Castle Resources Completes $5,999,994 Private Placement

TORONTO, ONTARIO -- (Marketwire - Oct. 19, 2011) - Castle Resources Inc. (TSX VENTURE: CRI) ("Castle" or the "Company") is pleased to announce today that it has raised gross proceeds of $5,999,994 by way of a brokered private placement (the "Offering") of 9,523,800 flow-through common shares ("FT Shares") at a price of $0.63 per FT Share.

Scotia Capital Inc., as lead agent, and Cormark Securities Inc. (collectively, the "Agents") acted as agents for the Offering. The Agents received a cash commission of 5% of the gross proceeds.

The gross proceeds raised from the sale of FT Shares will be used by the Company to finance qualified Canadian exploration expenditures on its Canadian resource properties.

All securities issued pursuant to the Offering are subject to a four month statutory hold commencing from closing. The Offering is subject to TSX Venture Exchange acceptance of requisite regulatory filings.


About Castle Resources

Castle is a Toronto-based junior mineral development company focusing on high-quality, advanced projects. Management's goal is to continue the redevelopment of the 100% owned past producing Granduc Copper Mine and begin new exploration activities; as well, management is advancing the Elmtree Gold Project in New Brunswick toward feasibility in 2011. Following the completion of the above referenced Offering, Castle has approximately $8 million in its treasury and has issued and outstanding approximately 115 million common shares.

For more information please visit the Castle Resources' website at www.castleresources.com.


Disclaimer

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "expects", "believes","may", "will" and include, without limitation, statements regarding the company's plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward- looking information, whether as a result of new information, future events or otherwise.

This news release does not constitute an offer to sell or solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Contact Information

Castle Resources Inc.
Mike Sylvestre
President & CEO
416-366-4100
mike@castleresources.com

Castle Resources Inc.
Lenny Foreht
VP Corporate Development
416-644-9003
lforeht@castleresources.com
www.castleresources.com