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Castle Peak Mining Ltd. to Trade on TSX-V Under Symbol "Cap" - Closes Qualifying Transaction and $8 Million Private Placement

07.03.2011  |  vom Unternehmen
Vancouver, B.C., March 7, 2011 - Castle Peak Mining Ltd. ("Castle Peak" or "the Company", TSX.V: CAP), formerly known as Critical Capital Corporation, is pleased to announce that its common shares will commence trading on the TSX Venture Exchange ("TSX-V" or "the Exchange") under the symbol "CAP" on March 9, 2011. The Company successfully closed the Qualifying Transaction whereby the Company acquired 100%* of the issued and outstanding shares of privately owned Castle Peak Mining Ltd on March 4, 2011. Concurrent with the Qualifying Transaction, Castle Peak closed a brokered and non-brokered private placement totaling 22,857,143 units of the Company ("Unit") at a price of $0.35 per share for aggregate gross proceeds of $8,000,000. Total insider participation accounted for approximately 18% of the non-brokered portion of the private placement.

Each Unit is comprised of one common share of Castle Peak and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional Share at a purchase price of $0.50 for a period of 12 months from the date of closing. As required under securities regulations, the securities (and all underlying securities) issued in the private placement are subject to a four-month hold period expiring July 5, 2011.

A total of $1,848,350 of the gross proceeds was brokered by Raymond James Securities Ltd., who received compensation in the amount of 7% of the brokered gross proceeds and broker warrants equal to 7% of Units issued to the brokered subscribers, plus a corporate finance fee which includes 50,000 warrants. The broker warrants and the warrants issued as a corporate finance fee have a term of 12 months and an exercise price of $0.50.

Darren Lindsay, President, states, "The completion of the transaction and financing is a solid first step for Castle Peak. We now look forward to focusing our attention on refining our exploration tools, developing a project pipeline and testing high potential targets on our highly prospective land package comprising approximately 200 square kilometres in the southern Ashanti belt."

Five of Ghana\'s seven gold producers and two near-term developers, accounting for more than 70 million ounces in gold reserves and resources, have their projects within 100 kilometers of the Company\'s land package. Castle Peak plans to undertake an airborne geophysical survey (VTEM, Magnetics and radiometrics) to complement the existing comprehensive geochemical database. Target evaluation will include the prioritization of drill targets on the Ayiem and POW properties with the intention of commencing a Phase I, 7,500 metre drill program by the end of the second quarter.

*Please note share certificates representing less than 1% of privately owned Castle Peak Mining Ltd. are in the mail system and cannot be formally closed on until received by the Company.


About Castle Peak

Castle Peak Mining Ltd. is a Canadian-based exploration and development company focused on advancing greenfields and early stage gold projects. Upon completion of the qualifying transaction, the Company will hold a strategic land package in the Ashanti belt adjacent to several producing gold mines in Ghana, West Africa. The Ashanti belt is known as one of the most prolific gold belts in the world with over 150 million proven ounces uncovered and current investment in excess of $2.5 B USD. The Company is now working to commence an aggressive exploration program on identified gold targets.


On behalf of the Board of Castle Peak Mining Ltd.:

"Darren Lindsay"
President



For additional information please visit www.castlepeakmining.com or contact:
Marlo Hamer-Jackson, Investor Relations Manager
Tel: 604 681 1466 (X235)
Email: marlo@castlepeakmining.com



FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements relating to the proposed listing of Castle Peak on the TSX Venture Exchange and other statements that are not historical facts. Such forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to vary materially from targeted results the results or events predicted in these forward-looking statements. As a result, investors are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this release. Except as required by applicable law, Castle Peak disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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