Castleworth Ventures Inc.

Castleworth Ventures Inc.

July 19, 2005 09:30 ET

Castleworth Closes $1.6 Million Financing for Gold Projects; Drilling at Pan Gold Project to Start within the Week

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 19, 2005) - Castleworth Ventures Inc. (TSX VENTURE:WTH) announced today that it has closed its recently announced private placement and received proceeds of $1,647,340.

The private placement consisted of 4,118,350 units priced at $0.40; each unit consisting of one common share in the capital of the Company and a non-transferable share purchase warrant. Each purchase warrant entitles the holder to purchase one additional common share in the capital of the Company for 12 months from Closing at C$0.50 per share and at C$0.55 for a further 12 months.

The shares and warrants comprising the units and any shares issued on exercise of the warrants are subject to a 4 month hold period expiring on November 20, 2005.

Proceeds from the financing will be used for general working capital and exploration and development of the Company's 4,852 acre (more than 7.5 square mile) Pan Gold Project located 20 miles southeast of Eureka, Nevada, within the southeastern extension of the Battle Mountain-Eureka Trend.

The Phase IV drilling program at Pan is scheduled to commence on the arrival and setup of a drill rig which is anticipated to arrive on property shortly.

Castleworth's objective is to create wealth for its stockholders by acquiring, exploring, and developing advanced-stage projects located within the major gold producing areas of Nevada. The Company's total land position is in excess of 10,800 acres, comprised of three projects on the Tonopah/Walker Lane Trend, two on the Battle Mountain-Eureka Trend and one on the Carlin Trend. Two of the projects have known mineralization or resources of potentially economic grade and dimension.

On behalf of the Board of Directors,

Harold Gershuny, Director

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

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