Castle Peak Announces Date For Annual And Special Meeting Of Shareholders; Enters Into Definitive Agreement For Financing

June 12, 2013

Vancouver, B.C., June 12, 2013 - Castle Peak Mining Ltd. ("Castle Peak" or the "Company", TSX.V: CAP) today announced that its annual and special meeting of shareholders will take place on July 4, 2013 at 10:00 a.m. (PDT) (the "Meeting") at the offices of Blake, Cassels & Graydon LLP at the 23rd floor, 595 Burrard Street, Vancouver, British Columbia. The record date for the Meeting is May 6, 2013, and shareholders of record as of that date are entitled to attend and vote at the Meeting in person or by proxy.

Further to the previously announced strategic investment on May 23, 2013, the Company is pleased to announce it has entered into a definitive subscription agreement with a newly formed company jointly held by Grizal Enterprises Ltd. and Candel and Partners SAS (the "Subscriber") pursuant to which the Subscriber will subscribe for 40,000,000 units at $0.05 per unit for gross proceeds of $2 million (the "Offering"). The Company is now in a position to proceed with the mailing to shareholders of a Notice of Meeting, Management Information Circular, and related materials concerning the Meeting. At the Meeting, disinterested shareholders will be asked to consider and, if deemed appropriate, approve the Offering, as well as the creation of two new "control persons" (as such term is defined in the TSXV policies), being the Subscriber and one of its shareholders, Candel and Partners SAS. Shareholders are directed to review the materials mailed to all shareholders in connection with the Meeting, copies of which have also been posted on SEDAR at

The Company has also approved a bridge loan with Candel and Partners SAS, a company wholly-owned by Allan Green, a director of the Company (the "Lender") in the amount of $100,000 (the "Loan"), to be evidenced by a promissory note repayable on demand two business days after obtaining disinterested shareholder approval of the Offering at the Meeting, or, if disinterested shareholder approval is not obtained, on July 31, 2013. The Loan will constitute a "related party transaction" within the meaning of Multilateral Instrument 61-101 and TSXV Policy 5.9; however the board of directors of the Company has determined that exemptions from the minority approval and formal valuation requirements are available.

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, putting Ghana as the second largest gold producer in Africa with past production of >150 million ounces. The investment inflow for Ghana's mining sector was $2.5 billion from 2009 to 2011, with increasing annual production reaching 3.6 million ounces in 2011 (source: Ghana Business News, November 11, 2012).

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

"Darren Lindsay"
President and Chief Executive Officer

For additional information please visit or contact:

Marlo Hamer-Jackson, Investor Relations Manager
Tel: 604 681 1466 (X225)

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 timing or completion of the Investment or the repayment of the Loan. 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 Annual MD&A 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.

Neither 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.