Greencastle AGM Results and Corporate Update

Greencastle Resources Ltd. (TSX VENTURE:VGN) ("Greencastle" or the "Company"),
is pleased to announce that the Company has held the 2012 Annual Meeting and all
resolutions were passed. On behalf of shareholders, the Company would like to
welcome to the board of directors Mr. James (Jim) Borland. Jim has been involved
in the mining industry for more than 25 years and currently serves as CEO of
Strait Gold Corporation. The Company would also like to thank Richard Zakaib for
his years of service on the Greencastle board and wishes him well. Richard did
not stand for re-election at this year's meeting.


The Company also announces that a total of 1,850,000 stock options to purchase
Greencastle common shares were granted today to directors, officers and
consultants of the Company at an exercise price of $0.10 per share, expiring on
June 14, 2017. The grant of options is subject to Exchange approval.


Corporate Update

Preliminary fieldwork including soil sampling and prospecting are in progress on
the Company's three early stage, base metal (copper and zinc) properties in the
Sturgeon Lake, Ignace and Shebandowan Lake areas of Northwest Ontario.


At Greencastle's Jewel Ridge gold property near Eureka, Nevada, Rainbow
Resources Inc. ("Rainbow") (TSX VENTURE:RBW), following a review of the
historical data and receipt of assay results from initial sampling on the
property, has reported that a 2,000-metre phase 1 RC drill program at Jewel
Ridge is planned for later this year.


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. Jewel Ridge contains several historic small open-pit gold
mines which align along a north-south trending stratigraphic contact of Lower
Paleozoic sedimentary rocks as well as several other gold mineralized zones with
a variety of structural and lithological controls. One of Rainbow's initial
priorities will be to follow-up on encouraging results from Greencastle's
previous drilling including 2.1 g/t Au over 39.6 metres (from 94.5 m to 134.1 m)
at the old Hamburg Mine workings.


Significant results from recent work by Rainbow included chip samples across 15
metres from the south wall of the Hamburg pit (southern portion of Jewel Ridge)
that assayed 0.98 g/t Au, 14.1 g/t Ag and 3.45 per cent zinc, while another chip
sample across seven metres from the nearby Paroni pit assayed 0.91 g/t Au and
3.9 g/t Ag. A hematite float sample, believed to have originated from the
Dunderberg mine area in the northwest section of the property, graded 3.6 g/t
Au, 30.4 g/t Ag and 2.2 per cent lead.


The Jewel Ridge property consists of 96 unpatented lode mining claims and eleven
patented claims covering approximately 1,510 acres. Rainbow can earn up to a
75-per-cent interest in Jewel Ridge as part of its option agreement with
Greencastle, announced March 29, 2012.


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)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024