Greencastle Resources Ltd.

Greencastle Resources Ltd.

September 22, 2009 12:22 ET

Greencastle Increases Paramax Shareholdings

TORONTO, ONTARIO--(Marketwire - Sept. 22, 2009) - Greencastle Resources Ltd. ("Greencastle," or the "Company,") (TSX VENTURE:VGN) is pleased to report that it has acquired a further 500,000 common shares of Paramax Resources Ltd. (TSX VENTURE:PXM). The Paramax shares were acquired through a recent private placement at a price of $0.08 per share. Late in 2008, Greencastle acquired 1,500,000 flow through common shares of Paramax at $0.05 as part of the Company's tax planning. Greencastle now holds 2,000,000 Paramax shares.

Paramax plans fall drilling programs at both its Idaho project and its Fincastle project in Alberta. Paramax intends to drill up to six wells in the two project areas during the fourth quarter of 2009. In Idaho, Paramax owns a 50% leasehold interest in approximately 100,000 acres of land in the Rocky Mountain gas basin of Idaho and Oregon. Paramax expects to spud the first well on these lands in the fourth quarter of 2009. Applications have been submitted for a total of five wells, ranging in depth from 4,500 to 7,000 feet and will be targeting both shallow gas and deep oil reservoirs. The Fincastle JV consists of 3 sections of land near Taber, Alberta; the partners have completed a 3D seismic program over a portion of the area and have identified 2 drilling targets. The first of these targets is expected to be drilled in the fall of 2009 once the farming activities in the areas have completed.

"We have made money investing with this management team over the years and like the high impact nature of their near term drill plans." stated Anthony Roodenburg, Greencastle CEO.

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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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