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Castle Resources Reports Major Increase in Mineral Resource at the Granduc Copper Project

Tuesday, February 21, 2012 6:00 AM


http://at.marketwire.com/accesstracking/AccessTrackingLogServlet?docid=0767763001&sourceType=1

TORONTO, ONTARIO -- (Marketwire) -- 02/21/12 -- Castle Resources Inc. (TSX VENTURE:CRI) ("Castle" or the "Company") is pleased to provide investors with an updated NI 43-101 compliant resource estimate for the Granduc Copper Project near Stewart, British Columbia.

Granduc Copper Project Mineral Resource Statement, February 17, 2012

----------------------------------------------------------------------------
                                              Copper        Gold      Silver
Resource             Cut-off    Quantity       Grade       Grade       Grade
----------------------------------------------------------------------------
                        (NSR   (millions          (%        (g/t        (g/t
Category                 C$)  of tonnes)         Cu)         Au)         Ag)
----------------------------------------------------------------------------
Indicated                 40        10.4        1.25        0.14        10.6
----------------------------------------------------------------------------
Inferred                  40        36.6        1.26        0.13         9.7
----------------------------------------------------------------------------
----------------------------------------------------------------
                         NSR   Contained   Contained   Contained
Resource               Value      Copper        Gold      Silver
----------------------------------------------------------------
                               (millions                        
Category                (C$)     of lbs)    (ounces)    (ounces)
----------------------------------------------------------------
Indicated              90.89       286.1      47,000   3,500,000
----------------------------------------------------------------
Inferred               90.25      1013.2     155,000  11,400,000
----------------------------------------------------------------
                                                                            
NSR calculation using the following parameters. US$to C$Exchange is 1 :     
0.92, Cu Price = US$3.25 / lbs., Au Price = US$1275 / troy ounce, Ag Price =
US$21 / troy ounce Cu recovery at 91.7%, Au recovery = 62.56%, Ag recovery =
80.96%, Selling cost for Cu at US$0.312 / lbs., Au at US$5 / ounce, Ag at   
US$0.35 / ounce, Conversions: 31.1035 g / troy ounce, 2204.6 lbs. / tonne   

"This impressive update clearly demonstrates that the Granduc is now a major mineralized copper resource with significant exploration upside," stated Mr. Mike Sylvestre, President & CEO of Castle Resources. "In less than 18 months of exploration we have identified 1.3 billion pounds of copper primarily downdip beneath the historic mine workings. What is more impressive is that the highly consistent mineralized zones remains open at depth and on strike, suggesting that as we aggressively continue to drill there exists strong potential to demonstrate the latest Granduc resource is part of a much larger copper-rich system."

The resource estimate was prepared by SRK Consulting (Canada) Inc. (SRK) of Vancouver B.C., an independent, international consulting practice.

Granduc Copper Project Indicated Mineral Resource, February 17, 2012

----------------------------------------------------------------------------
                  Copper  Gold Silver    NSR Contained  Contained  Contained
Cut-off  Quantity  Grade Grade  Grade  Value    Copper       Gold     Silver
----------------------------------------------------------------------------
(NSR    (millions     (%  (g/t   (g/t        (millions  (millions  (millions
C$)    of tonnes)    Cu)   Au)    Ag)   (C$)   of lbs) of ounces) of ounces)
----------------------------------------------------------------------------
20           11.0   1.20  0.14   10.4  87.57     291.1      0.049        3.7
----------------------------------------------------------------------------
30           10.8   1.22  0.14   10.5  88.95     289.8      0.049        3.6
----------------------------------------------------------------------------
40           10.4   1.25  0.14   10.6  90.89     286.1      0.047        3.5
----------------------------------------------------------------------------
45           10.1   1.27  0.14   10.7  92.26     282.6      0.046        3.5
----------------------------------------------------------------------------
50            9.8   1.29  0.14   10.8  93.78     278.1      0.045        3.4
----------------------------------------------------------------------------
55            9.4   1.32  0.15   10.9  95.35     272.6      0.044        3.3
----------------------------------------------------------------------------
60            8.9   1.35  0.15   11.0  97.30     264.8      0.042        3.2
----------------------------------------------------------------------------
65            8.3   1.39  0.15   11.2  99.77     253.8      0.040        3.0
----------------------------------------------------------------------------
70            7.7   1.42  0.15   11.3 102.34     241.4      0.038        2.8
----------------------------------------------------------------------------
80            6.2   1.51  0.16   11.8 109.06     206.9      0.032        2.3
----------------------------------------------------------------------------
100           3.3   1.77  0.19   12.9 126.16     128.6      0.020        1.4
----------------------------------------------------------------------------
NSR calculation using the following parameters.                             
US$ to C$ Exchange is 1 : 0.92                                              
Cu Price = US$ 3.25 / lbs., Au Price = US$ 1275 / troy ounce, Ag Price = US$
21 / troy ounce                                                             
Cu recovery at 91.7%, Au recovery = 62.56%, Ag recovery = 80.96%            
Selling cost for Cu at US$ 0.312 / lbs., Au at US$ 5 / ounce, Ag at US$ 0.35
/ ounce                                                                     
Conversions: 31.1035 g / troy ounce, 2204.6 lbs.

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