Vancouver, B.C., December 2, 2013 -- Castle Peak Mining Ltd. ("Castle Peak" or the "Company", TSX.V: CAP) is pleased to provide an update of our activities which include the initial steps leading towards a proposed bulk sample as part of a potential development path for the Apankrah Deposit, Southern Ashanti Belt, Ghana.

Highlights of this announcement:

• Drill program underway targeted for risk reduction of shallow ounces ahead of the proposed bulk sample.
• Preliminary site evaluation for basic engineering and environmental surveys received.
• Preliminary community assessment received.
• Auger sampling returns gold anomalies within geophysical anomaly.
• Next steps in the potential Apankrah development path to include preparation of a preliminary economic assessment to confirm the conceptual studies, stripping and bulk sampling of a shallow portion of the deposit.

The Company has commenced an 1,100 metre, 10 hole drill program targeted at refining the upper 100m of the existing Apankrah 43-101 inferred mineral resource estimate of 275,000 tonnes at 8.6 grams/tonne gold ("g/t Au") (NR April 30, 2013) over a strike length of roughly 100m. This work is designed to better understand the effect of historical and current artisanal mining activities on both the shallowest portion of the inferred resource estimate and that area excluded from the resource estimate due to artisanal activity. Expected drill hole pierce points in the mineralised shoot are shown on the Apankrah longitudinal in Figure 1. The expected outcome of this effort is to be able to expand the resource estimation to surface with increased confidence and undertake a conceptual review for the potential to utilise open pit mining methodologies at Apankrah.

Darren Lindsay, President and CEO of Castle Peak, commented: "We are pleased to be able to take the first step down the identified path towards potential development of the Apankrah Deposit starting with the cost effective shallow evaluation of the Apankrah shoot. It is a critical step for us to understand the impact artisanal workings may have had on the shallow expression of the inferred resource. The results of this work will allow us to make an informed decision as to how best evaluate grade variability and continuity in this high grade style of mineralisation. The side benefit of the program is the ability to upgrade the confidence level in the resource estimate and undertaking a contemplated preliminary economic assessment ("PEA"). That PEA could contemplate an open pit mining approach that transitions to an underground mining approach to access the deeper higher grade portions of the resource."

Apankrah Site Evaluation

Representatives from Knight Piesold Ghana Ltd based in Accra reviewed the Apankrah site and surroundings including road access to the site. Outcomes from this work included initial recommendations on work required to upgrade site access, general materials handling and usage, and better design of initial baseline environmental studies. Subsequent work is expected to involve basic engineering for the contemplated bulk sample as well as environmental data gathering that will ultimately support any decision to convert the prospecting license to a mining license which would be a key step on the potential Apankrah development path.

Nkwanta Community Assessment

Representatives from Core Value Concepts ("CVC") of Vancouver Canada completed a site tour, participated in a meeting with the Nkwanta village elders, and undertook a basic evaluation of the local community strengths and weaknesses in order to identify opportunities for Castle Peak to contribute to the community in a meaningful, constructive and progressive manner. Although the final report and recommendations are pending, key areas have been identified to address within the community. Additional support from non-governmental organisations (NGOs) has been identified and it is expected that Castle Peak can form strong partnerships with third parties whose expertise is in delivering supporting programs to developing communities.

IP target

A total of 12 auger holes were completed across the up-dip projection of the IP target zone located approximately 350m southeast of the Apankrah Shoot. The holes were drilled 5m apart and 6m deep to test for gold anomalies within the lateritic soil profile to assist with siting future drill holes. Anomalous gold assays (>50 ppb gold) were returned from two holes located in the centre of the highly resistive 60m wide anomaly, potentially indicating primary gold mineralisation below the saprolite. Assay results ranged from below detection limited to 100ppb gold. Further auger drilling is planned to evaluate along the strike of the anomaly prior to defining a drill campaign.

Technical Disclosure

Castle Peak's technical disclosure in this news release has been reviewed and approved by Darren Lindsay, P.Geo., Castle Peak's President and CEO, who serves as a Qualified Person under the definition in National Instrument 43-101 ('NI 43-101'). The exploration activities are supervised by Clive Arthur, Castle Peak's Vice President Exploration. The Akorade Project represents early stage exploration properties which include a mineral resource on the Apankrah Deposit with an effective date of June 1, 2013, as described in the "NI 43-101 Technical Report on The Apankrah Project, Western Region, Ghana", dated June 1, 2013, authored by Andrew Netherwood (AusIMM), Joe Amanor (AusIMM), Simon Meadows Smith (IOM3) and John Coates as fulltime employees of SEMS, all of whom act as independent consultants to the Company. Mr Netherwood prepared the mineral resource estimate and is an independent Qualified Person as defined by NI 43-101. A copy of the report is filed under the Company's profile on SEDAR at www.sedar.com and the Castle Peak website.

About Castle Peak

Castle Peak Mining Ltd. is a Canadian-based mineral exploration company focused on advancing greenfields and early stage gold projects. The Company holds a large, 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 since 1983 has been about $12.5 billion, with production the highest in the history of the country at 4.2 million ounces in 2012 (source: Ghana Business News, April 8, 2013).

On behalf of the Board of Castle Peak Mining Ltd.:
"Darren Lindsay"
President and Chief Executive Officer

For additional information please contact:
Stephen Muir, Investor Relations Assistant
Tel: 604 681 1466 (X225)
Email: stephenm@castlepeakmining.com

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 future exploration and development at the Akorade Project, the preparation and publication of the revised resource estimate and PEA, the completion of an Environmental Impact Assessment, statements relating to obtaining a mining license, as well as the potential results of additional exploration on the Company's Akorade Project. 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.