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Castle Resources Inc.: Castle Resources to Extend Expiry Date of Warrants

^{Published on 2009-09-16 09:49:08 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Sept. 16, 2009) - Castle Resources Limited (TSX VENTURE:CRI) ("Castle" or the "Company") announced today that it has applied to the TSX Venture Exchange ("TSX-V") to extend the expiry date of common share purchase warrants issued by Castle as part of a flow-through unit financing closed in two tranches on March 18, 2008 and April 2, 2008 and a non-flow-through unit financing closed on April 2, 2008 (where the warrants issued as part of the flow-through unit financing shall be referred to as the "Flow Through Warrants" and the warrants issued as part of the non-flow-through unit financing shall be referred to as the "Warrants").

Castle had issued 1,678,570 Flow-Through Warrants on March 18, 2008, 142,857 Flow-Through Warrants on April 2, 2008 and 2,315,000 Warrants on April 2, 2008. Each Flow-Through Warrant entitles the holder to acquire one common share of Castle at an exercise price of $0.60 until September 18, 2009 or October 2, 2009, as applicable. Each Warrant entitles the holder to acquire one common share of Castle at an exercise price of $0.45 until October 2, 2009. Castle proposes to extend the expiry date for all Flow-Through Warrants and Warrants until September 18, 2010 (the "Extension"), resulting in the expiry date for those Flow-Through Warrants expiring September 18, 2009 being extended for a further twelve (12) months and the expiry date for those Flow-Through Warrants and Warrants expiring October 2, 2009 being extended a further twelve (12) months less fourteen (14) days.

The Extension is conditional upon receipt of TSX-V approval of the proposed extension to the expiry dates of the Flow-Through Warrants and Warrants.

Castle is currently drilling at the Elmtree Gold Project near Bathurst, New Brunswick. Management's goal is to further define the gold resource, increase economic-grade tonnage and ultimately improve its geological understanding in advance of a scoping study to be conducted later this year. Assaying from Phase One drilling at the high-grade West Gabbro Zone is currently underway. Please reference the press release of September 15, 2009 to learn more: [ http://castleresources.accountsupport.com/press_releases.php ]

About Castle Resources

Castle Resources Inc. is a Toronto-based junior mineral exploration company focusing on high-quality, advanced exploration gold projects. Management's goal is to quickly advance exploration at the Elmtree Gold Project and to seek additional opportunities to continue to add value for shareholders. Castle currently has 26,884,521 common shares issued and outstanding. For more information please visit the Castle Resources' website at [ www.castleresources.com ]

Disclaimer

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "expects", "believes", "may", "will" and include, without limitation, statements regarding the company's plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

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.