Greencastle Resources Ltd.
TSX VENTURE : VGN

Greencastle Resources Ltd.

November 30, 2010 12:16 ET

Greencastle Provides Third Quarter Update

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2010) - Greencastle Resources Ltd. ("Greencastle" or the "Company") (TSX VENTURE:VGN) is pleased to report on continued royalty revenue and its strategic focus on gold exploration.

As of September 30, 2010, Greencastle's current assets were $6,027,404, or approximately $0.135 per share. Income from oil royalties at the Primate field in Saskatchewan was $995,842 for the nine months ended September 30, 2010, or approximately $110,000 per month.

A heli-borne magnetic and EM survey has been completed over the Company's Nechako gold property in central British Colombia in the vicinity of the recent gold discovery of Richfield Ventures on its Blackwater property. Greencastle is currently reviewing the geophysical data to aid in identifying drill targets at Nechako for the calendar 2011 field season.

Commenting on the current status of Greencastle, Anthony Roodenburg, CEO, stated: "Greencastle has never been in a stronger financial position. Our balance sheet is strong and royalty revenues continue to perform well. The recent share price improvement suggests that the market is waking up to the fact that Greencastle has been quite active in gold exploration in the past, and the Nechako option in BC confirms that our near-term plans are to be more active in gold. Greencastle retains two very significant gold exploration projects on the Battle Mountain trend in Nevada. On our Jewel Ridge project, near Eureka, Nevada, we drilled 40 metres of 2.1 g/t Au in 2004, and our Indian Creek property lies in the heart of the Cortez Hills / Pipeline district, one of the most prolific gold mining regions on earth. Of course, we are always reviewing potential new opportunities, and currently our focus is advanced gold projects."

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 www.sedar.com. 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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