Castle Resources Inc.
TSX VENTURE : CRI

September 17, 2010 09:54 ET

Castle Resources Announces Pricing and Terms for Its Private Placement Offering

TORONTO, ONTARIO--(Marketwire - Sept. 17, 2010) -

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

Castle Resources Inc. (TSX VENTURE:CRI) ("Castle Resources" or the "Corporation") announces that it has agreed upon the terms and pricing for its previously announced marketed private placement (the "Offering"). Under the Offering, Castle Resources has agreed to issue 30,012,500 units ("Units") at a price of $0.32 per Unit and 1,100,000 flow-through shares ("Flow-Through Shares") at a price of $0.36 per Flow-Through Share to raise gross proceeds of C$10 million. Each Unit will consist of one common share and one half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share at an exercise price of $0.50 per share for a period of 24 months following the closing of the offering. The agents for the Offering include Scotia Capital Inc., as lead agent and D & D Securities Inc. (collectively, the "Agents").

The net proceeds from the sale of the securities 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 Brunswick and for general working capital purposes.

The offering is scheduled to close on or about October 7, 2010 and is subject to customary regulatory approvals.

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 2010. 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.

Neither the 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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