Castle Peak Mining Ltd.

TSX VENTURE : CAP


Castle Peak Mining Ltd.

November 22, 2012 09:30 ET

Castle Peak Announces Changes to Its Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 22, 2012) - Castle Peak Mining Ltd. ('Castle Peak' or the 'Company') (TSX VENTURE:CAP), announces the resignation of Darryl Cardey and Randy Smallwood from its Board of Directors ("Board"). The Company also announces the appointment of Mr. Smallwood to the Advisory Committee.

Mr. Cardey has been a valued member of the Board for the past 18 months, and the Company would like to thank him for his commitment and wish him the best in his future endeavours. Castle Peak would also like to thank Mr. Smallwood for his service on the Board since the Company's incorporation, and looks forward to continuing to work together on a consultative basis.

Mr. Smallwood reports, "I am pleased to remain involved in the development of Castle Peak's Akorade project. It is one of the most prospective land packages in Ghana's southern Ashanti belt, and I look forward to supporting the management team as they advance towards discovery."

Castle Peak's Board of Directors is now comprised of Brian Lock (Chairman), Peter Hawley, Darren Lindsay, Randal Gindi, Allan Green and Jurgen Eijgendaal.

About Castle Peak

Castle Peak Mining Ltd. is a Canadian-based exploration and development company focused on advancing greenfields and early stage gold projects. The Company holds a strategic land package in the Ashanti belt adjacent to several producing gold mines in Ghana, West Africa. The Ashanti belt is known as one of the most prolific gold belts in the world, putting Ghana as the second largest gold producer in Africa with past production of >150 million ounces. The investment inflow for Ghana's mining sector was $2.5 billion from 2009 to 2011, with increasing annual production reaching 3.6 million ounces in 2011 (source: Ghana Business News, November 11, 2012).

On behalf of the Board of Castle Peak Mining Ltd.:

Darren Lindsay, President and Chief Executive Officer

FORWARD-LOOKING STATEMENTS

Except for statements of historical fact, this news release contains certain 'forward-looking information' and 'forward-looking statements' within the meaning of applicable securities laws including statements regarding proposed exploration, sampling and drilling at the Akorade Project and statements concerning the anticipated results of that exploration, sampling and drilling. Such forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to vary materially from the anticipated results or events predicted in these forward-looking statements, including those risk factors identified in the Company's Annual MD&A and Filing Statement filed under the Company's SEDAR profile. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this release. Except as required by applicable law, Castle Peak disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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