CRI Churchill Resources Inc

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

Castle Resources Inc. ("Castle" or the "Company") (TSX VENTURE:CRI) is pleased
to announce that it has closed its previously announced bought-deal private
placement offering. Castle sold 8,408,500 common shares (the "Common Shares") at
a price of $0.40 per Common Share and 15,083,444 flow-through shares (the
"Flow-Through Shares") at a price of $0.44 per Flow-Through Share, for gross
proceeds of $10,000,115 (the "Offering"). 


The Offering was underwritten by a syndicate of underwriters led by Mackie
Research Capital Corporation and including Scotiabank, Cormark Securities Inc.,
Haywood Securities Inc., and D&D Securities Inc. (collectively, the
"Underwriters"). 


The proceeds raised from the sale of the Common Shares will be used by the
Company to continue to advance 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. 


In consideration for their services, the Underwriters received a cash commission
equal to 6% of the gross proceeds of the Offering, and non-transferable
compensation options equal to 6% of the aggregate number of Common Shares and
Flow-Through Shares issued pursuant to the Offering. 


All securities issued pursuant to the Offering are subject to a four month
statutory hold commencing from closing. The Offering is subject to TSX Venture
Exchange acceptance of requisite regulatory filings.


Castle is a Toronto-based junior mineral development company focusing on
high-quality, advanced projects. Management's goal is to continue the
redevelopment of the 100% owned past producing Granduc Copper Mine and begin new
exploration activities. For more information please visit the Castle Resources'
website at www.castleresources.com.


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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