Mr. Anthony Roodenburg reports

GREENCASTLE PROVIDES CORPORATE UPDATE AND GRANTS OPTIONS

Greencastle Resources Ltd. has provided an update on the company's 2014 activities.

On Feb. 14, 2014, Greencastle announced a normal course issuer bid for a maximum of 3,981,805 common shares of the company, being approximately 8.6 per cent of the company's issued and outstanding common shares. To date, Greencastle has purchased 1,742,000 shares under the bid, representing 3.8 per cent of the total shares outstanding. This bid expires on Feb. 18, 2015, and it is the intention of management to renew the bid for the subsequent year. The purpose of the bid is to reduce the number of shares outstanding at a substantial discount to cash value being immediately accretive to remaining shareholders and increasing their percentage ownership in the company.

In a release dated Dec. 17, 2013, Greencastle reported that the company and its 50-per-cent joint venture partner, Softrock Minerals Ltd., had jointly farmed out their 100-per-cent working interest in their 640-acre petroleum and natural gas lease in the Spirit River area of northwestern Alberta, subject to an overriding royalty, to Centrica Energy, which is active in the area. Centrica had made an earlier payment of $400,000 to Softrock and Greencastle. On Feb. 18, 2014, production casing was set on the first well on the companies' jointly owned lease after reaching a total measured depth of 3,006 metres with the last 1,420 metres being lateral (horizontal) in the Charlie Lake formation. Late in 2014, Centrica reported that the well was completed and turned over to production and the company awaits further reports.

On May 3, 2014, Greencastle acquired a 47.5-per-cent working interest, subject to a 3-per-cent gross overriding royalty, in a suspended Cardium oil and gas well in the Ferrier area of Alberta, which the company feels can be recompleted. Management plans to expand the play and find a partner to undertake the recompletion while Greencastle retains a royalty.

On the metals front, during 2014 Greencastle added a third prospective gold property in Lander county, Nevada, approximately 55 kilometres southwest of Cortez and located close to the prolific Battle Mountain trend. The Charlie property covers a total of 10 claims and is underlain by Lower Plate limestones, siliciclastic sediments and jasperoid breccias of the uplifted Callahan window. Earlier exploration by Kinross Gold Corp. and others identified anomalous gold values in surface outcrop and soils over the claims area. The company currently also holds two additional prospective gold properties along the Battle Mountain trend. Greencastle continues to be interested in acquiring low-cost and highly prospective gold properties in safe jurisdictions.

On March 3, 2014, Greencastle acquired one million units, or approximately 8 per cent, of Nikos Explorations Ltd. at a price of 10 cents per unit, with each unit consisting of one share and one warrant to purchase one additional share at a price of 15 cents for a period of 24 months. Nikos holds ground adjacent to Probe Mines Ltd.'s Borden Lake deposit.

On Jan. 19, 2015, Probe entered into a definitive agreement with Goldcorp Inc. whereby Goldcorp will acquire all of the outstanding shares of Probe for consideration equivalent to $5 per Probe share, based on the closing price of Goldcorp shares on Jan. 16, 2015, and total consideration of $526-million.

On Dec. 11, 2014, Greencastle acquired one million common shares of Quinsam Capital Corp. Quinsam is a merchant bank based in Canada and operating internationally. Activities include acquisitions, advisory services, lending activities and portfolio investments. Quinsam's investments are almost entirely outside the natural resource sector at this time. Quinsam is managed by chief executive officer Roger Dent, a top-ranked analyst who, until recently, managed two small-cap funds for Matrix Asset Management and is a highly regarded small-cap investor.

Summarizing the years activities, Anthony Roodenburg, Greencastle's chief executive officer, stated: "The last few years have been extremely challenging for junior resource companies. Given our current share price's discount to book value, we feel returning capital to shareholders via the purchase of common shares sends a positive message regarding our belief in the long-term viability of Greencastle.

"We are also pleased to see that, after significant delays, work continues at Spirit River, where we hold a royalty. In addition to expanding our own gold exploration assets in Nevada we feel strongly that the recent takeover of Probe by Goldcorp is a huge validation of our investment in Nikos and wish them every success in the continued exploration of their Borden Lake extension property, located immediately adjacent to the Probe project.

"Our investment in Quinsam is a very small move to diversify outside of the natural resource sector. We look forward to working with Roger and potentially increasing our involvement over time."

In addition, the company announces that it has granted 2.1 million incentive stock options to directors, officers and consultants, pursuant to the company's stock option plan, at an exercise price of 10 cents per share, expiring on Jan. 28, 2020. This stock option grant is subject to approval by the TSX Venture Exchange.

All technical information in this press release has been reviewed and approved by James Pirie, PEng, who is a qualified person under National Instrument 43-101.

We seek Safe Harbor.