Castle Gold Corporation

Published : September 10th, 2008

Announces Change to Its Board of Directors

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Wednesday, September 10, 2008  


 
 
 


Castle Gold Announces Change to its Board of Directors


CASTLE GOLD CORP. (Castle Gold, the Company) (TSX Venture Exchange: 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.

For further information please contact:

James Mark Plaxton
Chairman Castle Gold Corporation
mplaxton@castlegoldcorp.com

or

Rory Quinn
Manager Investor and Public Relations
Tel: 416 214 4809 (or) Toll Free: 1 866 646 3274


or by fax, 416 366-7421, email, info@castlegoldcorp.com or visit our website, www.castlegoldcorp.com.

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

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Castle Gold Corporation

PRODUCER
CODE : CSG.V
ISIN : CA22122T1030
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Castle Gold Corp. is a gold producing company based in Canada.

Castle Gold Corp. produces gold, silver in Guatemala and in Mexico.

Its main assets in production are EL SASTRE GOLD MINE, EL SASTRE, EL SASTRE - EL ARENAL, EL SASTRE BRIDGE ZONE and EL SASTRE - LUPITA ZONE in Guatemala and EL CASTILLO MINE in Mexico and its main exploration property is LA FORTUNA DURANGO in Mexico.

Castle Gold Corp. is listed in Canada and in United States of America. Its market capitalisation is CA$ 776 300 as of today (US$ 596 819, € 545 553).

Its stock quote reached its highest recent level on January 18, 2008 at CA$ 0.75, and its lowest recent point on July 30, 2015 at CA$ 0.01.

Castle Gold Corp. has 77 630 000 shares outstanding.

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