GREENCASTLE RESOURCES LTD.
FOR IMMEDIATE RELEASE
January 7, 2013
GREENCASTLE PROVIDES CORPORATE UPDATE
Greencastle Resources Ltd. (TSXV-“VGN”) (“Greencastle”) is pleased to provide an update on the activities of both Greencastle and its subsidiary Deveron Resources Ltd. (TSXV-“DVR”) (“Deveron”).
Deveron Resources Ltd.
Deveron has completed all required work to earn a 100% interest in the Nechako property, subject to a 2% net smelter return royalty payable to the underlying vendor and a 1% net smelter return royalty payable to Greencastle. Assays are pending on rock, soil and silt samples collected late in 2012.
The Nechako property, covering approximately 13,000 hectares (28 claims), is located approximately 100 kilometres southwest of Vanderhoof, central British Columbia, in the developing Blackwater gold camp, where New Gold Inc. has recently delineated an open-pit resource of over 10 million ounces of gold.
In addition to advancing the Nechako property, Deveron management is actively evaluating additional project opportunities. Deveron has 11,794,505 common shares issued and outstanding. Greencastle owns 7,569,505 shares or 64%.
Jewel Ridge, Nevada
Rainbow Resources Inc. (“Rainbow”) has completed six reverse-circulation drill holes at Greencastle’s Jewel Ridge property as well as numerous rock samples that were collected over a wide area as reported by Rainbow on January 2, 2013. Assay results for Jewel Ridge are pending. Rainbow can earn a 60% interest in the Jewel Ridge property by paying Greencastle $250,000 cash ($25,000 paid), issuing 1.5 million shares of Rainbow (250,000 issued) and spending $4.5-million over four years. Upon earning a 60% interest in the property, Rainbow can elect to increase its interest to 75% by advancing the property to the stage of a bankable feasibility study.
Jewel Ridge is located on the south end of Nevada's prolific Battle Mountain - Eureka Trend, along strike and contiguous to the north with Barrick Gold's two-million ounce Archimedes / Ruby Hill mine. Jewel Ridge contains several historic small open-pit gold mines which align along a north-south trending stratigraphic structure.
For more information, please contact: Investor Relations: 416-367-4571 ext. 233 or visit www.greencastleresources.com