Castle Resources Inc.
TSX VENTURE : CRI

April 24, 2013 16:30 ET

Castle Resources Inc. Announces Filing of Preliminary Economic Assessment and Option Grants

TORONTO, ONTARIO--(Marketwired - April 24, 2013) -

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Castle Resources Inc. ("Castle" of the "Company") (TSX VENTURE:CRI) is pleased to announce that, further to its press release of February 28, 2013 announcing the results of its preliminary economic assessments (the "PEA") for the Company's 100% owned Granduc Copper Project located near Stewart, British Columbia, on Monday, April 15, 2013 Castle completed and filed the final version of the PEA in accordance with National Instrument 43-101.

In addition, Castle announced that, effective April 23, 2013, in accordance with its stock option plan, the board of directors of the Company approved the grant of an aggregate of 7,542,000 incentive stock options (the "Options") to certain employees, consultants, officers and directors of the Company. Of these Options, 5,332,500 Options were granted to members of management of the Company, 540,000 Options were granted to non-executive directors of the Company, and 1,669,500 were granted to certain employees and consultants of the Company. The Options are exercisable on or before April 23, 2018 at an exercise price of $0.11 per share. The granting of the Options is subject to regulatory acceptance of applicable filings.

About Castle Resources

Castle is a Toronto-based junior mineral development company focusing on high-quality, advanced projects. Management's goal is to continue the redevelopment of the 100% owned past producing Granduc Copper Mine and begin new exploration activities.

For more information please visit the Castle Resources' website at www.castleresources.com.

Disclaimer

This news release includes certain statements that may be deemed "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the Corporation's operations, exploration and development plans, expansion plans, estimates, expectations, forecasts, objectives, predictions and projections of the future. Generally, these forward-looking statements can be identified by the forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "projects", "intends", "anticipates", or "does not anticipate", or "believes", or "variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might", or "will" be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Castle Resources Inc. to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and development of the Corporation's Granduc Project, risks related to operations, construction delays and cost overruns, the actual results of exploration, development and construction activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future copper prices, as well as those factors discussed in the sections relating to risk factors of our business filed in Castle Resources Inc.'s required securities filings on SEDAR. Although Castle Resources Inc. has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended.

There can be no assurance that any forward-looking statements will prove accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Castle Resources Inc. does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

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

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