Greencastle Resources Ltd.
TSX VENTURE : VGN

Greencastle Resources Ltd.

April 29, 2009 16:00 ET

Greencastle Reports Increase in Royalty Value

TORONTO, ONTARIO--(Marketwire - April 29, 2009) - Greencastle Resources Ltd. ("Greencastle," or the "Company,") (TSX VENTURE:VGN) is pleased to report that the Net Present Value before income tax (discounted at 10%) of Greencastle's proved and probable reserves increased to $3,683,000 from $3,226,000 for the prior year, as reported in the Company's independent reserves evaluation dated March 23, 2009 for the year ended December 31, 2008. The difference is due to an increase in estimated heavy oil reserves at the Company's main royalty property near Primate, Saskatchewan.

Despite receiving royalties of $2,968,212 in fiscal 2008, the value of the Primate royalty has actually increased as the field matures and more information becomes available.

Greencastle has filed a Statement of Reserves Data and Other Information for the year ended December 31, 2008, along with the corresponding reports of the independent qualified reserves evaluator and of management and directors of the Company for such period. A copy of the Company's forms 51-101F1, 51-101F2 and 51-101F3, required pursuant to National Instrument 51-101, are available for review on SEDAR at www.sedar.com.

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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