Greencastle Resources Ltd.
TSX VENTURE : VGN

Greencastle Resources Ltd.

September 09, 2009 17:56 ET

Greencastle Options Oil Projects Totalling Seven Thousand, Six Hundred Acres In South-Western Saskatchewan

TORONTO, ONTARIO--(Marketwire - Sept. 9, 2009) - Greencastle Resources Ltd. ("Greencastle," or the "Company,") (TSX VENTURE:VGN) is pleased to report that that it has reached an agreement with Centaur Resources Ltd., 611890 Alberta Inc., and Bellport Resources Ltd., (Centaur et al) to earn into their interests in lands in the Boggy Lake - Cabri Area, south-western Saskatchewan.

In the Cabri area, Greencastle will carry out a seismic survey and will have an option to earn a 50% interest in three sections by drilling a test well. In the North Boggy Lake area, the Company will review available seismic data and have the option to drill a test well to earn a 50% interest in a further three sections of land. In the Boggy Lake area, the Company will carry out testing of one horizon on a well drilled earlier this year by Centaur et al to earn a 25% interest in the well. Greencastle will also have an option to earn a 50% interest in the remainder of the section and the adjoining two sections and a continuing option to earn a 50% interest in the remaining three sections of the area. All production on the lands will be subject to a 3% gross overriding royalty.

The seismic survey at Cabri and testing of the well at Boggy Lake is expected to begin later this month.

Anthony Roodenburg, CEO made the following comments relating to this series of transactions: "While these projects are exploration plays and do carry an element of risk, the land package we were able to tie up is substantial. We will have an ongoing option to drill four test wells, after which we will have earned a 50% interest in 12 sections of land (12 square miles) with several potentially productive stratigraphic horizons."

This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of commodities, general market conditions, risks inherent in exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. The Company relies on litigation protection for forward looking statements.

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.

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