Castle Gold Corporation

2009-06-08T20:26:00.008-04:00

Your Canadian Stock is proud to present its first featured stock: Castle Gold Corporation (CSG, TSX Venture). Alpha Investors had this to say 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.

Highlights for the First Quarter 2009

•The Company reported net earnings for the three month period ended March 31, 2009 of $676,733 or $0.01 per share compared to earnings of $764,662 or $0.01 per share for the three month period ended March 31, 2008. Metal revenues for the first quarter of 2009 totalled $5,914,273 on the sale of 6,513 ounces of gold, compared to $1,610,271 on the sale of 1,787 ounces of gold in the prior year period, operating costs increased to $3,048,893 as compared to $417,331 in the same prior year period.
•A new quarterly gold production record totalled 7,628 ounces and included 1,510,000 tonnes of total material mined from the El Castillo open pit, 12,000 ounces of gold contained in ore placed on the leach pads and 5,968 ounces of gold recovered in the production plant.
•A Shareholder Rights Plan was implemented by the board of directors to be voted upon by shareholders at the upcoming Annual General Meeting.
•Results from a study of the mineral resources contained within the Transition and Sulphide zones of gold mineralization that exist below the oxide reserves at the El Castillo mine contained a mineral resource of 27.9 million tonnes at an average grade of 0.7 grams per tonne gold for a total of 624,712 ounces contained gold in the Inferred resource category.
•The first phase of a reverse circulation drill program to test the potential to expand oxide gold mineralization to the south and the east of the El Castillo pit began during the quarter.
•A new mining contract was signed with CAMSA, the current mining contractor at the El Castillo gold mine that provides for the use of a fleet of larger mining equipment enabling the ramp-up of production and a reduction in unit production costs by US$25 per ounce of gold.
•An internal study on the crushing plant at the El Castillo gold mine demonstrated a US$34 per ounce operating cost savings and a 170% internal rate of return from an investment of US$1.0 million for the purchase and installation of a screening deck to screen the fine fraction of high-grade ore.

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2009-05-02T22:46:00.004-04:00

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