CAP Castle Peak Mining Ltd

Castle Peak Mining Ltd. ('Castle Peak' or the 'Company') (TSX VENTURE:CAP)
reports auger sampling exploration results on the Enyinase concession; which is
host to the inferred intersection between a mineralized north-south structural
corridor and the high potential north-east Birimian-Tarkwaian structural
corridor. Additionally, an initial follow up drill hole will be completed on the
Apankrah Structure. After completion of three additional holes on the Dansuom
target, the drill rig has been demobilized due to a need for access road
upgrades for safety purposes. Once the upgrades have been completed, follow up
drilling is planned to define the mineralized structure highlighted by the
strong intercept in POWDDH004 of 10.8 metres ('m') of 2.9 grams per tonne
('g/t') gold ('Au'), previously reported November 15, 2011. Castle Peak would
also like to announce the appointment of J. David Mason to the Advisory
Committee. 


The original plan was to drill the remaining holes at the Dansuom target on the
POW concession, however deteriorating road conditions and safety concerns led
Castle Peak to move back to the high grade Apankrah target for initial follow up
drilling. The Company is currently working with the Ghana Forestry Commission to
improve road conditions in preparation for a return to the Dansuom target in
2012. In the meantime, Castle Peak will complete the adjusted Phase I drill
program on the Apankrah target located on the Nkwanta concession. The Apankrah
target was host to initial Phase I drill holes and returned positive intercepts
of 7.5m of 7.2 g/t Au including 2.2m of 24.2 g/t Au and 5.0m of 1.4 g/t Au
including 1.0m of 6.0 g/t Au, previously reported June 6 and July 18, 2011. 


President and CEO Darren Lindsay comments as follows, "Although we anticipated
drilling additional holes on the key Dansuom target, having safe access is a
priority so we are working with the Forestry Commission to upgrade our access
permit as quickly as possible. Fortunately, we have the high quality Apankrah
target available for initial follow up drilling. This is expected to be a steep
high grade shoot with additional shoot potential on this structure and on
proximal parallel structures. Also, results from the Enyinase target generation
program are very encouraging, indicating that our targeting of cross structures
within the Birimian-Tarkwaian structural corridor offer high potential for
discovery." 


Target generation on the Enyinase concession has identified two key
north-northeast to northeast trending gold in auger sampling anomalies
coincident with the inferred Birimian-Tarkwaian boundary zone. Numerous
northerly trending anomalies, including the Akoko North structural trend on an
adjacent property, are interpreted to intersect these key trends as observed by
wide spaced (400m x 50m) auger sampling. All results from the program have now
been received indicating a number of distinct higher grade trends (greater than
100 parts per billion ('ppb') Au) within larger geochemical anomalies (greater
than 30ppb Au). Anomalies are defined by gold values greater than 30ppb and
range from detection limit to 4,010 ppb Au (see figure 1 at
http://www.castlepeakmining.com/i/pdf/2011-12-20_NR.pdf). Infill auger sampling
is planned to further define the stronger trends for additional follow up
activities. 


Castle Peak Mining is pleased to announce the appointment of J. David Mason to
the Advisory Committee. David brings additional value to the team with his
experience in the resource sector and capital markets. He has raised over $500
million CDN in his career, primarily in the emerging resource company sector and
is the founder of three public companies: resource investment banking (Augen
Capital), uranium development (Energy Fuels), and gold exploration (Augen Gold).
Augen Capital assisted in the financing of over 300 public companies during the
period 1996 to 2008. As a portfolio manager, he was ranked in the top 3 for this
type of fund, which raises several billion dollars annually. David holds a
Bachelor of Applied Science in Applied Geology and a Master of Engineering
degree (Mining - with a specialty in business and mineral economics). He has
worked over 35 years in the investment business and passed all exams including
Partners and Directors Exam.


Technical Disclosure 

Castle Peak's technical disclosure in this news release has been reviewed and
approved by Darren Lindsay, P.Geo., Castle Peak's President and CEO, who serves
as a Qualified Person under the definition in National Instrument 43-101 ('NI
43-101'). The procedures include the systematic insertion of blanks, standards
and duplicates into the sample stream both in the field and at the lab; samples
are placed in sealed bags and are delivered to SGS Laboratory Services GH Ltd.
in Tarkwa, Ghana, for routine gold analysis by 50g charge fire assay with atomic
absorption finish. The Akorade project is an early stage exploration project and
does not contain any mineral resources as defined by NI 43-101. The potential
quantities and grades disclosed herein are conceptual in nature and there has
been insufficient exploration to define a mineral resource for the targets
disclosed herein. It is uncertain if further exploration will result in these
targets being delineated as a mineral resource. Further information is available
in the NI 43-101 compliant technical report dated February 14, 2011 and entitled
"NI 43-101 Technical Evaluation Report on Nkwanta & Ayiem Concessions,
Wassa-West District, Republic of Ghana, West Africa", a copy of which is filed
under the Company's profile on SEDAR at www.sedar.com. 


About Castle Peak 

Castle Peak Mining Ltd. is a Canadian-based exploration and development company
focused on advancing greenfields and early stage gold projects. The Company
holds a strategic land package in the Ashanti belt adjacent to several producing
gold mines in Ghana, West Africa. The Ashanti belt is known as one of the most
prolific gold belts in the world with over 150 million proven ounces uncovered
and current investment in excess of $2.5 B USD. Castle Peak is now executing an
aggressive Phase I exploration program on identified gold targets. 


On behalf of the Board of Castle Peak Mining Ltd.:

Darren Lindsay, President and Chief Executive Officer   

FORWARD-LOOKING STATEMENTS

Except for statements of historical fact, this news release contains certain
'forward-looking information' and 'forward-looking statements' within the
meaning of applicable securities laws including statements regarding proposed
exploration and drilling programs. Such forward-looking statements are based on
the opinions and estimates of management at the date the statements are made,
and are subject to known and unknown risks, uncertainties and assumptions that
could cause actual results to vary materially from the anticipated results or
events predicted in these forward-looking statements, including those risk
factors identified in the Company's Filing Statement filed under the Company's
SEDAR profile. As a result, readers are cautioned not to place undue reliance on
these forward-looking statements. The forward-looking statements contained in
this news release are made as of the date of this release. Except as required by
applicable law, Castle Peak disclaims any intention and assumes no obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

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