VGN Greencastle Resources Ltd

Greencastle Resources Ltd. (TSX VENTURE:VGN) is pleased to announce that
Greencastle's gold exploration subsidiary, Deveron Resources Ltd. ("Deveron")
has closed its previously announced initial public offering (the "Offering") of
common shares. A total of 3,000,000 common shares were sold under the Offering
for gross proceeds of $750,000.


Commenting on the successful Offering, Anthony Roodenburg, Greencastle CEO, stated: 

"Deveron's successful IPO, in these challenging market conditions, is a strong
vote of confidence for the Nechako property in central British Columbia and the
team at Deveron. With our majority shareholder position in Deveron, Greencastle
has significant exposure to a company that has aggressive plans for gold
exploration in the Americas. I encourage investors to visit
www.deveronresources.com to find out more." 


Greencastle acquired 186,500 common shares of Deveron at a price of $0.25 per
common share in connection with the completion of the initial public offering of
Deveron. Following this acquisition, Greencastle holds an aggregate of 7,756,005
common shares of Deveron, representing approximately 65.76% of the issued and
outstanding common shares of Deveron. 


In addition, Greencastle holds 6,031,090 warrants of Deveron exercisable at
$0.30. In the event that the warrants are exercised, Greencastle will hold a
total of 13,787,095 common shares of Deveron, or approximately 77.34% of all
issued and outstanding common shares of Deveron, on a partially diluted basis
assuming exercise of Greencastle's warrants only. 


Greencastle has acquired the above-noted shares of Deveron for investment
purposes and it may, depending on market and other conditions, increase or
decrease its beneficial ownership, control or direction over the common shares
or other securities of Deveron, through market transactions, private agreements,
treasury issuances, exercise of convertible securities or otherwise.There are no
persons acting jointly or in concert with Greencastle with respect to the
Greencastle's shareholdings in Deveron.


This press release is issued pursuant to National Instrument 62-103 - The Early
Warning System and Related Take-Over Bid and Insider Reporting Issues, which
also requires a report to be filed with regulatory authorities in each of the
jurisdictions in which Deveron is a reporting issuer containing information with
respect to the foregoing matters (the "Early Warning Report"). A copy of the
Early Warning Report will appear with Deveron's documents on the System for
Electronic Document Analysis and Retrieval.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Greencastle Resources Ltd.
Investor Relations
(416) 367-4571 x 226
www.greencastleresources.com

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