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Message: Castle Gold Announces Terms of Private Placement

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Castle Gold Announces Terms of Private Placement

posted on Nov 06, 09 08:32AM

TORONTO, ONTARIO - (Nov. 6, 2009) - CASTLE GOLD CORPORATION ("Castle Gold") (TSX VENTURE:CSG) is pleased to release the terms of its private placement (previously announced on October 28th, 2009).

Castle Gold will seek to raise up to C$3,684,210 in a non-brokered private placement of common shares, at a subscription price of C$1.00 per share. No Warrants will be offered in connection with this private placement. The proceeds from the financing will be used for Castle Gold's enhanced production expansion at El Castillo and to pay one-time expenses associated with Castle Gold's proposed acquisition by Argonaut Gold Inc. (previously announced on October 28th, 2009).

The private placement remains subject to the receipt of all applicable board and regulatory approvals, including the approval of the TSX Venture Exchange.

About Castle Gold

Castle Gold Corporation is a growth oriented gold producer with projects focused in the Americas. Castle Gold 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.

Forward Looking Statements

Certain statements in this press release constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Castle Gold to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this news release, words such as "will seek to raise", "will be offered", "will be used", and "expects" and similar expressions to the extent they relate to Castle Gold are intended to identify forward-looking statements. There is no assurance that any strategic transaction will be completed. Unless required by applicable securities law, Castle Gold does not assume any obligation to update forward-looking statements.

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