CAP Castle Peak Mining Ltd

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR
DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES.


Castle Peak Mining Ltd. (TSX VENTURE:CAP) ('Castle Peak' or the 'Company')
announces that it has entered into an agreement with Euro Pacific Canada Inc.
(the "Agent") to proceed with a private placement on a "best-efforts" agency
basis for gross proceeds of up to $3.0 million (the "Offering"). 


Under the terms of the Offering, the Company will offer for sale 12 million
units ("Units") at $0.25 per Unit. Each Unit will consist of one common share of
the Company and one-half of one share purchase warrant (each whole warrant, a
"Warrant"). The securities issued upon the closing of the Offering will be
subject to customary securities legislation hold periods. 


Each Warrant will allow the holder to purchase one common share of the Company
at an exercise price of $0.50 for a period of 24 months from the date of
closing. In the event that the common shares trade on the TSX Venture Exchange
at a volume weighted average price of $0.75 or more for a period of at least ten
consecutive days from the date that is 6 months following the closing, the
Company shall be entitled to accelerate the exercise period to a period ending
at least 30 days from the date notice of such acceleration is provided to the
holders of Warrants. 


At the closing of the Offering, the Agent will receive a cash commission equal
to 7 percent of the total gross proceeds raised under the Offering. In addition,
the Agent will receive non-transferable warrants with an exercise price of $0.25
per share, exercisable for a period of 12 months from the date of closing to
acquire such number of common shares of the Company as is equal to 7 percent of
the aggregate number of Units issued under the Offering. 


The Offering is anticipated to close on or before March 20, 2012 and is subject
to receipt of all necessary approvals including the acceptance of the TSX
Venture Exchange. 


Proceeds from the private placement will be used to fund the 2012 exploration
program at Castle Peak's Akorade project in Ghana, as well as working capital. 


The securities being offered have not been, nor will they be, registered under
the United States Securities Act of 1933, as amended, and may not be offered or
sold in the United States, or to, or for the account or benefit of, U.S. persons
absent registration or an applicable exemption from registration requirements.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the securities in any
jurisdictions in which such offer, solicitation or sale would be unlawful. Any
offering made will be pursuant to available prospectus and registration
exemptions and restricted persons to whom the securities may be sold in
accordance with the laws of such jurisdictions and by persons permitted to sell
the securities in accordance with the laws of such jurisdictions. 


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. 


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 the
proposed Offering, the anticipated use of proceeds and the anticipated timing of
the closing of the Offering. 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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