Castle Resources Inc.
TSX VENTURE : CRI

February 18, 2011 11:13 ET

Castle Resources Completes $12,001,750 Private Placement

TORONTO, ONTARIO--(Marketwire - Feb. 18, 2011) -

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

Castle Resources Inc. ("Castle" or the "Company") (TSX VENTURE:CRI) is pleased to announce today that it has raised gross proceeds of $12,001,750 by way of a brokered private placement (the "Offering") through Scotia Capital Inc., as lead agent, and Cormark Securities Inc., Primary Capital Inc., and D&D Securities Inc. (collectively, the "Agents"). Under the Offering the Company issued 19,675,000 common shares (each a "Shares") at a purchase price of $0.61 per Share.

The Agents received a cash commission of 6% of the gross proceeds raised through the Agents under the Offering, and 1,180,500 compensation options (each a "Compensation Option") entitling them to acquire up to 1,180,500 Shares at a price of $0.61 per Compensation Option.

Proceeds from the Offering will be used for exploration and development of the Company's Granduc property located near Stewart, British Columbia, exploration and development of the Elmtree Gold property in New Brunswick, and for general working capital purposes. All securities issued pursuant to the Offering, including the Compensation Options issued to the Agents, are subject to a four (4) month statutory hold commencing from closing. The Offering is subject to TSX Venture Exchange acceptance of requisite regulatory filings.

"With this financing Castle is in an excellent position to aggressively drill and explore the Granduc this year," said Mr. Mike Sylvestre, President & COO. "Based on positive drill results from last year's campaign our objective remains to develop a significant NI 43-101 copper and precious metals resource at the Granduc."

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 continue 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.

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.

Contact Information