F The grades are far more liberal at this point in the season than they are in May, but Cleveland passed this preliminary exam with flying colors. However, if Cleveland wants to be the top class in the NBA school, their roster will need to be tweaked. A creative wing who can create his own shot, a true point guard, an upgrade over Drew Gooden, banishment to Damon Jones, and a better way to get LeBron James the ball as a finisher rather than a facilitator are all necessary for the Cavs. Cleveland has from now until the end of February to review that study guide and upgrade their roster. Failure to do so will mean that Cleveland will only succeed if LeBron is consistently spectacular, and the role players all perform perfectly.

Not exactly impossible, but still akin to showing up for a final exam without studying a single second. . TORONTO, ONTARIO, Apr 30 (MARKET WIRE) -- CASTLE GOLD CORPORATION (Castle Gold, the Company) (TSX VENTURE: CSG)today reported its financial and operating results for the fourth quarterand year-ended 2008 period ended December 31, 2008. The ConsolidatedFinancial Statements and related Notes along with the Management'sDiscussion and Analysis have been filed with SEDAR () andcan be viewed on the Company's website at Gold would also like to announce a 2008 Financial Reportconference call scheduled for May 1, 2009 10:30 a.m EST. Participantdial in numbers are:Local: 416-695-6616; andToll free (North America): 1 800-769-8320.A replay will also be available at dial-in number: 416 695-5800 or tollfree: 1 800 408-3053, pass code: 4658837. The Company will also post theconference call on its website.Highlights for the Fourth Quarter and Year-end 2008- Effective July 1, 2008 commercial production was achieved at the ElCastillo mine, Mexico.- For the 12 month period ended December 31.

2008 reported metal revenuesincreased 80% from $7.8 million in 2007 (company's 50% share of El Sastremine) to $14.0 million in 2008 on a 199% increase in gold sales from5,503 ounces in 2007 to 16,455 ounces in 2008. During the same 12 monthperiod, the Company's share of production increased 121% from 6,909ounces in 2007 to 15,293 ounces in 2008.- Net earnings increased from a loss of $1.5 million (($0.03) per share)in 2007 to a profit of $1.8 million ($0.02 per share) in 2008.- Production for the fourth quarter 2008 totalled 6,928 ounces of gold, a6% increase compared to 6,542 in the third quarter 2008 and a 164%increase compared to 2,625 ounces of gold produced as the Company's shareof production from the fourth quarter 2007 when gold production came onlyfrom the Company's 50% share of the El Sastre mine. Production at the ElCastillo gold mine increased 16% to 5,386 ounces of gold in the fourthquarter compared to 4,629 ounces of gold in the third quarter 2008. Thiswas offset by a 19% decline in production to 1,542 ounces of gold fromthe El Sastre gold mine in the fourth quarter 2008 (Castle Gold's 50%share) compared to the fourth quarter 2007.- During the fourth quarter 2008, production costs totalled $447 perounce of gold sold, a 23% reduction compared to $582 per ounce in thethird quarter 2008 and a 272% increase compared to the fourth quarter2007 when the Company's only commercial operation was its 50% share ofthe El Sastre gold mine. Adjusted production costs for the fourth quarter2008 (taking into account the adjustment in costs associate with thecurrent higher than average strip ratio compared to the life-of-mineaverage ratio at El Castillo) was $379 per ounce, a 54% reductioncompared to $571 per ounce reported in the third quarter 2008.- An updated NI 43-101 reserve report on the El Castillo minedemonstrated an increase in gold reserves and recommended increasingannual production rates and implementing activities to improve operatingefficiencies.

The Company began to advance activities towards thisproduction increase in late 2008 and into 2009.- A six-hole twin, diamond drill hole program replicated historic drillresults at the Company's La Fortuna project, paving the way to a fourthquarter announcement of a 308,000 ounce Measured and Indicated NI 43-101compliant resource.Thomas Atkins, President and CEO of Castle Gold commented on the fourthquarter and year-end 2008 results stating: "The Company continues to makegood progress at the El Castillo mine during the second half of the yearas it increased mining rates and reduced operating costs. El Castilloposted a 16% increase in gold production during the fourth quarter and a23% reduction in operating costs relative to the third quarter of 2008.Cost reductions were a combination of efficiency improvements as thevolume of production increased, and the result of the recovery of someadditional gold on the heaps that was delayed from being recovered in dueto an anomalously heavy seasonal rainfall during the third quarter of2008. The recent achievements of various milestones to increaseproduction at El Castillo continue to demonstrate progress in achievingthe Company's goals of higher production and further enhancements inefficiencies as we advance our planned expansion to annual production ofin excess of 50,000 ounces per year. The operating management teamcontinues to demonstrate success in areas of improved performance thathas the potential to create improved cash flow and earnings as the yearadvances and we enter 2010."Financial Results - Fourth Quarter 2008During the quarter ended December 31 2008, metal revenues consisted of$5,230,896 on sales of 6,424 ounces of gold at an average price of $814per ounce of gold. Revenues consisted of $3,877,692 on sales of 4,671ounces of gold from the El Castillo mine and $1,353,204 (100% -$2,706,408) on sales of 1,753 ounces of gold (100% - 3,506 ounces) ofgold from the Company's 50% interest in the El Sastre mine. This comparesto fourth quarter 2007 sales revenues of $2,310,405 on sales of 2,954ounces of gold (100%) at an average realized price of $782 per ounce ofgold.

Figures reported for gold sales refer to the gold contained in thefinal refined dore as of the date of the final sale transaction. Due totiming delays associated with final gold refining, any gold produced thathas not been fully refined is recorded as inventory until such time as asale transaction has taken place. The large increase in gold sales duringthe present quarter is a result of the company's El Castillo mineachieving commercial production status as of July 1, 2008. In addition,revenues were positively impacted by an increase in the average goldsales price for the same periods from 2007 to 2008.During the quarter ended December 31 2008, the Company's consolidatedproduction costs and royalties at both the El Sastre and El Castillo goldmines were $2,868,799 representing an overall cost of sales for thequarter of $447 per ounce of gold sold compared to a cost of $120 costper ounce of gold sold for the quarter ended December 31, 2007. Theincrease in operating costs is related to the inclusion of the productiondata from the commissioning of the El Castillo mine. Production costsduring the fourth quarter 2008 at the El Sastre mine averaged $251 perounce and costs at the El Castillo mine were $520 per ounce of gold.At the El Castillo mine, the strip ratio (tonnes of waste mined per tonneof ore mined) during the fourth quarter of 2008 was 1.47 to 1.0 ascompared to the predicted life-of-mine (LOM) average of 0.6 to 1.0(current 43-101 reserve report by ACA Howe - August 1, 2008).Consequently, in excess of 496,000 tonnes of additional waste materialwas mined in the quarter versus what would have been expected should LOMaverages have been achieved. At a cost of approximately $1.32 per tonne(mining and explosives) this material represents an added cost tooperations of $655,000 in excess of what would have occurred under LOMoperating conditions.