle Resources

Castle Resources Inc. is a Toronto-based junior mineral exploration company focusing on high-quality, advanced exploration gold projects. Management's goal is to quickly advance the new Elmtree option and to seek additional opportunities to continue to add value for shareholders. For more information please visit the Castle Resources' website at


Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "expects", "believes","may", "will" and include, without limitation, statements regarding the company's plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

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 release.

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