Greencastle Reports Fiscal 2008 Results

TORONTO, ONTARIO, Mar 30 (MARKET WIRE) --
Greencastle Resources Ltd. (TSX VENTURE: VGN) ("Greencastle," or the
"Company,") is pleased to report on the Company's fiscal 2008 financial
performance. Total royalty revenue for the year ended December 31, 2008,
was $2,968,212 versus $1,620,243 for the year ended December 31, 2007, an
increase of 83%. As at December 31, 2008, the Company had working capital
of $5,164,901 compared to $3,902,426 as at December 31, 2007, an increase
of 32% and cash and short term investments of $5,022,826 compared to
$3,190,536 as at December 31, 2007, an increase of approximately 57%. Net
income improved to $885,151 ($0.02 per share) versus $164,134 ($0.00 per
share) for fiscal 2007. Pre-tax income was $0.03 per share.

Greencastle's oil and gas royalties continue to provide the Company with
positive cash flow, even at current low oil prices. Volatile prices and
fluctuating production levels make forecasting revenues difficult with
quarterly revenues over the past eight quarters ranging between $224,017
and $1,041,963. Although there was a significant decline in fourth
quarter revenues to $341,549, prices for heavy oil have seen a modest
recovery in the first quarter of 2009.

At the Company's main royalty property near Primate, Saskatchewan,
additional drilling locations have been identified by the operator,
however, no new wells are planned in the immediate future.

Greencastle continues to hold a portfolio of exploration assets which
include: four gold exploration properties on the Battle Mountain trend in
Nevada, one of the world's most prolific gold producing trends; a coal
exploration permit in Manitoba, immediately east of the recent coal
discovery in Saskatchewan by Goldsource Mines Inc.; and an oil and gas
exploration permit in the Utica Shale gas play near Montreal, Quebec.

The Company is also pleased to announce the appointment of Carmelo
Marrelli as Chief Financial Officer. Mr. Marrelli replaces James Pirie
who was formerly the acting CFO and will continue on as President and
director. Mr. Marrelli holds a Bachelor of Commerce degree from the
University of Toronto and is a qualified Chartered Accountant and
Certified General Accountant. Mr. Marrelli is currently president of
Marrelli Support Services, a bookkeeping firm.

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.

Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

Contacts:
Greencastle Resources Ltd.
Anthony Roodenburg
CEO
(416) 367-4571

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