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Castle Gold Corporation: Castle Gold Announces Share for Debt Settlement

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  Published in House and Home on Monday, July 27th 2009 at 13:18 GMT, Last Modified on 2009-07-27 13:18:33 by Market Wire
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TORONTO, ONTARIO--(Marketwire - July 27, 2009) - CASTLE GOLD CORPORATION ("Castle Gold") (TSX VENTURE:CSG) announces a shares for debt settlement.

The Company announces that it has issued 150,000 common shares pursuant to a shares for debt transaction to extinguish $86,034 of outstanding debt owed to a former officer/consultant to the Company. Of these shares, 100,000 were issued at $0.56, 32,759 were issued at $0.58 and 17,241 were issued at $0.64. The shares issued are subject to a hold period which will expire on November 24, 2009. Resolution of this matter is a result of the Company's efforts to address outstanding legacy issues following the installation of the current management team and Board of Directors and as a result of Castle Gold's desire to have such matters behind the Company in the event of a possible strategic transaction.

Castle Gold received regulatory approval from the TSX Venture Exchange to issue the shares on July 22, 2009.

Including the above share issuance, Castle Gold has 75,485,783 common shares issued and outstanding.

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.

TSX-V Trading Symbol: CSG
Total Shares Outstanding: 75.5MM
Fully Diluted: 83.0MM
52-Week Trading Range: C$0.15 - $0.80

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.