Castle Resources Options to Earn Up to 70% Interest In Elmtree Gold Project in New Brunswick

TORONTO, ONTARIO, Jun 01 (MARKET WIRE) --
Castle Resources Limited (TSX VENTURE: CRI) ("Castle" or the "Company")
is pleased to announce that the Company has entered into an option
agreement with Stratabound Minerals Corp. to acquire up to a 70% interest
in their 100% owned New Brunswick based Elmtree Gold Property
("Elmtree"), subject to a 30 day due diligence period and regulatory
approval.

Castle will earn a 60% interest in Elmtree over a 3 year option period by
spending $2.5 million on exploration and drilling expenses; $750,000 is
to be spent during the first year and the balance spent over the
remaining two years of the option period. Castle will pay Stratabound a
total of $200,000 over the 3 year option term and will issue, subject to
regulatory approval, 200,000 shares of the Company, based on the
following schedule:

Elmtree Earn-In Schedule
----------------------------------------------------------------------------
Interest Earn-In Schedule Cash Shares
----------------------------------------------------------------------------
60% Signing of contract $ 100,000 200,000
1st anniversary $ 50,000 n/a
2nd anniversary $ 50,000 n/a
10% 90 days after 3 year option $ 1,000,000 n/a
----------------------------------------------------------------------------

In addition, Castle has the option to acquire an additional 10%
interest in Elmtree at the exercise price of $1,000,000 within 3 months
following the end of the initial 3 year option period, bringing Castle's
total interest up to 70%.

Consisting of 85 claims (1,375 hectares, 3,400 acres) and situated near
the port city of Bathurst, New Brunswick, the Elmtree property contains
at least three gold-bearing zones, the higher grade West Gabbro Zone
(WGZ), original Discovery Zone (DZ) and the larger tonnage, lower grade
South Gold Zone (SGZ). A portion of SGZ contains significant stringer
mineralization with appreciable zinc-lead-antimony-gold-silver-indium
values.

In a June 2008 NI 43-101 report, the resource estimate consists of
525,000 Indicated tonnes grading 2.45 g/t gold (41,000 ounces gold) plus
4,624,000 Inferred tonnes at an average grade of 1.25 g/t gold (185,500
ounces gold), plus 41,000 Inferred tonnes containing 201,000 ounces of
silver, 7.0 million lbs zinc and 2.4 million lbs lead. Contained metals
reported were in situ.

"We are very excited to begin a sizable drilling program at Elmtree,"
said Mr. Stephen Shefsky, President & CEO of Castle Resources Limited.
"Stratabound's efforts over the past several years have given us the
foundation to now ramp-up exploration and potentially expand the gold
resource significantly."

Castle is also pleased to announce that Mr. Brad Leonard has joined the
Company as Exploration Manager. Mr. Leonard is a professional geologist
with more than 25 years experience in the mining industry and has been
involved in a wide range of projects both in Canada and internationally.
He has held positions with the Ontario Ministry of Northern Development
and Mines in the Ontario Geological Survey and Mining Lands Section.

Before joining Castle, he was the Exploration Manager with the
internationally respected consulting firm of Caracle Creek International
Consulting Inc.

Mr. Lenny Foreht has agreed to join the Company's management team as VP
Corporate Development. Mr. Foreht has extensive experience in the
Canadian capital markets and in the junior mining sector. He is currently
a partner at Linear Capital Corp. a merchant bank based in Toronto with a
focus on financing, developing and advising emerging growth companies.

Castle also wishes to announce that pursuant to the terms and conditions
of its Stock Option Plan, it has granted, in the aggregate, 1,500,000
incentive stock options (the "Options") to the officers, management and
directors of the Company. The options will be exercisable for a five year
period at $0.10 per share.

Brad Leonard, P. Geo., Castle's Exploration Manager, is the Qualified
Person responsible for the scientific and technical work discussed as
defined under National Instrument 43-101 and has reviewed this press
release.

About Castle Resources

Castle Resources Inc. is a Toronto-based junior mineral exploration
company focusing on high-quality, advanced exploration gold projects.
Management's goal is to quickly advance the new Elmtree option and to
seek additional opportunities to continue to add value for shareholders.
For more information please visit the Castle Resources' website at
www.castleresources.com

Disclaimer

Certain statements contained in this news release may contain
forward-looking information within the meaning of Canadian securities
laws. Such forward-looking information is identified by words such as
"estimates", "intends", "expects", "believes","may", "will" and include,
without limitation, statements regarding the company's plan of business
operations (including plans for progressing assets), estimates regarding
mineral resources, projections regarding mineralization and projected
expenditures. There can be no assurance that such statements will prove
to be accurate; actual results and future events could differ materially
from such statements. Factors that could cause actual results to differ
materially include, among others, metal prices, risks inherent in the
mining industry, financing risks, labour risks, uncertainty of mineral
resource estimates, equipment and supply risks, title disputes,
regulatory risks and environmental concerns. Most of these factors are
outside the control of the company. Investors are cautioned not to put
undue reliance on forward-looking information. Except as otherwise
required by applicable securities statutes or regulation, the company
expressly disclaims any intent or obligation to update publicly
forward-looking information, whether as a result of new information,
future events or otherwise.

Neither the 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.

Contacts:
Stephen Shefsky
President & CEO
416-366-4200
cancap@on.aibn.com

Lenny Foreht
Corporate Development
416-364-2266
lforeht@linearcapital.com

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