Greencastle Resources Ltd.
TSX VENTURE : VGN

Greencastle Resources Ltd.

October 18, 2005 16:11 ET

Greencastle Grants Options

TORONTO, ONTARIO--(CCNMatthews - Oct. 18, 2005) - Greencastle Resources Ltd. ("Greencastle"), (TSX VENTURE:VGN), announces that 1,200,000 options to purchase common shares of the Company have been granted to directors, officers, employees and consultants on October 18, 2005, at an exercise price of $0.10 per share, expiring on October 18, 2010. The grant of options is subject to regulatory approval.

Greencastle is a mineral exploration company with a focus on gold exploration in Nevada, U.S.A., and the Republic of Niger, West Africa. In Nevada, Greencastle is advancing three exploration projects located on the Battle Mountain-Eureka mineral trend of Carlin-type gold deposits. In Niger, Greencastle is advancing two exploration concessions in the Liptako area of southwestern Niger. The Namaga and Koyria concessions, covering 1,148 km2 and 1,045 km2 respectively, overlie Birimian greenstone-granite assemblages which extend southwest through Burkina Faso and Ghana, where these rocks host multimillion ounce gold deposits.

In Saskatchewan, Canada, Greencastle holds royalties on two oil and gas properties, currently under development. Cash flow from these royalties commenced in third quarter, 2005.

As previously announced on June 7, 2005, Greencastle has submitted an application to acquire the Tin Negoran Uranium concession covering 1,988 sq km in Niger, West Africa. The Tin Negoran concession had a brief history of uranium production from a small open pit in the 1990's.

To find out more about Greencastle Resources Ltd (TSX VENTURE:VGN), visit our website at www.greencastleresources.com.

Issued and Outstanding: 32,759,005

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. 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.

Contact Information

  • Greencastle Resources Ltd.
    Anthony Roodenburg
    CEO
    (416) 485 1327