Friday, September 26, 2008

Castle Gold Provides Update on Corporate Restructuring Initiatives

News Release No. 22/08

CASTLE GOLD CORP. (Castle Gold, the Company) (TSX Venture Exchange: CSG) is pleased to provide an update on the Company's restructuring initiatives.

At Castle Gold's most recent Board of Directors meeting the Board of Directors unanimously approved the formation of two advisory committees, specifically:

Mergers and Acquisitions Advisory Committee (M&AAC) - The M&AAC is comprised of three non-management members: Richard J. Adams (Chairman), James Mark Plaxton (member), plus a third member being an experienced, independent mining industry M&A professional to be appointed in the future (several candidates are currently being reviewed). The M&AAC will work with managements three person M&A team lead by Thomas Atkins, President and CEO of Castle Gold to represent the shareholders' best interests in advancing all M&A opportunities through an efficient team effort. The objective of the combined six-person team is to seek out and advise on candidates for potential mergers or acquisitions by or of the Company, provide increased M&A networking, analysis and access to legal and advisory services in an effort to increase efficiencies in the advancement of multiple M&A opportunities.

Finance Advisory Committee (FAC) - The FAC is comprised of three non-management members: James Mark Plaxton (Chairman), Milton Baehr (member), and a third member being an experienced, independent mining industry financial professional to be appointed in the future (several candidates are currently being reviewed). The FAC will work cooperatively with Thomas Atkins, President and CEO of Castle Gold and Janet O'Donnell, the Company's CFO. The FAC is mandated to work with the management of the Company to seek out solutions to optimize the use of the Company's balance sheet to meet its development and growth objectives through an efficient team effort.

James Mark Plaxton, Chairman of Castle Gold Corp. commented on the creation of these committees, stating: "The Board and management recognize the shocks to global capital markets that have taken place over the course of this year, and especially in the past few weeks. As a result of these events, Castle Gold wants to ensure we have the best collective wisdom we can bring to the table to address the challenges and the opportunities such events create. In this regard, the formation of these committees helps to ensure we advance financial and business development activities as a concerted and focused effort to ensure that maximum shareholder value can be created and that such activities are conducted with the highest levels of transparency and corporate governance."

Additionally, at Castle Gold's most recent Board of Directors meeting the Board of Directors approved the Chairman, Director, & Committee Chair/Member Compensation Policy ("Compensation Policy") as presented by James Mark Plaxton, the Chairman of the Compensation & Nominating Committee (C&NC). The Compensation Policy more effectively ties remuneration for all Board and Committee Chairs and Members to their positions, responsibilities, and meeting attendance. Pursuant to the Compensation Policy, the members of the Board of Directors received an aggregate of 825,000 stock options in relation to their positions on the Board of Directors and its committees for the 2008/2009 AGM year. These stock options were granted on September 11th, 2008 at an exercise price of C$0.36/share, approximately a 20% premium to the closing price on the day of the grant and equal to the trailing 5-day closing price average. Similar to other option grants, these options have a five year term from the grant date.

The Corporate Governance Committee (CGC), composed of Leonard Harris (CGC Chairman and former chair of industry standards organizations such as the Mining Task Force of the Chamber of the Americas and the International Committee of the SME) and James Mark Plaxton (CGC Member) is mandated to review and advance or in some instances incept the following corporate governance policies and plans:

Whistleblower Policy
Directors Orientation & Continuing Education Policy
Board, Committee, and Management Structure and Procedures Policy
Management Succession Plan
Share Holders Rights Plan

All of these governance policies and plans are scheduled to become republished or published in the 4th quarter of 2008 and made available on the Castle Gold website.

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

Thomas Atkins
President and CEO Castle Gold Corporation
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.

View this News Release in PDF:

Associated File: http://www.castlegoldcorp.com/i/pdf/2008-09-26_NR.pdf: 53 KB in size, approx. 11 seconds to download at 56.6Kbps

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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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Annual reports of Castle Gold Corporation

Annual Report 2007

Financings of Castle Gold Corporation

6/25/2014

Cosigo announces non-brokered private placement

Nominations of Castle Gold Corporation

11/24/2014	Cosigo announces resignation of two directors
7/2/2008	Appoints New Chief Financial Officer and Manager of Investor...

Financials of Castle Gold Corporation

11/25/2009	Reports Third Quarter 2009 Operating and Financial Results
8/26/2009	Reports Second Quarter 2009 Operating and Financial Results
1/23/2009	(El Castillo Mine)Increase in Fourth Quarter 2008 Production
11/27/2008	Third Quarter Financial Results
6/20/2008	Files Q1-2008 Financial Statements Indicating First Quarter ...
6/13/2008	Filing Of First Quarter Financial Statements Delayed Cease T...
9/7/2007	Records Strong Second Quarter Results: Cash Costs Fall To $1...

Project news of Castle Gold Corporation

11/9/2009	(La Fortuna Durango)Reports Up to 39 Grams Per Tonne Gold and Up to 1,500 Grams ...
10/21/2009	(El Castillo Mine)Q3-2009 Operating Performance-El Castillo Gold Production In...
7/21/2009	(El Castillo Mine)Operation of Remaining New Equipment Fleet at El Castillo Mi...
6/9/2009	(El Castillo Mine)Intersects 42,7 Metres Grading 0,7 Grams Per Tonne Gold as P...
5/21/2009	(El Castillo Mine)Intersects 109.7 Metres Grading 0.7 Grams Per Tonne Gold
3/2/2009	(El Castillo Mine)Commences Drill Program to Test Gold Resource Expansion Pote...
2/24/2009	(El Castillo Mine)625,000 Ounce Transition/Sulphide Zone Gold Resource Below E...
12/2/2008	(La Fortuna Durango)Completes Phase 1 of Metallurgical Studies for La Fortuna Pr...
11/12/2008	(La Fortuna Durango)43-101 Technical Report
8/20/2008	(El Castillo Mine)Reports Enhanced Resources And Reserves And Resulting Increa...
8/11/2008	(El Castillo Mine)Attains Commercial Production At Its El Castillo Gold Mine...
1/16/2008	(La Fortuna Durango)Commences Drilling at La Fortuna Gold Project
1/10/2008	(El Castillo Mine)Updates Progress at Castillo Mine

Corporate news of Castle Gold Corporation

8/3/2015	Cosigo Requests NEX Listing
7/6/2015	Cosigo Appoints Officers
5/11/2015	IIROC Trading Halt - CSG
4/29/2015	IIROC Trading Resumption - CSG
4/27/2015	Cosigo Board Structures Acting Positions
3/7/2015	Cosigo Board Appoints Two New Members
2/23/2015	Cosigo Board and Management Resign
2/18/2015	IIROC Trading Halt - CSG
11/26/2014	Cosigo Engages Financial Advisory Services
10/15/2014	Cosigo announces formation of strategic committee; Provides ...
7/31/2014	Cosigo Resources Ltd. - President's Update
2/4/2014	Cosigo reports further gold-bearing intercepts at Machado
12/20/2013	Cosigo intersects gold in initial two drill holes at Machado
12/9/2013	Cosigo adds Romero as Colombia Business Advisor
6/18/2013	Cosigo Resources Ltd. Closes $1,113,775 Private Placement
5/21/2013	Cosigo Resources announces non-brokered private placement
12/30/2009	Over 90% of Castle Gold Shares Tenderedto Argonaut Offer-Arg...
12/15/2009	Reminds Shareholders to Tender to Argonaut Gold Cash Offer
11/24/2009	Provides an Update on Argonaut Gold Cash Offer
11/18/2009	Closes Financing & Provides Up
10/30/2009	Management Change
10/28/2009	Argonaut Gold Seeks to Acquire Castle Gold for a Minimum of ...
7/16/2009	Provides Update on Strategic Alternative Review Process
6/18/2009	Provides Update on Strategic Alternative Review Process
5/28/2009	Reports Record Quarterly Gold Production and $0=2E01 Per Sha...
3/2/2009	Committee Update and Shareholder Rights Plan
11/5/2008	Announces Stock Repurchase Program
9/30/2008	(CSG) at Toronto Cambridge Resource Investor Conference Oct...
9/26/2008	Provides Update on Corporate Restructuring Initiatives
9/10/2008	Announces Change to Its Board of Directors
7/4/2008	Announces Results of Annual General Meeting
9/27/2007	Sells First El Castillo Gold At Us $715 Per Ounce
9/17/2007	Announces Early Exercise Warrant Incentive Amendment
9/11/2007	presenting at the 2007 Annual Resource Investors Forum in S...

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