Greencastle Subsidiary Deveron Increases Stake in Rapidly Expanding Organic Fertilizer Business

Greencastle Resources Ltd. (TSX VENTURE:VGN) ("Greencastle"), through
Greencastle's subsidiary Deveron Resources Ltd. (TSX VENTURE:DVR) ("Deveron"),
has acquired an additional stake in Boreal Agrominerals Inc. ("Boreal"), which
owns and operates a carbonatite quarry near Sudbury, Ontario. By means of a
private placement, Deveron has now increased its interest to 15.5% in Boreal.


In connection with the purchase, Greencastle has loaned Deveron $400,000, which
bears interest at prime plus two percent (2%) and is due on demand. As security
for the loan Deveron has granted Greencastle a security interest over all of its
assets, including the Boreal shares purchased. Greencastle is a significant
shareholder of Deveron, owning 7,756,005 common shares of Deveron representing
approximately 65.8% of the outstanding common shares of the Deveron. Greencastle
is relying on exemptions from the minority shareholder approval requirements of
Multilateral Instrument 61-101.


"The loan to Deveron is an excellent way for Greencastle to put some capital to
use. Boreal is an exciting opportunity that should turn cash flow positive this
year. Agri-business remains one of the few resource investment bright spots and
Boreal has tremendous potential for growth both in revenues and deposit size."
commented Anthony Roodenburg, Greencastle CEO.


Boreal is a private company that explores for, tests, develops and produces
organic-certified agromineral fertilizers and soil amendment products, targeting
the purest and most reactive minerals that are superior for organic as well as
conventional farming enterprises. There is also extensive information about
Boreal at www.borealagrominerals.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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Greencastle Resources Ltd.
Investor Relations
416-367-4571 ext. 233
www.greencastleresources.com

Greencastle Resources (TSXV:VGN)
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