VGN Greencastle Resources Ltd

Greencastle Resources Ltd. ("Greencastle" or the "Company") (TSX VENTURE:VGN) is
pleased to report that Rainbow Resources Inc. ("Rainbow") has completed a
comprehensive review of all available technical data associated with the Jewel
Ridge property near Eureka, Nevada. This review resulted in several promising
drill targets being identified on the property that Rainbow plans to follow up.


Rainbow notes that a number of historic workings exist within the Jewel Ridge
property. Some of the larger historic mines in the claim blocks include the
Hamburg, Peroni, Croesus and Eureka mines, which historical records indicate,
produced approximately 35,000 ounces of gold equivalent during the period 1871
to the 1920s.


A database comprising 383 drill holes with gold assay values was assembled from
various past reverse circulation drilling programs on the property and a number
of new targets were identified. Based on the technical review performed, Rainbow
intends to proceed with further exploration drilling once financing is in place.


Rainbow can earn a 60% interest in the Jewel Ridge Property by paying
Greencastle $250,000 cash, issuing 1,500,000 shares of Rainbow (both partially
paid) and spending $4.5 million over 4 years. On earning 60% interest in the
property, Rainbow can elect to increase its interest to 75% by advancing the
property to the stage of a bankable feasibility study. 


Jewel Ridge is located on the south end of Nevada's prolific Battle Mountain -
Eureka Trend, along strike and contiguous to Barrick Gold's two-million ounce
Archimedes / Ruby Hill mine to the north and the advanced-stage Lookout Mountain
Project to the south.


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: 
Investor Relations
(416) 367-4571 x 233
www.greencastleresources.com

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