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Castle Resources to Use Private Placement Proceedings for Development of Granduc Property

Castle Resources Inc. (TSX VENTURE:CRI) has announced today that it has raised gross proceeds of $12,001,750 by way of a brokered private placement through Scotia Capital Inc., as lead agent, and Cormark Securities Inc., Primary Capital Inc., and D&D Securities Inc.

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."

Source: Castle Resources Inc.

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