CASTLE MINERALS LIMITED — Capital/Financing Update 2012

Mar 22, 2012

23 March 2012

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ASX Announcement

Maiden RC Drilling Intersects Gold Mineralisation at Wa South

Castle Minerals Limited (ASX: CDT) is pleased to announce that maiden RC drill testing at the Wa South prospect has intersected zones of oxide and bedrock gold mineralisation within Birimian meta‐sediments.

• Wide spaced RC drilling (400m line spacing) at the Wa South prospect has reported the following significant intercepts from 5m composite RC sampling;

 10m @ 1.73g/t gold from 40m (SWRC 01)

  - inc. **5m @ 3.03g/t gold** from 40m 

• 15m @ 0.56g/t gold from 65m (SWRC 04)

  • inc. 5m @ 1.23 from 70m

• First recorded occurrence of bedrock gold mineralisation in this previously unexplored area

• Two open gold trends defined that require follow up drilling

• Mineralisation is hosted within sheared, weakly pyritic meta‐sediments with variable silicification and quartz veining

• This work is the first RC drilling on the prospect and follows earlier Castle programs of soil sampling, auger and aircore drilling

• Elsewhere within Castle’s Wa Project, RAB, RC and auger drilling and soil geochemical programs are ongoing and Castle has ~10,000 samples awaiting analysis

Castle’s Managing Director, Mr Mike Ivey, said; “These results represent the first known bedrock gold mineralisation in the area and are very encouraging especially considering the wide drill spacing and gold reporting in two separate areas 1km apart. It also demonstrates the wider prospectivity and potential of our large landholding in Ghana. We currently have an RC rig drilling at our Kandia Prospect (~100km NE) and are arranging for the this rig to return to Wa South towards determining the exact geometry and scope of the mineralisation intersected. We have only drilled 12 holes at Wa South and look forward to following up these exciting results.”

Unit 6, 1 Clive Street, West Perth WA 6005 PH: +618 9322 7018 E: info@castleminerals.com www.castleminerals.com

ACN 116 095 802

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----- Start of picture text ----- Wa South GoldProspectWa Project in north‐west Ghana----- End of picture text -----

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RC drilling at Wa South

Castle_ASX_March 2012 Wa South RC results Final

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RC drill plan at Wa South showing significant results from the first phase of drilling

For further information please contact: Michael Ivey Managing Director & CEO +618 9322 7018

Castle_ASX_March 2012 Wa South RC results Final

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About Castle:

Castle Minerals listed on the Australian Stock Exchange in May 2006 (ASX code ' CDT ') and has since acquired the rights to six mineral projects in Ghana, West Africa including Akoko, Antubia, Banso, Bondaye, Opon Mansi (application) and Wa covering more than 11,000km².

All granted projects are 100% owned by Castle Minerals (subject to Ghanaian Government right to a free‐ carried 10% interest). Castle’s corporate objectives are exploration and development of its six projects in Ghana and the acquisition and exploration of other mineral resource opportunities, particularly in West Africa. The country of Ghana has a long history of gold mining and exploration and is Africa’s second largest gold producer behind South Africa.

Wa South Prospect ‐ Significant RC Drilling Intercepts

Hole Number	Northing	Easting	mRL	Azimuth	Dip	Hole Depth		Intercept(5m composites)
12SWRC001	1028801	538110	250	270	‐50	90		5m@0.17g/tgold from 15m
								10m@ 1.73g/t from 40m
							inc.	5m@ 3.03g/t gold from 40m
12SWRC002	1028800	538070	250	270	‐50	85		5m@0.14g/tgold from 10m
12SWRC004	1028801	537004	250	270	‐50	109		15m@0.14g/tgold from 15m
								5m@0.16g/tgold from 40m
								15m@ 0.56g/t gold from 65m
							inc.	5m@ 1.23 from 70m
12SWRC006	1028802	536925	250	270	‐50	80		5m 0.12g/t from 55m
12SWRC007	1029203	538265	250	270	‐50	80		5m@0.19g/tgold from 75m(EOH)
12SWRC008	1029203	538221	250	270	‐50	80		5m@0.14g/tgold from 20m
								5m@0.18g/tgold from 60m
12SWRC009	1029203	537971	256	270	‐50	80		5m@0.12g/tgold from 40m
								5m@0.14g/tgold from 55m
								5m@0.17g/tgold from 65m

Notes:

Assays reported from 5m composite samples from Reverse Circulation drilling. No top cut applied.

Gold analysis by 50g Fire Assay/AAS. Analysis performed by SGS Laboratories, Tarkwa, Ghana. QAQC completed and reassays from coarse rejects completed confirming original results. Hole collars picked up by handheld GPS. Individual 1m splits have been submitted to the laboratory.

Information in this announcement that relates to Exploration Results is based on information compiled by Haydn Hadlow, Castle Minerals Limited Exploration Manager, who is a Member of The Australasian Institute of Mining and Metallurgy. Haydn Hadlow is a permanent employee of Castle Minerals Limited and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 JORC Code. Haydn Hadlow consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Castle_ASX_March 2012 Wa South RC results Final

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