Pinetree increases Greencastle holdings to 10.9%

Mr. Larry Goldberg of Pinetree reports

PINETREE CAPITAL LTD. ACQUIRES COMMON SHARES OF GREENCASTLE RESOURCES LTD.

Pinetree Capital Ltd., through a series of transactions ending on June 23, 2008, acquired ownership of one million common shares of Greencastle Resources Ltd. through the facilities of the TSX Venture Exchange representing approximately 2.3 per cent of the total issued and outstanding common shares of Greencastle as of June 23, 2008. As a result of this transaction, Pinetree held, as at June 23, 2008, a total of 3.75 million common shares of Greencastle and rights to acquire an additional one million common shares of Greencastle upon the exercise of convertible securities. In the event that the convertible securities are fully exercised, the holdings of Pinetree represent a total of 4.75 million common shares of Greencastle, or approximately 10.9 per cent of all issued and outstanding common shares as at June 23, 2008, calculated on a partially diluted basis assuming the exercise of the convertible securities only.

These transactions were made for investment purposes and Pinetree could increase or decrease its investments in Greencastle depending on market conditions or any other relevant factor.