Castle Peak Mining Ltd. Announces Royalty Agreement

December 16, 2014

Vancouver, B.C., December 16, 2014 -- Castle Peak Mining Ltd. ("Castle Peak" or the "Company", TSX-V: CAP) announces today that, along with certain of its subsidiaries, it has entered into a royalty agreement (the "Royalty Agreement") with a royalty company pursuant to which Castle Peak will receive an aggregate amount of $1,150,000 in exchange for a 1% net smelter returns royalty (the "Royalty") on the sale of minerals from the Akorade project in Ghana, excluding the Bonsaso license (the "Akorade Project").

Castle Peak received 50% of the proceeds for the grant of the Royalty on signing of the Royalty Agreement, with the remainder to be paid upon registration of the Royalty Agreement with the applicable entities in Ghana.

About Castle Peak
Castle Peak Mining Ltd. is a Canadian-based exploration company focused on advancing greenfield 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.

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

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 royalty agreement, 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 the ability of the Company to enter into strategic relationships and obtain regulatory approval; the outcome of due diligence investigations in connection with any strategic partnership; and 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.