Castleworth Ventures Inc.
TSX VENTURE : WTH

Castleworth Ventures Inc.

January 11, 2006 10:58 ET

Castleworth Receives OK for Acquisition of Jessup Gold Project Option; C$400,000 Financing Closes

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 11, 2006) - Castleworth Ventures, Inc. (TSX VENTURE:WTH) announced today that it has received regulatory approval for the acquisition of an option on the 3.5 square mile Jessup Gold Property located in Churchill County, Nevada.

The terms of the 12 month option to acquire the Jessup Lease are that the Company must pay a non-refundable US$50,000 (paid) and assume all underlying obligations during the 12 month option period. Castleworth may acquire the Jessup Lease by paying the vendor a further US$400,000, of which US$200,000 is payable twelve months after entry into the option agreement and the remaining US$200,000 payable in a further 12 months.

Castleworth is planning to commence activities at Jessup as soon as possible and has retained Mine Development Associates (MDA) of Reno, Nevada as consultants to assist in exploration, including the upcoming drill program. Currently, cross sections are being correlated to determine drill sites in anticipation of immediately filing a Notice of Intent for the first 2006 drill program at Jessup, planned for the first Quarter of 2006.

MDA is well acquainted with the Jessup Gold Property, having prepared the most current resource estimate for the property, dated February 1998. This is a historical estimate under Canadian National Instrument 43-101 and is not classified into the N.I. 43-101 categories of measured, indicated and inferred resources. According to that report, the resource was identified as "potentially minable material" which the Company considers to refer to an aggregate resource incorporating all categories of measured, indicated, and inferred resources.

The historical estimate is 8,376,564 tonnes of "potentially minable material" with a grade of 0.024 opt gold and 0.25 opt silver. That amounts to 200,300 ounces of gold, 2,056,700 ounces of silver for a gold equivalent total of 241,400 ounces.

The cutoff grade used for the estimate was 0.010 oz Au/ton.

While the Company considers the MDA report to be comprehensive and relevant, the Company has not done the necessary work to allow it to classify the resource into the measured, indicated and inferred categories and, accordingly, is not treating the resource estimate as a N.I. 43-101 defined resource by a qualified person and cautions that this historical resource estimate should not be relied upon. No more recent estimates or data is available to the Company and, according to the underlying owner of the claims, no additional drilling has been completed on Jessup since the MDA report was released.

Castleworth has committed to commissioning a N.I. 43-101 compliant resource report prior to making the US$200,000 payment twelve months after entry into the option agreement.

John Watson, Castleworth's president and CEO, noted that a substantial epithermal gold system has been identified at Jessup, which has been partially drilled by prior operators. The last and most significant was Echo Bay (1996) which drilled 123 holes with an additional 50(+/-) holes drilled by others. The mineralized area discovered at the Jessup Gold Project is contained in a large low-sulfidation alteration system, has not been systematically explored and the Company considers it has excellent potential for expansion.

There are numerous additional target concepts that could expand on the identified mineralized zone.

As well, the non-brokered private placement for net proceeds of CDN$400,000 subscribed to by existing shareholders, announced on December 12, 2005, has closed. The financing consisted of 1,000,000 shares at a price of CDN$0.40, which shares are subject to a 4 month hold period expiring on May 10, 2006.

Castleworth's mission is to enhance shareholder value by acquiring, exploring, and developing advanced-stage projects located within the major gold producing areas of Nevada. The Company has announced significant resources at two of its projects, Pan and Afgan, both located in the Battle Mountain-Cortez Trend. The Afgan Project is estimated to contain a resource of 1.85 million tons at a grade of 0.027 opt Au (Indicated), and 1.29 million tons at a grade of 0.026 opt Au (Inferred). The Pan Project currently reports a resource of 18.96 million tons at a grade of 0.019 opt Au (Measured and Indicated) and 8.3 million tons at a grade of 0.026 opt Au (Inferred) and do not incorporate substantial drilling completed during 2005. Technical reports outlining these estimates may be found on the Company's website at www.castleworth.com (see "43-101 and recommendations 2005" under "Pan Gold Project" and "Afghan Gold Project: Technical Report" under "Other Projects" both linked under the "Projects" heading).

On behalf of the Board of Directors,

John E. Watson, President

(i) Both Afgan and Pan estimates are from N.I. 43-101 compliant technical reports authored by M. Gustin P.Geo., of Mine Development Associates of Reno, NV. The Afgan report is dated April 28, 2004; the Pan report is dated January 15, 2005.

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

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