CAP Castle Peak Mining Ltd

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR
DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES


Castle Peak Mining Ltd. ("Castle Peak" or the "Company") (TSX VENTURE:CAP) is
pleased to announce the closing on July 27, 2012 of the private placement
offering (the "Offering") previously announced on July 4, 2012 and as amended
July 24, 2012. Pursuant to the Offering the Company issued 14,823,528 units
("Units") at a price of $0.17 per Unit for gross proceeds of approximately
$2,520,000.


Each Unit consists of one common share of the Company and one share purchase
warrant, where each warrant entitles the subscriber to purchase one additional
common share of the Company at an exercise price of $0.25 per share for a period
of 24 months from the date of closing, subject to adjustment/acceleration under
certain circumstances.


The securities issued pursuant to the Offering are subject to customary
securities legislation hold periods. In addition, the subscription agreements
contain lock-up provisions such that the securities issued pursuant to the
Offering cannot be traded prior to January 27, 2013 (which date is six months
after closing of the Offering).


Grizal Enterprises Ltd. ("Grizal"), a "control person" of the Company (as that
term is defined in the TSXV policies), has subscribed for 5,882,353 Units of the
Offering for gross proceeds of $1 million (the "Grizal Units"), which
constitutes a "related party transaction" within the meaning of Multilateral
Instrument 61-101 and TSXV Policy 5.9 (together, the "Policies"). Grizal, upon
closing of the Offering, now holds a total of 17,882,353 common shares
(undiluted) representing 23.5% of the issued and outstanding common shares of
the Company. Pursuant to the terms of its subscription agreement for the Units,
Grizal holds the right to nominate a director to the board of directors of the
Company.


Candel and Partners SAS ("Candel"), a company wholly-owned by Allan Green, a
director of the Company, has subscribed for 5,882,353 Units of the Offering for
gross proceeds of $1 million (the "Candel Units"), which constitutes a "related
party transaction" within the meaning of the Policies. As a result of Candel's
subscription, Mr. Green now holds, directly and indirectly, a total of 7,436,353
common shares (undiluted) representing 9.8% of the issued and outstanding common
shares of the Company.


Darren Lindsay (together with Grizal and Candel, the "Insiders"), director and
President and Chief Executive Officer of the Company, has subscribed for 58,824
Units of the Offering for gross proceeds of $10,000, which constitutes a
"related party transaction" within the meaning of the Policies. Mr. Lindsay,
upon closing of the Offering, now holds a total of 192,323 common shares
(undiluted) representing 0.2% of the issued and outstanding common shares of the
Company.


The remaining investors subscribed for 2,999,998 Units under the Offering for
gross proceeds of approximately $510,000. The Company has also paid a finder's
fee of $35,000, representing 7% of the gross proceeds of certain subscriptions.


The Offering was approved by a majority of the independent directors of the
Company as being in the best interests of the Company, and the Board has
determined exemptions from the formal valuation and minority approval
requirements under the Policies are available. Mr. Green and Mr. Lindsay each
abstained from voting due to their interest in the Offering.


Neither the Company, nor to the knowledge of the Company after reasonable
inquiry, the Insiders, have knowledge of any material information concerning the
issuer or its securities, that has not been generally disclosed.


Proceeds from the Offering will be used to fund the ongoing exploration program
at Castle Peak's Akorade Project in Ghana as well as working capital.


The securities being offered have not been, nor will they be, registered under
the United States Securities Act of 1933, as amended, and may not be offered or
sold in the United States, or to, or for the account or benefit of, U.S. persons
absent registration or an applicable exemption from registration requirements.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the securities in any
jurisdictions in which such offer, solicitation or sale would be unlawful. Any
offering made will be pursuant to available prospectus and registration
exemptions and restricted persons to whom the securities may be sold in
accordance with the laws of such jurisdictions and by persons permitted to sell
the securities in accordance with the laws of such jurisdictions.


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 with over 150 million proven ounces uncovered
and current investment in excess of $3.3 B USD.


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

Darren Lindsay, President and Chief Executive Officer

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 the
proposed use of proceeds and the rights of Grizal to an appointee on the board
of directors of the Company. 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 Filing Statement 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.

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