NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. 

Castle Resources Inc. ("Castle") (TSX VENTURE:CRI) today announced that it has
entered into an agreement with a syndicate of underwriters led by Mackie
Research Capital Corporation (the "Underwriters"), whereby the Underwriters will
purchase, on a bought-deal basis, $10,000,080 in a combination of common shares
(the "Common Shares") and flow-through shares (the "Flow-Through Shares") from
Castle, including up to 18,182,000 Flow-Through Shares (in which case the
maximum number of Common Shares purchased shall be 5,000,000), at a price of
$0.40 per Common Share and $0.44 per Flow-Through Share.  


The Underwriters shall also have the option (the "Underwriters' Option") to
purchase from Castle up to an additional 15% of the number of Common Shares and
Flow-Through Shares sold pursuant to the Offering. 


The Offering will take place by way of a private placement to qualified
investors in such provinces of Canada as the Underwriters may designate, and
otherwise in those jurisdictions where the Offering can lawfully be made,
including but not limited to the United States (with respect to the Common
Shares only) under applicable private placement exemptions. The securities to be
issued under the Offering will have a hold period of four months and one day
from closing. 


The proceeds raised from the sale of the Common Shares will be used by the
Company to continue the redevelopment of its 100%-owned, past-producing Granduc
Copper Mine, and for working capital purposes. The proceeds raised from the sale
of Flow-Through Shares will be used by the Company to finance qualified Canadian
exploration expenditures on its Canadian resource properties. 


The Offering is expected to close on or about the week of March 26th, 2012. 

In consideration for their services, the Underwriters will receive a cash
commission equal to 6.0% of the gross proceeds of the Offering, and
non-transferable compensation options (the "Compensation Options") equal to 6.0%
of the aggregate number of Common Shares and Flow-Through Shares issued pursuant
to the Offering.


The securities offered have not been registered under the U.S. Securities Act of
1933, as amended, and may not be offered or sold in the United States absent
registration or an exemption from the 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 State in which such
offer, solicitation or sale would be unlawful.


CASTLE RESOURCES INC. 

Lenny Foreht, VP Corporate Development 

Mike Sylvestre, President, CEO and Director

This news release includes certain statements that may be deemed
"forward-looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian securities
legislation. Forward-looking statements include, but are not limited to,
statements with respect to the Corporation's operations, exploration and
development plans, expansion plans, estimates, expectations, forecasts,
objectives, predictions and projections of the future. Generally, these
forward-looking statements can be identified by the forward-looking terminology
such as "plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "projects", "intends", "anticipates", or "does not
anticipate", or "believes", or "variations of such words and phrases or state
that certain actions, events or results "may", "can", "could", "would", "might",
or "will" be taken", "occur" or "be achieved". Forward-looking statements are
subject to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of
Castle Resources Inc. to be materially different from those expressed or implied
by such forward-looking statements, including but not limited to: risks related
to the exploration and development of the Corporation's Granduc Project, risks
related to operations, construction delays and cost overruns, the actual results
of exploration, development and construction activities, conclusions of economic
evaluations, changes in project parameters as plans continue to be refined,
future copper prices, as well as those factors discussed in the sections
relating to risk factors of our business filed in Castle Resources Inc.'s
required securities filings on SEDAR. Although Castle Resources Inc. has
attempted to identify important factors that could cause results to differ
materially from those contained in forward-looking statements, there may be
other factors that cause results to be materially different from those
anticipated, described, estimated, assessed or intended.


There can be no assurance that any forward-looking statements will prove
accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Castle Resources Inc. does not undertake
to update any forward-looking statements that are incorporated by reference
herein, except in accordance with applicable securities laws.
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