CAP Castle Peak Mining Ltd

Castle Peak Mining Ltd. ('Castle Peak' or the 'Company') (TSX VENTURE:CAP) is
pleased to report a preliminary mineral resource estimate conducted by SEMS
Exploration ('SEMS') of Accra, Ghana for the Akorade Project in the southern
Ashanti belt. The mineral resource estimate was calculated based on results from
20 of 33 drill holes totaling 4,253 metres ('m') of drilling in a series of
parallel structures within the Apankrah Target Area. The inferred mineral
resource estimate, with an effective date of April 26, 2013, is as follows:




----------------------------------------------------------------------------
Zone             Category         Tonnes     Grade (/t Au)  Contained Ounces
----------------------------------------------------------------------------
Apankrah Shoot   Inferred        275,000               8.6            76,000
----------------------------------------------------------------------------
(i)Mineral resources are reported at a cut-off grade of 2 grams per tonne   
('g/t') gold ('Au'). Cut-off grades are based on a price of $1,400 USD/oz   
Au. All figures are rounded to reflect the relative accuracy of the         
estimate. Mineral resources are not mineral reserves and do not have        
demonstrated economic viability. Mineral resources have been classified     
according to CIM Standards on Mineral Resources and Reserves.               



The preliminary mineral resource estimate was conducted by SEMS to estimate the
amount of gold defined to date within the Apankrah Shoot, which is situated
immediately south of two parallel structures (Nana and Scorpio), where high
grade mineralization with visible gold has been intersected in first pass
drilling (see figure 1). Both the Nana and Scorpio structures require further
drilling to confirm their potential to host mineral resources. 


The Company has identified two other structural targets in the area, both of
which require drill testing: (1) an induced polarization anomaly ('IP
Structure') anomaly lying approx. 250 metres to the south of the Apankrah
structure, which mimics the geophysical characteristics of the Apankrah Shoot,
and (2) an artisanal mining operation ('Galamsay Structure') running along an
east-north-east trending structure found approximately 700m to the north of the
Nana structure (see figure 1 at
http://www.castlepeakmining.com/s/NewsReleases.asp?ReportID=582600). These
targets remain a top priority for further exploration designed to expand the
newly defined high grade mineral resource base.


President and CEO Darren Lindsay is pleased with the announcement of the
resource estimate and the decision to move forward with this prospective target
area. "This is one of only a handful of high grade projects in West Africa, and
one of only a few in Ghana." He adds, "This is a major milestone for Castle Peak
shareholders, and I look forward to further drill evaluation of these additional
structural targets to increase our mineral resource base. The high grade nature
of this deposit will play a key role in assessing the preliminary economics in
an area that is currently known for larger, lower grade mineral resource
development and mining."


Next Steps

Castle Peak plans to complete the preliminary metallurgical analysis of high
grade, low grade and expected 'run of mine' samples in an effort to initiate a
preliminary economic assessment for developing the Apankrah Target Area. 


The Company also continues with field work for target generation, evaluating
inferred structure and geology by mapping, prospecting, trenching and soil and
channel sampling. The exploration team has built a solid approach to
understanding the two key structural trends on its 225 square kilometer land
package: (1) the northerly Asuogya-Ayiem-Dansuom trend with its 12 kilometre
gold-in-soil anomaly lying immediately adjacent to the Apankrah Target Area; and
(2) the southern boundary of the Birimian-Tarkwaian structural corridor,
historically under-explored but hosts the potential for larger deposits such as
Damang, Wassa and Akyem located north east along this key structural corridor
(see figure 2 at
http://www.castlepeakmining.com/s/NewsReleases.asp?ReportID=582600).


Darren Lindsay is confident in the Company's strategy for long term growth. "Our
goal is to create value by defining a pipeline of economic deposits focusing on
strong grades. Staged development of the higher grade Apankrah area with
eventual expansion to potentially larger deposits within our key structural
corridors provides a solid strategy for increasing shareholder value and
attracting potential partnership interest."


Resource Base Methodology

The mineral resource is based on the assumption that underground mining will be
employed. Historical mining, which occurred in the far northeast end of the
deposit, has been depleted to a depth of 30 metres, and recent artisanal mining
over the central section depleted to an average depth of 5 metres. The resource
estimation was carried out in Datamine software using an inverse distance cubed
method, after applying an assay top-cut of 50 g/t, and used a minimum down-hole
intersection length of 2 metres. Average drill hole section spacing was 25
metres, and the vertical distance between drill holes on a section averaged 40
metres. The interpreted mineral resource model spanned a distance of 175 metres
in strike, and up to 250 metres down-dip. SEMS is unaware of any legal,
political, environmental, or other risks that could materially affect the
potential development of the inferred mineral resources. 


QAQC and Reporting

Castle Peak is currently in the final stages of preparing the NI 43-101 Apankrah
Project Technical Report, which will contain details of the mineral resource
estimate. This report is required to be announced and filed on SEDAR and the
Castle Peak website within 45 days of this news release and is authored by
Andrew Netherwood (AusIMM), Joe Amanor (AusIMM) and Simon Meadows Smith (IOM3)
as fulltime employees of SEMS, all of whom act as independent consultants to the
Company. Messrs Netherwood and Amanor are Qualified Persons as defined by
National Instrument 43-101 ('NI 43-101') and have reviewed and approved the
contents of this news release. The mineral resource estimate referenced in this
press release was prepared by Andrew Netherwood, AusIMM, an independent
Qualified Person as defined by NI 43-101.


The analyses used in the preparation of the mineral resource estimate were
carried out at SGS Laboratory Services ('SGS') in Tarkwa. All samples used for
the mineral resource estimation represent approximately one-metre, orientated
diamond drill core which was sawn in half. Half of the core has been stored in
the on-site core yard and its counterpart sent for preparation and gold assaying
by SGS. Samples were analyzed by 50g charge fire assay with an atomic absorption
finish. Samples with visible gold returning initial assay results greater than
5g/t Au were re-analyzed using screen metallic method. Sampling procedures
included the systematic insertion of blanks, certified standards and duplicates
into the sample stream both in the field and at the lab.


SEMS conducted an independent review of Castle Peak's drill hole and QAQC
databases and concluded that Castle Peak's gold assay data is of acceptable
quality to be used for a mineral resource estimate and made certain
recommendations for future QAQC protocols.  


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 greater than 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

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 proposed
exploration, sampling and drilling at the Akorade Project; statements concerning
the anticipated results of that exploration, sampling and drilling; increasing
the resource base; potential development and mining; prospects for long-term
growth; increasing shareholder value; or attracting potential partners. 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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Castle Peak Mining Ltd.
Marlo Hamer-Jackson
Investor Relations Manager
604 681 1466 (X225)
604 681 1404 (FAX)
marlohj@castlepeakmining.com
www.castlepeakmining.com

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