Castillian Resources Corp.
TSX VENTURE : CT

Castillian Resources Corp.

December 22, 2006 18:29 ET

Castillian Completes $6 Million Private Placement Financing

TORONTO, ONTARIO--(CCNMatthews - Dec. 22, 2006) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Castillian Resources Corporation (TSX VENTURE:CT) is pleased to announce that it has completed its previously announce private placement financing through the issuance of 17,142,858 units at $0.35 per unit for total gross proceeds of $6 million. Each Unit consisted of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire a common share of the Company at $0.50 until June 22, 2008. In connection with the financing, certain arm's length finders were issued a total of 1,230,743 finder's warrants. Each finder's warrant entitles the holder to acquire one common share of the Company at $0.35 until June 22, 2008. Each of the common shares, warrants and finder's warrants are subject to a hold period that will expire on April 23, 2007.

About Castillian Resources

Castillian Resources Corp. is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol "CT" with approximately 61.6 million shares issued and outstanding. Castillian is partnered with Xstrata Nickel on the approximately 75,000 ha. Mangabal mafic-ultramafic intrusive Ni/Cu project. The company also owns the Kagera Project, which comprises over 1600 square kilometres of the rich Kabanga nickel belt in Tanzania and 100% rights to the Pederson deposit, an advanced stage gold project in Bolivia.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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