Duncastle Gold Corp.

TSX VENTURE : DUN
FRANKFURT : 5D3


Duncastle Gold Corp.

December 31, 2012 15:14 ET

Duncastle Gold Closes Flow-Through Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 31, 2012) -

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Duncastle Gold Corp. ("Duncastle") (TSX VENTURE:DUN)(FRANKFURT:5D3) announces that it has closed its previously announced flow-through private placement and has raised $122,000 by the issuance of 2,440,000 units. Each unit consists of one flow-through common share and one-half share purchase warrant, with each whole share purchase warrant exercisable to purchase one additional non-flow-through common share at an exercise price of $0.10 per share for a period of three years. Finder's fees consisting of common shares and finder's warrants are payable. All securities issued in this financing including common shares, share purchase warrants and finder's warrants include a legend restricting trading of the securities until May 1, 2013. The private placement and finder's fees relative thereto are subject to regulatory approval.

Proceeds from the private placement will fund geological and geophysical exploration work at Duncastle's newly acquired Pipestone, Black Lake and Drayton gold projects in northwest Ontario and to fund CEE eligible exploration expenses on other Canadian mineral properties.

About Duncastle Gold

Duncastle Gold Corp. is a Vancouver-based gold exploration company with projects in Ontario and British Columbia, Canada. In addition to the newly acquired gold projects in Ontario and the past-producing Yankee-Dundee Mine in southeast BC, Duncastle has an option to acquire a 100% interest in the highly prospective polymetallic Porphyry Creek project in northwest BC.

As part of the Manex Resource Group, Duncastle benefits from shared expertise in corporate finance, public company administration, investor relations, and technical and geological services provided for seven public companies active in North America. Since its formation in 1997, the Manex Group companies have raised over $350 million in exploration financing.

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.

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