Greencastle Resources Ltd.

Greencastle Resources Ltd.

October 13, 2010 08:30 ET

Greencastle Announces Option Agreement on Gold Exploration Property in the Blackwater Area, British Columbia

TORONTO, ONTARIO--(Marketwire - Oct. 13, 2010) - Greencastle Resources Ltd. (TSX VENTURE:VGN) ("Greencastle" or the "Company") announces that the Company has entered into an option agreement to acquire a 100% interest in a property, covering approximately 13,000 ha (28 claims), in the Nechako Plateau region of BC. The property is geologically on trend with the Blackwater property of Richfield Ventures Corp. where that company is currently working to delineate its bulk tonnage gold project. 

In order to acquire its interest in the property, Greencastle is required to pay to the vendor a total of $90,000 in cash, 500,000 shares in the Company and complete at least $350,000 of exploration work over 2 years.

The Greencastle property is interpreted to be underlain by Jurassic volcanic and sedimentary rocks and younger intrusive rocks. Initial exploration over the property will use Fugro Airborne Surveys state-of–the-art detailed heli-borne magnetic and EM geophysical survey, expected to commence later this month, to define targets for follow up exploration.

Caution Concerning Forward-Looking Information

This news release includes certain "forward looking statements" within the meaning of that phrase under Canadian securities laws. 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. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. 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. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at The Company undertakes no obligation to update this forward-looking information except as required by applicable law. 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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