Castle Rock Exploration - Special Warrants Converted.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 12, 1996--CASTLE ROCK EXPLORATION (VSE:CTP) Donald R. Sheldon, President of Castle Rock Exploration Corp., announces that a total of 5,000,000 Special Warrants have been converted into 5,200,000 Common Shares and 4,100,000 common share purchase warrants.

By way of private placements completed in August 1995, the Company sold 3,000,000 Series A Special Warrants at $0.61 each, and 2,000,000 Series B Special Warrants at $1.30 each. The Series A Special Warrants have been converted, for no additional consideration, into 3,000,000 Common Shares and 3,000,000 warrants, each warrant entitling the holder to purchase one Common Share at a price of $0.61 to August 27, 1996 and thereafter at $0.70 to expiry on August 27, 1997. The Series B Special Warrants have been converted, for no additional consideration, into 2,200,000 Common Shares and 1,100,000 warrants, each warrant entitling the holder to purchase one Common Share at $1.50 to expiry on August 28, 1996. The Common Shares and warrants issued on conversion of the Special Warrants have been qualified for resale in the provinces of Ontario and British Columbia by the issuance of receipts in each of those jurisdictions to the Company's prospectus dated January 31, 1996.

Gross proceeds of $4,430,000 from the August 1995 sale of Special Warrants were used primarily to acquire interests in and to conduct exploration on the Company's Voisey Bay interests, including the Company's joint ventures on the Okak Bay and OKG properties with United Compass.

The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release.

CONTACT: Castle Rock Exploration, Vancouver

Donald R. Sheldon, 604/687-2038

604/687-3141 (Fax)