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Friday, 28th November 2008 (1099 views)

Castle Gold has reported that its progress at the El Castillo mine in Mexico and the El Sastre mines was "good" over the third quarter of 2008.

The company achieved commercial production at its 100 per cent owned El Castillo mine at the beginning of July this year and an updated NI 43-101 resource and reserve report on the project demonstrated an increase in gold resources and reserves.

According to the report, Castle Gold should increase annual production rates to in excess of 50,000 ounces of gold per annum at El Castillo and a six-hole twin, diamond drill hole programme replicated historic drill results at the La Fortuna project.

Thomas Atkins, Castle Gold president and chief executive, commented: "The company made good progress at the El Castillo and El Sastre mines during the quarter which resulted in positive earnings, cash flow and a stronger balance sheet."

Gold production for the quarter ending September 2008 totalled 6,542 ounces and 7,281 ounces of gold were sold during the quarter, generating earnings of $769,645 (£498,411).

Based in Toronto, Castle Gold is a gold producer with projects focused in the Americas, including a 100 per cent interest in the El Castillo gold mine and a 50 per cent interest in the El Sastre gold mine in Guatemala.

 

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