Mr. Albert Contardi reports

GREENCASTLE ANNOUNCES PRIVATE PLACEMENT

Greencastle Resources Ltd. intends to complete a non-brokered private placement financing for gross proceeds of up to $200,000 through the issuance of up to five million units in the capital of the company at a price of four cents per unit.

Each unit shall comprise one common share in the capital of the company and one whole common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at a price of five cents per common share until the date that is two years from the date of issuance. Gross proceeds raised from the offering will be used for accounts payable. The company confirms that the gross proceeds will not be used for investor relations or paid to non-arm's-length parties.

In connection with the offering, the company may pay certain eligible finders a cash commission equal to 6 per cent of the gross proceeds of the offering and may issue such number of finders' warrants as is equal to 6 per cent of the units sold pursuant to the offering. Each finder's warrant will entitle the holder thereof to acquire one common share at a price of five cents per common share until the date that is two years from the date of issuance.

Closing of the offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued in connection with the offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

In addition, the company would like to announce that Albert Contardi has been appointed the chief executive officer and a director of the company to replace Anthony Roodenburg. The company would like to thank Mr. Roodenburg for his contribution to the company and wishes him all the best in his future endeavours.

Mr. Contardi is a consultant/adviser with over 15 years of legal, investment and capital markets experience. He is currently president of Generic Capital Corp., a Toronto-based exempt market dealer. Mr. Contardi's expertise involves advising and structuring corporate finance transactions in the mining, technology and biotechnology sectors to maximize the value of projects/assets. He has been called to the Ontario Bar and is a graduate of Queen's University Law School.

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