Greencastle Options Base Metal Exploration Properties in Northwest Ontario

Greencastle Resources Ltd. (TSX VENTURE:VGN) ("Greencastle" or the "Company"),
has signed a formal agreement with Linear Metals Corporation ("Linear") whereby
Linear assigns all right, title, and interest in and to the option of three
separate properties, covering a total of 37 claims located in Northwest Ontario.



Subject to regulatory approvals, including the TSX Venture Exchange,
consideration by Greencastle for the assignment of the option agreements
consists of initial payment of $20,000 to Linear and issuance to Linear of
100,000 common shares of Greencastle. On the first anniversary of the agreement,
Greencastle may elect to continue the options and make a final payment to Linear
of up to $20,000 and an additional 100,000 common shares of Greencastle. To earn
100% interest in all the option properties subject to a 2% net smelter returns
royalty, Greencastle shall also assume option payments at its discretion on the
underlying properties totalling $180,000 and 480,000 shares and carry out a
minimum of $300,000 exploration expenditures on some of the properties over 3
years. Greencastle has the option to purchase half of each royalty for one
million dollars and has granted Linear the right to purchase 25% of this
purchased royalty. 


The properties cover a number of early stage, base metal (copper and zinc)
targets in the Sturgeon Lake, Ignace and Shebandowan Lake areas of Northwest
Ontario. 


"Our recent assignment of the Nechako property in British Colombia to our
subsidiary Deveron Resources Ltd. and this new acquisition of three base metal
properties in Ontario are the beginning of what we expect will be a very active
year of mineral exploration for Greencastle. 


"Greencastle is fully funded to carry out all work anticipated for the next
year. During Q4 2011, the Company saw an improvement in oil royalty revenues. In
addition, the Primate section in Saskatchewan, where Greencastle holds an
overriding royalty, has recently changed hands and it seems reasonable to expect
that the new owners will have more aggressive development plans for Primate,"
noted Anthony Roodenburg, CEO.  


For more information, please visit www.greencastleresources.com.

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.

Greencastle Resources (TSXV:VGN)
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