Greencastle Resources Ltd.

Greencastle Resources Ltd.

October 24, 2006 15:45 ET

Greencastle Grants Options

TORONTO, ONTARIO--(CCNMatthews - Oct. 24, 2006) - Greencastle Resources Ltd. (TSX VENTURE:VGN), announces that 1,000,000 options to purchase common shares of the Company have been granted to directors and officers today, at an exercise price of $0.20 per share, expiring on October 24, 2011.

About Greencastle

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

No Stock Exchange has reviewed nor accepted 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. 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.

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