Akoko Sale Agreement

Dear MvM Commodity Group

Castle Minerals Limited (ASX:CDT) is pleased to announce that it has executed a sale agreement with London based, Goldcrest Resources PLC for the sale of Castle’s Akoko Gold Project in south west Ghana.
 
Under the terms of the agreement Castle is entitled to receive US$482,500 (~A$600,000) consideration in a number of staged payments over the next 20 months.  Castle is also eligible to receive payments of US$500,000 in cash/equity (at Goldcrest’s discretion) if a 0.5Moz resource is defined and for every additional 0.5Moz resource defined thereafter up to a maximum of 2M ounces.  The sale is conditional upon the transfer of the Akoko Prospecting Licence to Goldcrest and Goldcrest listing on the London AIM exchange within 12 months.  The US$482,500 consideration comprises US$282,500 cash and US$200,000 in Goldcrest scrip.

Akoko Sale Agreement