Greencastle Resources Ltd.

Greencastle Resources Ltd.

August 19, 2013 16:56 ET

Greencastle Responds to Unsolicited Offer

TORONTO, ONTARIO--(Marketwired - Aug. 19, 2013) - Greencastle Resources Ltd. ("Greencastle" or the "Company") (TSX VENTURE:VGN) acknowledges the announcement made on August 19, 2013 by Zara Resources Inc. ("Zara") of its intention to make an unsolicited offer to purchase 100% of the issued share capital of Greencastle, Visible Gold Mines Inc. and Altai Resources Inc.

As of the date of this news release, the Company has had no discussions with Zara and the Company has not received any communications with any details or other information regarding the intended Zara offer. As a result, the Company is currently reviewing and evaluating the announcement with its financial and legal advisors. A special committee of the Board of Directors of the Company will be appointed to assist the Board in considering the announcement as well as any formal offer actually made in order to maximize value for the benefit of Greencastle's shareholders and other stakeholders.

The Company recommends that shareholders defer taking any action in respect of the possible Zara offer until shareholders have received further communication from the Board of Directors of the Company. In the event that an actual offer is made, the Board of Directors of Greencastle will issue a directors' circular concerning the actual offer. The directors' circular will contain important information including the determination of the Board of Directors of Greencastle with respect to a recommendation to Greencastle shareholders.

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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