Castle Resources Announces $8,000,150 Brokered Private Placement Financing

TORONTO, ONTARIO--(Marketwire - Jan. 27, 2011) -

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Castle Resources Inc. (TSX VENTURE:CRI) ("Castle" or the "Corporation") is pleased to announce a brokered private placement of common shares led by Scotia Capital Inc. and including Cormark Securities Inc., Primary Capital Inc. and D & D Securities Inc. (collectively, the "Agents"), in which the Agents will raise up to $8,000,150 of common shares (the "Common Shares") at a price of $0.61 per Common Share. The Agents shall have the option, exercisable in whole or in part, to purchase up to an additional $2,000,000 in common shares to cover over-allotments, if any.

The net proceeds from the sale of the common shares will be used for exploration and development of the Granduc Copper property located near Stewart, British Columbia, exploration and development of the Elmtree Gold property in New Brunswic k and for general working capital purposes.

Under the terms of the Financing, the Agents will receive a cash commission representing 6% of the gross proceeds of the sale of the common shares. The Agents on behalf of themselves and any sub-agents shall also receive a number of compensation warrants that is equal to 6% of the total number of common shares sold in the Financing, each exercisable to acquire one common share of Castle for a period of two years from closing at the issue price of the common shares in the Financing. The Financing remains subject to the approval of the TSX Venture Exchange.

About Castle Resources

Castle Resources Inc. is a Toronto-based junior mineral exploration company focusing on high-quality, advanced exploration projects. Management's goal is to begin the redevelopment of the past producing Granduc Copper Mine and begin new exploration activities; as well, management is quickly advancing the Elmtree Gold Project in New Brunswick toward feasibility in 2011. For more information please visit the Castle Resources' website at www.castleresources.com.

Disclaimer

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "expects", "believes" ,"may", "will" and include, without limitation, statements regarding the company's plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.