Castle Peak Announces Shares for Debt Issuance

Vancouver - Castle Peak Mining Ltd. (TSXV: CAP) is pleased to announce that further to its news releases dated April 27, 2021 and October 1, 2021, it has settled an aggregate $442,419.18 of debt owed to Allan Green and Candel & Partners SAS by the issuance of an aggregate 29,494,612 common shares of the Company at a deemed price of $0.015 per share.

The common shares issued to the Company's Creditors are subject to a hold period in British Columbia expiring on May 1, 2022.

Contact:

Iyad Jarbou

Tel: [phone]

Email: [e-mail]

Web: https://castlepeakmining.com

FORWARD-LOOKING AND OTHER CAUTIONARY INFORMATION

Except for statements of historical fact, this news release contains certain 'forward-looking information' and 'forward-looking statements' within the meaning of applicable securities laws. This release may contain statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading 'Risk Factors' and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. As a result, readers 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. The Company does not assume the obligation to update any forward-looking statement, except as required by law.

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from 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 jurisdictions in which such offer, solicitation or sale would be unlawful. Any offering made will be pursuant to available prospectus and registration exemptions and restricted persons to whom the securities may be sold in accordance with the laws of such jurisdictions and by persons permitted to sell the securities in accordance with the laws of such jurisdictions.

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