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. ("Castle Peak" or the "Company") (TSX VENTURE:CAP), is
pleased to announce the terms of a non-brokered private placement offering (the
"Offering") to raise gross proceeds of up to $2 million. Under the terms of the
placement, the Company intends to sell up to 10,125,000 units ("Units") at $0.20
per Unit.


Each Unit will consist of one common share of the Company and one share purchase
Warrant, where each Warrant will allow the subscriber to purchase one additional
common share of the Company at an exercise price of $0.40 per share for a period
of 18 months from the date of closing, subject to adjustment/acceleration under
certain circumstances. The Company may, at its discretion, pay a finder's fees
of 7% of the aggregate gross proceeds raised through finders pursuant to the
Offering.


The securities issued upon the closing of the Offering will be subject to
customary securities legislation hold periods. The Offering is subject to
receipt of all necessary approvals including the acceptance of the TSX Venture
Exchange ("TSXV"). The Offering is anticipated to close on or before July 13,
2012.


Grizal Enterprises Ltd. ("Grizal"), a "control person" of the Company (as that
term is defined in the TSXV policies), has expressed interest to subscribe for
up to 3,375,000 Units of the Offering (the "Grizal Units"), which constitutes a
"related party transaction" within the meaning of Multilateral Instrument 61-101
and TSXV Policy 5.9 (together, the "Policies"). In the event that Grizal
subscribes for all 3,375,000 Grizal Units under the Offering and the Company
issues all of the units under the non-brokered private placement, Grizal will
hold a total of 15,375,000 common shares (undiluted) representing 21.5% of the
issued and outstanding common shares of the Company.


Certain directors of the Company (the "Insider Subscribers", and together with
Grizal, the "Insiders") intend to subscribe for Units, which will constitute a
related party transaction under the Policies. The number of Units which Insider
Subscribers will purchase is unknown at this time.


The Offering was approved by a majority of the independent directors of the
Company as being in the best interests of the Company, and the Board has
determined exemptions from the formal valuation and minority approval
requirements under the Policies are available.


Neither the Company, nor to the knowledge of the Company after reasonable
inquiry, the Insiders, have knowledge of any material information concerning the
issuer or its securities, that has not been generally disclosed.


Proceeds from the Offering will be used to fund the ongoing 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 $3.3 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 subscriptions, the proposed 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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