Duncastle Issues Shares as Property Option Payment

Duncastle Gold Corp. ("Duncastle") (TSX VENTURE:DUN)(FRANKFURT:5D3) reported
today that it has elected to issue 1,600,000 common shares to the optionors of
the Porphyry Creek property in lieu of an $80,000 cash option payment in
accordance with the amended property option agreement which provides for the
Company to earn a 100% interest in the property by payment of the total amount
of $303,000 of which $63,000 has been paid in cash and $80,000 has been paid in
share issuance at a deemed value of $0.05 per share. $160,000 remains to be paid
prior to June 30, 2014. The optionors of the property are John Norton, Michael
Rowley, President and director, and Crucible Resources Limited, a company owned
by director Douglas Warkentin. The amended property option agreement received
TSX Venture Exchange acceptance on February 24, 2012. 


About the Porphyry Creek Project

The Porphyry Creek property consists of over 135 square kilometers of mineral
claims in the Omineca Mining Division of northwest British Columbia, a highly
prospective area that is home to multiple world class precious and base metal
deposits and mines. The Porphyry Creek claim group includes historic workings
and numerous high-grade gold, silver and polymetallic showings around a distinct
10 kilometre long magnetic high with coincident copper, lead and zinc
geochemical anomalies shown in government data and Duncastle's work to date. 


Duncastle conducted ground-based geological work in 2008, added substantially to
the claim group in 2009, and completed an airborne geophysical survey in 2010.
This body of work, in conjunction with available historic data, presented six
priority targets with the most advanced being a porphyry target at the Sultana
Mine area. Three holes totaling 1,330 meters were drilled in late 2010 which
confirmed the presence of a new Cu-Mo porphyry system at Sultana with
mineralization throughout all holes. Six holes totaling 2,583 meters were
drilled in 2011 which successfully pushed the discovery to a zone approximately
400 meters by 500 meters by 500 meters deep containing widespread highly
anomalous copper and molybdenum mineralization, with additional values of
silver, tungsten and other minerals. Further drilling is required to test and
delineate the full extent of the mineralizing system as mineralization remains
open laterally to the west, south and north, and at depth. Five other priority
exploration targets include an IOCG/skarn target, additional porphyry systems,
and high-grade polymetallic vein systems.


Planned work for Porphyry Creek in 2012 includes ground based geological and
geophysical programs focused on identifying higher grade mineralization at
Sultana which will be tested in subsequent drill programs. Similar programs are
planned for the five other priority targets summarized above with the aim of
advancing these areas as drill targets.


About Duncastle Gold Corp.

Duncastle is a Vancouver-based exploration company with mineral claims covering
or surrounding past producing mines in northwest and southeast British Columbia,
Canada. Duncastle has assembled contiguous claim blocks totaling more than 210
sq km in these two historic and productive regions. In addition to the Porphyry
Creek project in northwest BC, Duncastle controls most of the historic Ymir
Mining camp in southeast BC which was once the largest silver producer in the
British Commonwealth, producing over $500 million in gross mineral value at
today's values before mine closures in the 1940s. Environmental and engineering
work is planned at the largest mine in the Ymir camp, the Yankee-Dundee mine, in
order to reduce project development delays to potential partners during a
proposed return to production. To date, Duncastle has completed positive
preliminary engineering and metallurgical studies and drilled 48 holes totaling
approximately 7,700m at Yankee-Dundee, resulting in the identification of
high-grade gold-silver-lead-zinc mineralization near existing workings at the
historic mine.


As part of the Manex Resource Group, Duncastle benefits from shared expertise in
corporate finance, public company administration, investor relations, and
technical and geological services provided for seven public companies active in
North America. Since its formation in 1997, the Manex Group companies have
raised over C$300 million in exploration financing.


On behalf of the Board of Directors,

Lawrence Page, Chairman & Director, Duncastle Gold Corp.

This News Release may contain forward-looking statements including but not
limited to comments regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
statements. These statements are based on a number of assumptions, including,
but not limited to, assumptions regarding general economic conditions, interest
rates, commodity markets, regulatory and governmental approvals for the
company's projects, and the availability of financing for the company's
development projects on reasonable terms. Factors that could cause actual
results to differ materially from those in forward looking statements include
market prices, exploitation and exploration successes, the timing and receipt of
government and regulatory approvals, and continued availability of capital and
financing and general economic, market or business conditions. Duncastle Gold
Corp. does not assume any obligation to update or revise its forward-looking
statements, whether as a result of new information, future events or otherwise,
except to the extent required by applicable law.
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