Castleworth Ventures Inc.

Castleworth Ventures Inc.

October 17, 2005 09:30 ET

Castleworth Ventures Inc.: Shareholders Approve All Resolutions at 2005 AGM; Veteran Directors Re-elected by Wide Margin

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 17, 2005) - Castleworth Ventures Inc. (TSX VENTURE:WTH) announced today that the shareholders overwhelmingly approved all of the resolutions brought before them at the Annual General Meeting of shareholders held on October 11, 2005.

The shareholders fixed the number of directors at five and re-elected Harold Gershuny, Paul Roberts, William Sheriff, John Watson, and Wayne Yang to the Board.

The shareholders approved the appointment of Davidson and Company as auditors of the Company, authorized the Directors to fix the auditors' remuneration, and approved the stock option plan of the Company.

As well, the shareholders approved allowing director's, in their sole discretion, to change the Company's name to "Pan-Nevada Gold Corporation" or to such other name as may be appropriate.

At a duly constituted director's meeting following the Annual General Meeting, Mr. Watson was appointed President and Mr. Gershuny was appointed Secretary of the Company.

A Compensation Committee was struck, chaired by Paul Roberts, with members Wayne Yang and William Sheriff. An Audit Committee was also elected that was similarly constituted.

Castleworth's objective is to create shareholder value through the acquisition, exploration, and development of 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 two projects on the Battle Mountain-Eureka Trend, one on the Carlin Trend and three projects on the Tonopah/Walker Lane. 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

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

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