Duncastle Gold Corp.
TSX VENTURE : DUN
FRANKFURT : 5D3

Duncastle Gold Corp.

July 15, 2014 09:47 ET

Duncastle Announces Private Placement and Focuses on Wellgreen Area PGM-Ni-Cu Assets

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 15, 2014) -

THIS NEWS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

Duncastle Gold Corp. ("Duncastle" or the "Company") (TSX VENTURE:DUN)(FRANKFURT:5D3) announced today that it plans to raise up to $500,000 in a non-brokered private placement to fund the acquisition and exploration of the Company's highly prospective PGM-Ni-Cu projects in the Kluane Ultramafic Belt in the southwest Yukon including its flagship Catalyst project which adjoins Wellgreen Platinum's Wellgreen project on three sides. The Company also announced that it has dropped the Porphyry Creek project in order to focus the majority of its corporate and exploration effort on the Yukon assets.

The Company plans to issue up to 10,000,000 units at a price of $0.05 per unit. Each unit will consist of one common share and one-half share purchase warrant, with each whole share purchase warrant exercisable to purchase one additional common share at an exercise price of $0.075 per share for a period of three years, subject to an acceleration provision whereby, if at any time after 4 months from the date of issue of the warrants the closing market price of the Company's common shares on the TSX Venture Exchange is greater than $0.15 per share for 10 consecutive trading days, the Company may, within a further 5 days, give notice and accelerate the expiry date of the warrants, in which event the warrants will expire on the 30th day after the date on which such notice is given.

Proceeds from the placement will fund priority exploration on the Company's projects and will also be used for working capital. Finder's fees may be payable with respect to the private placement. The private placement and finder's fees are subject to regulatory approval.

New materials are available on the Company's website including a summary of the Yukon projects at http://www.duncastlegoldcorp.com/uploads/presentations/dun_yukon_factsheet_july_2014.pdf

Exploration Update

The Company's Yukon PGM-Ni-Cu assets include the Catalyst, Ultra and Spy projects which together total over 262 square kilometers in the Kluane Ultramafic Belt, a 600km-long sequence of igneous and sedimentary rocks extending from northern British Columbia through the Yukon and into Alaska. Mineralization within the Kluane belt occurs at the contact between ultramafic and sedimentary rocks, with the most notable being the Wellgreen deposit which adjoins Duncastle's Catalyst project. The Wellgreen deposit is presently under advanced assessment by Wellgreen Platinum Ltd. where an updated PEA study is now in progress to follow a previously reported Indicated Resource of 14.4 Mt at 0.68% Ni, 0.62% Cu, with 2.23 g/t Pt+Pd+Au grade, and an Inferred Resource of 446.6 Mt at 0.31% Ni, 0.25% Cu, with 0.87 g/t Pt+Pd+Au grade at a 0.22% NiEq cut-off (see Wellgreen Platinum Ltd. news release, June 18, 2012).

A first phase exploration program has been developed to identify and prioritize targets for potential drilling at all three projects, with the intent to drill by the end of the 2014 season:

Catalyst - Planned work for the Catalyst project includes expanded geochemical, geobotanical, and geophysical orientation surveys on the Arch claims where similar surveys successfully identified a PGM-Ni-Cu showing in 2013. Trenching is planned to expose the subsurface extent of this showing along with other anomalies identified in the 2013 program.

Ultra - A 2013 geophysics review at Ultra extended the Frohberg PGM-Ni-Cu showing beneath cover. Frohberg as well as numerous new showings will be prioritized for trenching in 2014.

Spy - Prospecting, mapping and trenching will focus on extending mineralization at the Spy Sill, which has continuous PGM-Ni-Cu mineralization over 950 meters based on historical data (Bell, C., 1996. Report on 1995 geological and geochemical surveys on the Klu property. Yukon Dept. of Energy, Mines and Resources, Assessment Report #093371, 244p).

Crews have already visited the Catalyst, Spy and Ultra projects in 2014 and identified areas for further exploration based on prospecting and surface sampling, which will also be investigated.

Other Projects

The Company announced today that it has terminated the agreement for the Porphyry Creek project in northwest BC and will return the claims to the optionors accordingly in order to focus resources on its Yukon assets. Optionors of the Porphyry Creek project include Michael Rowley, President and director, along with Crucible Resources Limited, a company owned by past director Douglas Warkentin, and a third party.

About Duncastle

Duncastle is focused on exploration for platinum group metals, nickel, copper and gold in emerging districts in Canada. Per a binding Letter of Intent announced June 23, 2014, Duncastle plans to acquire over 262 square kilometers of highly prospective claims on the Kluane belt in the southwest Yukon including the flagship Catalyst project which adjoins Wellgreen Platinum's world-class Wellgreen deposit on three sides. Duncastle also has the Black Lake/Drayton gold project in northwest Ontario which features multiple high-grade gold showings and history bulk samples over 79 square kilometers of claims. All projects are road accessible and offer Duncastle potential for 100% earn-in.

The technical contents of this release have been reviewed by Tom E. McCandless, Ph.D., P.Geo., independent consultant to Duncastle and qualified person as defined by National Instrument 43-101. The properties have not been the subject of a National Instrument 43-101 report, and Dr. McCandless has not verified the technical data disclosed in this release.

On behalf of the Board of Directors,

Michael Rowley, President, Director, Duncastle Gold Corp.

This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Duncastle Gold Corp. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

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.

THIS NEWS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

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