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TORONTO, ONTARIO–(Marketwire – March 27, 2012) – Greencastle Resources Ltd. (TSX VENTURE:VGN) (“Greencastle” or the “Company”), has signed a formal agreement with Linear Metals Corporation (“Linear”) whereby Linear assigns all right, title, and interest in and to the option of three separate properties, covering a total of 37 claims located in Northwest Ontario.
Subject to regulatory approvals, including the TSX Venture Exchange, consideration by Greencastle for the assignment of the option agreements consists of initial payment of $20,000 to Linear and issuance to Linear of 100,000 common shares of Greencastle. On the first anniversary of the agreement, Greencastle may elect to continue the options and make a final payment to Linear of up to $20,000 and an additional 100,000 common shares of Greencastle. To earn 100% interest in all the option properties subject to a 2% net smelter returns royalty, Greencastle shall also assume option payments at its discretion on the underlying properties totalling $180,000 and 480,000 shares and carry out a minimum of $300,000 exploration expenditures on some of the properties over 3 years. Greencastle has the option to purchase half of each royalty for one million dollars and has granted Linear the right to purchase 25% of this purchased royalty.
The properties cover a number of early stage, base metal (copper and zinc) targets in the Sturgeon Lake, Ignace and Shebandowan Lake areas of Northwest Ontario.
“Our recent assignment of the Nechako property in British Colombia to our subsidiary Deveron Resources Ltd. and this new acquisition of three base metal properties in Ontario are the beginning of what we expect will be a very active year of mineral exploration for Greencastle.
“Greencastle is fully funded to carry out all work anticipated for the next year. During Q4 2011, the Company saw an improvement in oil royalty revenues. In addition, the Primate section in Saskatchewan, where Greencastle holds an overriding royalty, has recently changed hands and it seems reasonable to expect that the new owners will have more aggressive development plans for Primate,” noted Anthony Roodenburg, CEO.
For more information, please visit www.greencastleresources.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.
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.
