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Castle Gold Corporation

Publié le 05 novembre 2008

Announces Stock Repurchase Program

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Mots clés associés :   Copper | Fortuna | G Mexico | Guatemala |


Wednesday, November 05, 2008 TSX-V:CSG
Castle Gold Announces Stock Repurchase Program


CASTLE GOLD CORP. (Castle Gold, the Company) (TSX Venture Exchange: CSG) is pleased to announce authorization and implementation of a stock repurchase program also referred to as a Normal Course Issuer Bid under the rules and policies of the TSX Venture Exchange.

Castle Gold Corp. announced today that its Board of Directors has authorized the repurchase of up to 10% of the public float (excludes escrowed or other non-transferable securities and securities held by senior officers, directors and 10% security holders (i.e. 7,028,820 Shares)) as allowed under a Normal Course Issuer Bid, and up to a maximum purchase price of $1.20 CAD per share.

The Company may purchase shares from time to time on the open market or in negotiated purchases. The timing and amounts of any such repurchases will be at the discretion of the Chairman, subject to market conditions and other factors, and will be in accordance with applicable securities laws and other legal requirements. The stock repurchase program will be affected through BMO Nesbitt Burns but does not obligate the Company to acquire any specific number of shares and may be discontinued at any time.

Chairman James Mark Plaxton stated: "The Board's authorization of the share repurchase program reflects its confidence in Castle Gold's business (e.g. its two producing gold mines, the potential of its gold production ramp up currently underway, ongoing gold project development work currently underway, and most importantly its people's abilities (i.e. the mine building, operating, and management teams) and its belief that Castle Gold shares are significantly undervalued. Furthermore, this program rewards the loyalty of long-term shareholders by reducing the number of shares outstanding while providing liquidity to other investors that may be forced to sell due to the current global credit crisis. There is a leveraged effect on earnings per share over time by reducing shares outstanding (S/O) (e.g. 75,310,782 - 7,028,820 = 68,281,962 S/O); such programs have the effect of boosting reported earnings per share when the company reports results.

Despite Castle Gold Corp.'s recent achievements, its stock price, along with so many other publicly traded companies, has been recently affected by extraordinary market conditions. We are acutely aware that our current share price in no way reflects the Company's current strengths and growth potential. We as well as many other fundamentally sound companies are caught up in events not of our making and, as a result, our stockholders have been unfairly penalized. Be assured, however, we are a strong and resilient company and we will continue to improve and grow. We have achieved a great deal and are well positioned to restore shareholder value."

  • The company has been producing gold for over a year from two mining operations, the first being the small high grade El Sastre Gold Mine in Guatemala and the second being the El Castillo Gold Mine in Mexico with Castle Gold's total equity ounces of production currently at 20,000 to 25,000 ounces of gold per annum;

  • Commercial Gold Production at the El Castillo Mine in Mexico was achieved on July 1st, 2008 and the initial expansion phase is underway that will enhance production to a sustainable 25,000 to 30,000 ounces per annum, expected in early 2009;

  • A second phase expansion at the El Castillo Gold Mine in Mexico, expected to be phased in during the second half of 2009, has the potential to enhance annual gold production to in excess of 50,000 ounces;

  • Current NI 43-101 compliant proven and probable reserve estimates stand at 46.8 million tonnes at 0.5 grams per tonne for 752,000 ounces of contained gold at El Castillo alone with potential for further increases in resources and reserves through additional in-pit and near-pit, in-fill drilling;

  • At Castillo there is the potential for further increases in production and further reduction in costs as a result of pit optimization and efficiency activities, studies on which are currently underway; and

  • Studies are underway to determine the potential to both increase gold-silver-copper resources and determine the scope of commercial development at the Company's wholly owned La Fortuna property in Mexico.

The Board of Directors of Castle Gold has issued a resolution effectively locking-down the treasury shares for the foreseeable future. Meaning no new shares will be issued in the foreseeable future. Only non-dilutive financing facilities will be pursued by management and subject to the review of the Finance Advisory Committee and final approval by the Board of Directors of the Company.

In addition, no directors, officers or insiders of the issuer, or any associates of an insider or any associates or affiliates of the issuer, are permitted to sell Shares during the term of the Share Repurchase Program.

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 by general 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.

You can also view this News Release on our website at:
http://www.castlegoldcorp.com/s/NewsReleases.asp?ReportID=326837
 


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Données et statistiques pour les pays mentionnés : Guatemala | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Guatemala | Tous

Castle Gold Corporation

PRODUCTEUR
CODE : CSG.V
ISIN : CA22122T1030
Suivi et investissement
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Castle Gold Corp. est une société de production minière d'or basée au Canada.

Castle Gold Corp. est productrice d'or, d'argent au Guatemala et au Mexique.

Ses principaux projets en production sont EL SASTRE GOLD MINE, EL SASTRE, EL SASTRE - EL ARENAL, EL SASTRE BRIDGE ZONE et EL SASTRE - LUPITA ZONE au Guatemala et EL CASTILLO MINE au Mexique et son principal projet en exploration est LA FORTUNA DURANGO au Mexique.

Castle Gold Corp. est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 776 300 CA$ (596 819 US$, 545 553 €).

La valeur de son action a atteint son plus haut niveau récent le 18 janvier 2008 à 0,75 CA$, et son plus bas niveau récent le 30 juillet 2015 à 0,01 CA$.

Castle Gold Corp. possède 77 630 000 actions en circulation.

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Rapports annuels de Castle Gold Corporation
Annual Report 2007
Financements de Castle Gold Corporation
25/06/2014Cosigo announces non-brokered private placement
Nominations de Castle Gold Corporation
24/11/2014Cosigo announces resignation of two directors
02/07/2008Appoints New Chief Financial Officer and Manager of Investor...
Rapports Financiers de Castle Gold Corporation
25/11/2009Reports Third Quarter 2009 Operating and Financial Results
26/08/2009Reports Second Quarter 2009 Operating and Financial Results
23/01/2009(El Castillo Mine)Increase in Fourth Quarter 2008 Production
27/11/2008Third Quarter Financial Results
20/06/2008Files Q1-2008 Financial Statements Indicating First Quarter ...
13/06/2008Filing Of First Quarter Financial Statements Delayed Cease T...
07/09/2007Records Strong Second Quarter Results: Cash Costs Fall To $1...
Projets de Castle Gold Corporation
09/11/2009(La Fortuna Durango)Reports Up to 39 Grams Per Tonne Gold and Up to 1,500 Grams ...
21/10/2009(El Castillo Mine)Q3-2009 Operating Performance-El Castillo Gold Production In...
21/07/2009(El Castillo Mine)Operation of Remaining New Equipment Fleet at El Castillo Mi...
09/06/2009(El Castillo Mine)Intersects 42,7 Metres Grading 0,7 Grams Per Tonne Gold as P...
21/05/2009(El Castillo Mine)Intersects 109.7 Metres Grading 0.7 Grams Per Tonne Gold
02/03/2009(El Castillo Mine)Commences Drill Program to Test Gold Resource Expansion Pote...
24/02/2009(El Castillo Mine)625,000 Ounce Transition/Sulphide Zone Gold Resource Below E...
02/12/2008(La Fortuna Durango)Completes Phase 1 of Metallurgical Studies for La Fortuna Pr...
12/11/2008(La Fortuna Durango)43-101 Technical Report
20/08/2008(El Castillo Mine)Reports Enhanced Resources And Reserves And Resulting Increa...
11/08/2008(El Castillo Mine)Attains Commercial Production At Its El Castillo Gold Mine...
16/01/2008(La Fortuna Durango)Commences Drilling at La Fortuna Gold Project
10/01/2008(El Castillo Mine)Updates Progress at Castillo Mine
Communiqués de Presse de Castle Gold Corporation
03/08/2015Cosigo Requests NEX Listing
06/07/2015Cosigo Appoints Officers
11/05/2015IIROC Trading Halt - CSG
29/04/2015IIROC Trading Resumption - CSG
27/04/2015Cosigo Board Structures Acting Positions
07/03/2015Cosigo Board Appoints Two New Members
23/02/2015Cosigo Board and Management Resign
18/02/2015IIROC Trading Halt - CSG
26/11/2014Cosigo Engages Financial Advisory Services
15/10/2014Cosigo announces formation of strategic committee; Provides ...
31/07/2014Cosigo Resources Ltd. - President's Update
04/02/2014Cosigo reports further gold-bearing intercepts at Machado
20/12/2013Cosigo intersects gold in initial two drill holes at Machado
09/12/2013Cosigo adds Romero as Colombia Business Advisor
18/06/2013Cosigo Resources Ltd. Closes $1,113,775 Private Placement
21/05/2013Cosigo Resources announces non-brokered private placement
30/12/2009Over 90% of Castle Gold Shares Tenderedto Argonaut Offer-Arg...
15/12/2009Reminds Shareholders to Tender to Argonaut Gold Cash Offer
24/11/2009Provides an Update on Argonaut Gold Cash Offer
18/11/2009Closes Financing & Provides Up
30/10/2009 Management Change
28/10/2009Argonaut Gold Seeks to Acquire Castle Gold for a Minimum of ...
16/07/2009Provides Update on Strategic Alternative Review Process
18/06/2009Provides Update on Strategic Alternative Review Process
28/05/2009Reports Record Quarterly Gold Production and $0=2E01 Per Sha...
02/03/2009Committee Update and Shareholder Rights Plan
05/11/2008Announces Stock Repurchase Program
30/09/2008(CSG) at Toronto Cambridge Resource Investor Conference Oct...
26/09/2008Provides Update on Corporate Restructuring Initiatives
10/09/2008Announces Change to Its Board of Directors
04/07/2008Announces Results of Annual General Meeting
27/09/2007Sells First El Castillo Gold At Us $715 Per Ounce
17/09/2007Announces Early Exercise Warrant Incentive Amendment
11/09/2007 presenting at the 2007 Annual Resource Investors Forum in S...
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