November 7, 2008
Greencastle Granted Coal Permit in Manitoba
Greencastle Resources Ltd. ("Greencastle," or the "Company,")(TSX VENTURE: VGN) is pleased to report that the government of Manitoba has issued to the Company a coal exploration permit located on the Manitoba/Saskatchewan border. This initial permit adjoins the eastern boundary of the block of coal exploration permits held by Goldsource Mines Inc. in Saskatchewan. A second permit application remains pending.
In April 2008, Goldsource announced that it had intersected coal (at a depth of about 80 metres) in two core holes located 1.64 kilometres apart and represent 26 metres and 32.5 metres, respectively, of coal seam, including 22.6 metres of continuous coal in each hole. The two core drill holes are located approximately 50 kilometres north of Hudson Bay, Saskatchewan. Most of the coal from the two intercepts was ranked as High Volatile Bituminous C and Sub-Bituminous A and was believed to be from the Mannville/Swan River Group of Cretaceous age. Goldsource plans to carry out a major drill program on its permit area this coming winter.
The Greencastle permit application covers approximately 1,586 hectares on the Manitoba side of the Saskatchewan border some 25 km southeast of the Goldsource discovery drill holes. The geological map of the Manitoba Geological Survey indicates the area to be underlain by the Swan River Formation of the same Cretaceous age as the Goldsource coal discovery, although all bedrock in the area is covered by glacial overburden.
Commenting on the recent coal initiative, Anthony Roodenburg, Greencastle CEO stated: "We are pleased to have received final approval from Manitoba on our first application and will monitor exploration activity in the area closely, particularly the Goldsource winter exploration program, while assessing our options for advancing the project."
This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. 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. 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. The Company relies on litigation protection for forward looking statements.
No Stock Exchange has reviewed nor accepted responsibility for the adequacy or accuracy of this news release.
Contacts: Greencastle Resources Ltd. Anthony Roodenburg CEO (416) 367-4571
SOURCE: Greencastle Resources Ltd.