September 10, 2008
Castle Gold Announces Change to Its Board of Directors
CASTLE GOLD CORP. (Castle Gold, the Company) (TSX VENTURE: CSG) announces the resignation/retirement of Chester F. Millar as a Director of the Company.
Over the past five years it has been a tremendous opportunity for all of us at Castle Gold (previously Morgain Minerals) as well as our shareholders to have had Chester F. Millar head up our initial 30,000 bulk heap leach tests, small mine start-up, and then gradual development and ramp up to commercial scale production at the El Castillo gold mine in Durango, Mexico. During this time Mr. Millar, now 81 years of age, has passed on his experience, judgment and vast knowledge of building a successful heap leach gold mining operation and gold mining company to Castle Gold's experienced team of next generation mine builders, operators, management, and directors.Mr. Millar, is a pioneer of heap leach gold production, he began his career in the mining industry in the mid-1960's and is considered one of the mining industry's most successful mine builders. He assisted in transforming Glamis Gold and Eldorado Gold from junior exploration companies into substantial gold producers with global operations. Mr. Millar served as Chairman of Glamis Limited from 1985 to 1998, Chairman of Eldorado Gold Corporation from 1992 to 1994, and Chairman of Alamos Gold Inc. from 1996 to 2003. Since then Mr. Millar has focused his efforts on advising the Castle Gold mine development and operations teams on the successful startup, development, and expansion of the El Castillo Gold Mine to commercial production. Recently, during this time with Castle Gold, Mr. Millar was inducted into the Canadian Mining Hall of Fame.
James Mark Plaxton, Chairman of the Board of Castle Gold Corp. commented on the resignation/retirement of Mr. Millar stating: "The fundamentals of Castle Gold could not be better as we head into the next expansion phase of the El Castillo Gold Mine, along with the planned corresponding growth of the company. As such the entire Board of Directors and Management want to thank Chester Millar for all of his efforts, guidance, and support over the past five years in helping take Castle Gold to where it is now. We wish Mr. Millar well in his "gradual retirement" from a "Mining Hall of Fame" career and again thank him for his service and contributions to the Company."
The Board of Directors unanimously approved the Company's 2008/2009 business plan and budget that maps out management's plans for expanding gold production, advancing exploration programs with the objective of increasing resources and reserves at the El Castillo and El Sastre gold mines, advancing exploration activities and the economic assessment of the El Arenal and La Fortuna Projects, as well as initiating significant Investor and Public Relations work. The entire Board was very impressed with management's business plan and budget which clearly demonstrate the potential for significant net earnings per share to be realized by Castle Gold shareholders towards the end of 2009 and onward.
About Castle Gold
Castle Gold Corporation is a growth oriented gold producer with projects focused in the America's. The Company owns a 100% interest in the El Castillo gold mine in Mexico and a 50% interest in the El Sastre gold mine in Guatemala. Castle Gold is also advancing exploration and development work at its La Fortuna gold-silver-copper project in Mexico and at its El Sastre and El Arenal project in Guatemala.
Total Shares Outstanding: 75.3MM
Fully Diluted: 88.1MM
52-Week Trading Range: C$0.38 - $0.90
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Contacts: Castle Gold Corporation James Mark Plaxton Chairman (416) 214-4809 or Toll Free: 1-866-646-3274 (416) 366-7421 (FAX) Email: [email protected] Castle Gold Corporation Rory Quinn Manager Investor and Public Relations (416) 214-4809 or Toll Free: 1-866-646-3274 (416) 366-7421 (FAX) Email: [email protected] Website: www.castlegoldcorp.com
SOURCE: Castle Gold Corporation