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Vancouver, B.C., August 1, 2013 - Castle Peak Mining Ltd. ("Castle Peak" or the "Company", TSX.V: CAP) is pleased to announce the results from initial metallurgical testing completed on composite samples of mineralized material from the Apankrah Shoot, Akorade Project, located in the prolific Ashanti Belt, Ghana, Africa. Test work consisted of gravity separation, basic cyanidation, carbon-in-leach (CIL) and mineralogical analyses of three composite samples from the Apankrah Shoot target The recent test work undertaken by SGS South Africa (Pty) Limited ("SGS") indicates that between 72% and 88% of the gold from the Apankrah Shoot should be recoverable by gravity separation in approximately 1% of the mass. SGS concludes that overall recoveries >97% could be expected from a standard process route including crushing, milling (to 80% passing 75 micron), gravity concentration with intensive cyanidation of the concentrate and CIL treatment of the gravity tails.

Key Points:

• Gold recovery ranged from 97.7% for low grade halo mineralisation to 98.0% for high grade core mineralisation
• Coarse gold gravity recovery ranged from 71.5% in 1.0% of the mass to 87.8% in 1.1% of the mass for low grade halo mineralisation and high grade core mineralisation respectively.
• A composite representing an average mineralised intersection (1 part high grade core and 2 parts low grade halo) resulted in a gravity gold recovery of 87.4% in 1.0% of the mass with an overall gold recovery of 97.8%.

Darren Lindsay, President and CEO, stated, " These are excellent initial results that provide Castle Peak with a number of low cost options to advance the small but high grade Apankrah Shoot deposit. Given that the Apankrah Shoot is a shallow, high grade deposit amenable to simple recovery processes, our analogous exploration targets in the immediate vicinity, Scorpio and IP, take on even more importance for the eventual expansion of potentially high grade mineral resources in this small portion of our prospective land package."

Metallurgical test work was conducted on samples composited from pre-crushed bulk coarse residue material left over from assaying within the inferred mineral resource. Three composite samples were produced; Composite 1 a high grade core mineralisation sample, Composite 2 a low grade halo mineralisation sample and Composite 3 an average mineralised intercept sample composed of one part high grade and two parts low grade mineralisation. Individual assay sample residues were shipped to SGS where they were composited to the requested homogenised composite samples by screening, crushing and blending at 1.7mm then at 75 microns. Representative sub-samples for the test work program were split from the resulting composite samples.

Gravity concentration and CIL treatment of gravity tails
To determine the amenability of the Apankrah Shoot mineralisation to gravity separation two ~8kg sub-samples of each of Composite 1 and 2 and one ~8kg sample of Composite 3 were split from the bulk samples. Assayed head grades (50g fire assay) for Composites 1, 2 and 3 were 15.2 g/t Au, 0.97 g/t Au and 8.60 g/t Au respectively. These samples were subjected to gravity separation by Falcon Gravity Separator to yield gravity concentrates and tails. Gold reported to the gravity concentrate in a range from 71.5% to 87.8% from a mass pull of approximately 1%.

Gravity Separation	Mass (g)	Mass (%)	Au Grade (g/t)	Recovery (%)
Composite 1 (high grade core)	Gravity Concentrate	84.5	1.1	1389	87.8
	Gravity Tails	7920	98.9	2.06	12.2
	Head	8005	100.0	16.7	100.0
Composite 2 (low grade halo)	Gravity Concentrate	80.3	1.0	72.0	71.5
	Gravity Tails	1954	99.0	0.29	28.5
	Head	8034	100.0	1.01	100.0
Composite 3 (average mineralisation)	Gravity Concentrate	83.5	1.0	594	87.4
	Gravity Tails	7961	99.0	0.90	12.6
	Head	8044	100.0	7.05	100.0

Carbon in leach dissolution analysis was carried out on the gravity tails with an initial dissolution period of 2 hours and a maximum dissolution period of 36 hours. Selected time periods are tabled below with the full table available in the final report posted to our website.

Sample	Leach time (hours)	Head grade (g/t)	Reagent consumption	Recovery (%)
Au assayed	Au Calculated	NaCN (kg/t)	CaO (kg/t)
Composite 1 (high grade core)	2	2.06	2.04	1.82	0.14	68.8
	12		2.06	1.88	0.15	83.6
	36		2.21	1.91	0.22	86.6
Composite 2 (low grade halo)	2	0.29	0.27	1.86	0.14	77.5
	12		0.31	1.89	0.16	93.5
	36		0.31	1.91	0.16	93.6
Composite 3 (average mineralisation)	2	0.90	0.92	1.87	0.14	71.8
	12		0.89	1.88	0.15	82.3
	36		0.97	1.90	0.18	83.8

Overall gold recovery for the composite samples

Sample	description	Overall Gold Recovery
Composite 1	high grade core mineralisation	98.0%
Composite 2	low grade halo mineralisation	97.7%
Composite 3	average mineralised intercept	97.8%

The metallurgical test work was conducted by SGS South Africa (Pty) Ltd., Johannesburg, South Africa supervised by Ms. Tracey Stanek, B.Sc., Manager Extractive Metallurgy, Metallurgy and Mining Division, who reviewed the technical information in this news release.

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 with a mineral resource as defined by National Instrument 43-101 as described in the "NI 43-101 Technical Report on The Apankrah Project, Western Region, Ghana" 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 Meadows Smith is a 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 exploration and development 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 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 the full technical report on the Apankrah Project please visit the Public Filings section under Investors at www.castlepeakmining.com. For additional information please contact:
Marlo Hamer-Jackson, Investor Relations Manager
Tel: 604 681 1466 (X225)
Email: marlohj@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 anticipated gold recoveries and future exploration and development at the 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.