Castleworth Ventures Inc.
TSX VENTURE : WTH

Castleworth Ventures Inc.

August 15, 2005 09:32 ET

Castleworth Confirms, Expands New Gold System at Pan

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 15, 2005) -

Black Stallion: 24 of 41 New Holes Encounter Strong Mineralization,
Hole 05-01 Returns 12 Meters of 3.46 gpt.

Castleworth Ventures Inc. (TSX VENTURE:WTH) announced today that results from the first 41 reverse circulation drill holes from its Phase IV (2005) drill program at the Pan Project near Eureka, Nevada have been received. A total of 24 of the first 41 holes drilled in the Black Stallion area show potentially economic intercepts of interest.

These holes were drilled coincident with a soil geochemical anomaly located on a north-south structure traceable for over two miles that appears to represent a new mineral system, distinct from the previously drilled mineralization at Pilot Ridge and South Pan.

The location of these reported drill holes is in the central portion of the Pan property approximately 400-750 meters west of the Pan Fault. The overall target zone for Black Stallion is a 600 X 450 meter area of argillic and silicic alteration confirmed with elevated gold values in the soils which was discovered by Hole 04-64, drilled in Fall of 2004, which intersected 65 feet of .054 opt gold from the collar, including the first 25 feet which averaged 0.093 opt.

A total of 41 shallow holes have been completed to date in the Black Stallion area and the balance of the drill samples from three additional areas are expected within three weeks.

Castleworth's president John Watson said "The results are particularly important, providing confirmation of the mineralization model at Black Stallion, with its remote location nearly one-half mile from the nearest existing resource. They are a key indication of the potential for growth of the resource base at Pan. The confirmation of the western area of the Pan Property as a continuous mineral system indicates potential to host multiple gold deposits and long-term production."

An additional 40+ holes are in progress in three other areas designated as Syncline, Junction and Cover Valley. All three are distal to the main Pan Fault.



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Hole TD Intercept Length Grade Grade (opt) Area or Zone
(gpt)
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05-01 125' 0-40 40' 3.46 0.101 Black Stallion
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70-110 40' 1.1 0.032 Black Stallion
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05-02 75' 0-50 50' 0.79 0.023 Black Stallion
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05-03 115 0-90 90' 1.33 0.039 Black Stallion
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05-04 95' 85-95 10' 0.31 0.009 Black Stallion
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05-05 95' 0-45' 45' 1.3 0.038 Black Stallion
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05-06 75' 0-25' 25' 0.75 0.022 Black Stallion
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05-10 85' 30-35' 5' .51 0.015 Black Stallion
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05-11 175' 100-155 55' 0.24 0.007 Black Stallion
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05-12 120' 85-115 30' .581 0.017 Black Stallion
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05-13 110 40-60' 20' 0.72 0.021 Black Stallion
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05-15 75 0-25' 25' .380 0.011 Black Stallion
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05-17 80' 10-40' 30' .45 0.013 Black Stallion
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05-18 100' 0-85' 85' 1.23 0.036 Black Stallion
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05-19 55' 20-30' 10' 1.13 0.033 Black Stallion
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05-20 130' 5-45 40' 0.72 0.021 Black Stallion
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75-80 5' 0.48 0.014 Black Stallion
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05-21 75' 65-70' 5' 0.51 0.015 Black Stallion
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05-22 135 10-135 125' 0.58 0.017 Black Stallion
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05-25 40' 0-15 15' 0.27 0.008 Black Stallion
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05-26 115' 10-25' 15' 2.53 0.074 Black Stallion
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65-90 25' 0.45 0.013 Black Stallion
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05-28A 95' 20-80' 60' 0.71 0.021 Black Stallion
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05-28B 85' 25-90 65' 0.54 0.016 Black Stallion
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05-32 315' 160-190 30' 0.65 0.019 Black Stallion
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05-33 375' 135-355 220' 0.44 0.013 Black Stallion
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05-34 315' 160-190' 30' 0.65 0.019 Black Stallion
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Holes 32, 33 and 34 are open to the south and are encouraging with regard to the thicker favorable stratigraphy located in the area south of Middle Pan Road.

These initial holes were all drilled within a northwest-trending zone measuring approximately 550 by 300 meters. Several of these holes remain open to enlargement at depth or along strike and will be offset later in the year.

Richard Heine, B.S. (Geo.), M.S. (Geo.), is the company's qualified person on the Pan Gold project and oversees the 2005 exploration program. Assays reported herein were conducted by ALS Chemex in Elko, Nevada using a fire assay with an AA finish.

In other matters, the Company has granted 550,000 options to directors, each option exercisable at $0.40 per share for a period of 2 years, and an additional 300,000 options to a director which are exercisable at $0.40 per share for a period of 2 years six months and which only vest upon receipt of an unconditional offer of at least $1.00 for 75% of the shares of the Company. The granting of options is subject to the approval of the regulatory authorities.

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,

John E. Watson, President

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