Castle Resources Inc.

August 16, 2007 16:59 ET

Castle Resources Appoints New CFO

Addition of Financial Services Veteran Strengthens Management Team

TORONTO, ONTARIO--(Marketwire - Aug. 16, 2007) - Castle Resources Inc. - (TSX VENTURE:CRI) ("Castle" or "the Company") is pleased to report that Mr. Eric Szustak has joined the company as its new Chief Financial Officer, subject to regulatory approval.

Mr. Szustak is a Chartered Accountant with over 23 years of financial service and accounting experience, including 14 years with three national brokerage firms in various positions, including management, securities compliance, as well as a financial consultant and investment advisor.

"Mr. Szustak is an accomplished executive with extensive public market experience as an investment advisor," said Mr. Stephen Wallace, President & CEO of Castle Resources Inc. "His appointment further strengthens our management team as we enter our next phase of growth. As well, management would like to thank the outgoing CFO, Mr. Anthony Croll, for his efforts and we look forward to his continued service in the role of Director".

Castle is also pleased to announce the purchase of a block of three claims located in southern British Columbia, Canada for 200,000 shares and cash considerations. Historic geochemical and geophysical surveys from the late 1970s show encouraging uranium anomalies, which management will utilize to develop an exploration strategy.

About Castle Resources

Castle is a Toronto-based junior mineral exploration company focusing on high-quality advanced exploration projects in Mexico. The Company's initial focus is on silver exploration and development in Zacatecas, Mexico, one of the most prolific silver camps in Mexico and the world. Management's goal is to quickly advance current projects and to seek additional opportunities to continue to add value for shareholders.

Drilling continues at Castle's 100% owned San Ramon silver and base metals project in Zacatecas, Mexico. The 4,000 meter, 23 hole diamond drill program is progressing well with initial assay results anticipated in early September 2007.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Factors that might cause a difference include, but are not limited to: changes in the worldwide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. The Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect the financial results is included in documents filed from time to time with Canadian securities regulatory authorities by the Company.

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

Contact Information

  • Castle Resources Inc.
    Stephen Wallace
    President and Chief Executive Officer
    (416) 619-0801
    Castle Resources Inc.
    Maurizio Fava
    Vice-President, Corporate Development
    (416) 917-1812