VGN Greencastle Resources Ltd

Greencastle Resources Ltd. (TSX VENTURE:VGN) ("Greencastle" or "the Company"),
is pleased to report that the Company has acquired a 47.5% working interest,
subject to a 3-per-cent gross overriding royalty, in a suspended Cardium oil and
gas well in the Ferrier area of Alberta, which the company feels can be
recompleted. Management hopes to expand the play and find a partner to undertake
the recompletion while Greencastle retains a royalty. 


Meanwhile, the unusually cold winter has delayed production testing on the
Company's 2.5-per-cent GORR interest in the first well on its acreage in the
northwest Alberta Spirit River / Charlie Lake oil field. Drilling has been
completed and the operator indicates that production testing will start this
summer.


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. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Greencastle Resources Ltd.
Investor Relations
416-367-4571 ext. 233
www.greencastleresources.com

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