DUN

Duncastle Gold Corp. (TSX VENTURE: DUN)(FRANKFURT: 5D3) reported today that the company has closed both private placements announced September 14, 2010. The company also reported oversubscription of the flow-through placement in addition to oversubscription of the non-flow-through placement announced on October 18, 2010.

Gross proceeds from the flow-through placement total $637,184.95 from the sale of 9,102,642 flow-through units while gross proceeds of the non-flow-through placement total $400,000 from the sale of 8,000,000 non-flow-through units. Each flow-through unit consists of one flow-through common share and one-half share purchase warrant, with each whole share purchase warrant ("Warrant") exercisable to purchase one additional non-flow-through common share at an exercise price of C$0.10 per share for a period of two years. Each non-flow-through unit consists of one non-flow-through common share and one-half Warrant.

Proceeds from the private placement will be used to fund exploration work including drilling at the Porphyry Creek project near Smithers in Northwest BC, and for general working capital. Finders' fees are payable. The private placement and finders' fees are subject to regulatory approval. All securities issued pursuant to the private placement, including common shares, share purchase warrants and finders' warrants issued as finders' fees, carry a legend restricting trading of the securities until March 1, 2011.

On behalf of the Board of Directors,

Michael Rowley, President, Director, Duncastle Gold Corp.

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.

Contacts: Duncastle Gold Corp. Michael Rowley 1.888.456.1112 or 604.641.2742 mrowley@mnxltd.com Duncastle Gold Corp. Liana Shahinian 1.888.456.1112 or 604.641.2773 liana@mnxltd.com www.duncastlegoldcorp.com