Castle Gold Corporation
TSX VENTURE : CSG

Castle Gold Corporation

June 30, 2008 19:10 ET

Castle Gold-Reinstatement of Trading on TSX Venture Exchange

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 30, 2008) - Castle Gold Corporation ("Castle Gold" or the "Company") (TSX VENTURE:CSG) is pleased to announce that following the filing of its first quarter 2008 financial statements on Thursday, June 19, 2008 and the revocation of the cease trade orders originally issued by the British Columbia and Ontario Securities Commissions on June 10 and June 11, 2008 respectively, the common shares in the capital of the Company will be reinstated for trading on the TSX Venture Exchange on Wednesday July 2, 2008.

The First quarter financial results filed on June 19th and available on Sedar and the Company's website reported gold production for the quarter from Castle Gold's 100% owned El Castillo mine (still in the pre-production stage) and from its 50% owned El Sastre Mine of 3,272 ounces (Castle Gold's share) and a first quarter profit of US$0.01 per share on net income of US$764,662 and revenues of US$1,610,271.

The filing of these statements were the result of delays in consolidating financial results from the Company's El Sastre joint venture operation in Guatemala. These issues were further exacerbated by the recent resignation of the Company's Chief Financial Officer (CFO). The Company has dispatched a group of its accounts and controllers from its El Castillo operation in Mexico to the El Sastre operation in Guatemala to assist in establishing a reliable accounting system and to begin the preparation of Q2-2008 reporting. The Company is also actively seeking a replacement CFO to assist in monitoring and reporting of the Company's financial and operating performance.

The Company apologizes for any concerns the temporary cease trade order caused shareholders.

About Castle Gold

Castle Gold Corporation is a growth focused gold producer currently expanding gold production within the America's. 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, El Arenal, Bridge and Lupita Projects in Guatemala.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information