Duncastle Gold Corp. (TSX VENTURE:DUN)(FRANKFURT:5D3) reported today that the
company has closed both private placements announced September 14, 2010. The
company also reported oversubscription of the flow-through placement in addition
to oversubscription of the non-flow-through placement announced on October 18,
2010.


Gross proceeds from the flow-through placement total $637,184.95 from the sale
of 9,102,642 flow-through units while gross proceeds of the non-flow-through
placement total $400,000 from the sale of 8,000,000 non-flow-through units. Each
flow-through unit consists of one flow-through common share and one-half share
purchase warrant, with each whole share purchase warrant ("Warrant") exercisable
to purchase one additional non-flow-through common share at an exercise price of
C$0.10 per share for a period of two years. Each non-flow-through unit consists
of one non-flow-through common share and one-half Warrant.


Proceeds from the private placement will be used to fund exploration work
including drilling at the Porphyry Creek project near Smithers in Northwest BC,
and for general working capital. Finders' fees are payable. The private
placement and finders' fees are subject to regulatory approval. All securities
issued pursuant to the private placement, including common shares, share
purchase warrants and finders' warrants issued as finders' fees, carry a legend
restricting trading of the securities until March 1, 2011. 


On behalf of the Board of Directors,

Michael Rowley, President, Director, Duncastle Gold Corp.