Lundin says hold Greencastle

2012-09-07 17:58 AT - In the News


Brien Lundin, in the August, 2012, edition of the Gold Newsletter, says hold Greencastle Resources Ltd., recently nine cents. Mr. Lundin said buy in December, 2010, at 36 cents and again in May, 2012, at 12 cents. Assuming an investment of $1,000 for each buy, the $2,000 position is now worth $999. Greencastle is drilling 800 metres at its Rockstone project, in Northwestern Ontario's Sturgeon Lake greenstone belt. Its objective for the drill campaign is to test four base metal targets. The company is also conducting soil sampling programs at two other Sturgeon Lake properties, the Stake copper-gold property and the Phyllis copper-nickel property. Rockstone, Stake and Phyllis are all under option from Linear Metals Corp. To acquire the three projects, Greencastle must pay a total of $40,000 and issue 200,000 shares to Linear Metals over two years. Mr. Lundin says the stock is an inexpensive bet on early-stage exploration. The editor particularly likes Greencastle because it generates cash from its royalty interests on the Primate oil field in Saskatchewan. He says hold the stock, and wait for some encouraging exploration updates. On June 30, 2012, Greencastle had a working capital of $6.32-million.