Termination of Akoko Sale Agreement

24 May 2016

Castle Minerals Limited ('Castle')(ASX: CDT) advises that the Sale and Purchase Agreement between Castle, its wholly owned subsidiary Topago Mining Limited and UK based Goldcrest Resources PLC ('Goldcrest') has been terminated.

Goldcrest was unable to fulfil its obligations under the Agreement. In particular it did not achieve the listing of its shares that formed part of the purchase consideration on the UK AIM trading exchange within the required twelve month time frame.

Castle continues to discuss with Goldcrest a possible restructuring of the Agreement. Several other parties have also expressed an interest in the Akoko project.

Stephen Stone Managing Director [email protected]

+61 (0) 418804564

About Castle:

Castle Minerals listed on the Australian Stock Exchange in May 2006 (ASX: CDT). It has a large tenure position in Ghana, West Africa, a country with a long history of gold mining and exploration. Its licence holdings host several advanced stage gold prospects including Kpali and Kandia in Ghana's Upper West region and Akoko close to Takoradi in Ghana's southern and prolific gold mining region. All of these have open- ended resources delineated. Several other areas present relatively early stage exploration targets within highly prospective geological terrains.

Suite 2 / 11 Ventnor Ave West Perth WA 6005

PO Box 437

West Perth WA 6872 Tel: +618 9322 7018

ASX : CDT ACN 116 095 802

www.castleminerals.com Email: [email protected]

Registered Office Suite 5 / 95 Hay Street

Subiaco WA 6008

Ghana Office PO Box CT9 East Cantonments,

Near NAFTI Accra, Ghana

Tel: +233 21 771 889

Share Registry Enquiries Security Transfer Registrars Pty

PO Box 535

Applecross WA 6953

Tel: (08) 9315 2333

Fax: (08) 9315 2233

www:securitytransfer.com.au

Capital Structure Quoted Shares: 139 million Unlisted Options: 1.05m @ 40c

Board Michael Atkins

Director

Stephen Stone

Director

Ian Hobson Director & Company Secretary

Castle Minerals Limited - Termination of Akoko Agreement May 2016

Castle Minerals Ghana Tenure and Key Prospects