Castle Peak Mining Ltd. Proposes Consolidation of its Common Share Capital

Vancouver, British Columbia--(Newsfile Corp. - October 31, 2019) - Castle Peak Mining Ltd. (TSXV: CAP) ("Castle Peak" or the "Company") The Company announces that it has called an annual and special meeting of its shareholders for November 28, 2019. At the meeting, the Company will ask its shareholders to approve the consolidation of its issued and unissued common share capital on the basis of 10 pre-consolidation shares for one post-consolidation share.

The Company has 132,763,360 Common Shares issued and outstanding. The proposed Consolidation, assuming the 10:1 ratio, will reduce the number of outstanding Common Shares to approximately 13,276,336 Common Shares.

The Board of Directors of the Company believes that the share consolidation is necessary to reduce the number of Common Shares outstanding to enhance the liquidity of the Common Shares as well as the marketability for the Common Shares.

The proposed share consolidation is subject to acceptance by the TSX Venture Exchange, and approval of the Company's shareholders at the noted meeting.

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

"Iyad Jarbou"
Chief Financial Officer

Tel: 604.345.1926
Email: iyadj@castlepeakmining.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING AND OTHER CAUTIONARY INFORMATION

This release contains 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. The Company does not assume the obligation to update any forward-looking statement. For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com.

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