Greenock Resources: Amendment to Disclosure TORONTO, ONTARIO -- (Marketwire) -- 03/18/11 -- Greenock Resources Inc. (TSX VENTURE: GKR) ("Greenock") announces that consequent upon a review by staff of the OSC, the company filed, on SEDAR, amended and restated financial statements, revised MD&A, and related CEO and CFO certificates for its most recently completed interim period ended September 30, 2010. After a period of uncertainty and volatile markets, investment capital is again starting to flow towards copper and cobalt projects located in the Democratic Republic of Congo ("DRC") copper belt. This renewed DRC interest has also attracted an unsubstantiated claim against the Greenock sponsored Kakanda project. The Kakanda copper and cobalt property is located 7 kilometres from the major Tenke copper and cobalt operating mine sponsored by Freeport McMoran and Lundin Mining. London based Eurasian Natural Resources Corporation PLC ("Eurasian") made an unsubstantiated claim regarding the ownership of Kakanda. Eurasian's unsubstantiated assertion is that Greenock has no rights, title or licenses respecting land covered by PE 469. Greenock's DRC legal counsel reviewed this unsubstantiated claim and provided a January 12, 2011 opinion that confirmed PTM Minerals Cayman ("PTM") a wholly owned subsidiary of Greenock ownership and the validity of its longstanding Kakanda development rights originally issued in 1998 to the Kakanda tailings and hard rock and the joint venture with Gecamines for the economic development of the Kakanda project. William Potter, Chairman of Greenock's subsidiary PTM Minerals Cayman Ltd.('PTM") and Director of Greenock and Gilbert Mundela, President of PTM Congo have been working on the Kakanda project since 1995 when the project was initially sponsored by the Canadian listed company International Panorama Resources. Mr. Potter notes " Greenock's subsidiary PTM Minerals Cayman Ltd is engaged in discussions with four strategic investors to finance the final terms of the Kakanda Development Accord ("KDA") ratified in January 2009 by the Ministry of Mines, the Board of Gecamines, and the Government of the Democratic Republic of the Congo to develop copper/cobalt tailings in Kakanda. The investors are completing technical due diligence with the Company in the DRC and two of the four groups have begun negotiating terms of an investment structure that may result in financing in PTM Minerals Cayman Ltd. It is expected a final agreement reviews with one or more of the investor groups may be completed in the second quarter of 2011." Michael Newbury, President and CEO of Greenock and a Director of PTM has been working to advance the Kakanda project as a major project for Greenock since 2004. Mr Newbury notes, "It is unfortunate that Eurasian has chosen to use a public disclosure complaint with Canadian regulators as a strategy to attempt to resolve a complicated mineral development right issue in the DRC. Historically PTM's interest included both the hardrock and tailings resources in a feasibility study that was delivered to Gecamines on October 27, 1998 in compliance with its original exploration permit. PTM completed a full feasibility and complied with all the requirements and was granted exploration rights to Kakanda. A force majeure was called during the civil war in the DRC. During that period there was no control on the issuing of mining licenses resulting in competing claims for many properties. Earlier this decade with the DRC mining reform legislation and land ownership reforms resulted in the realignment of mining concessions. This process was designed to settle competing land claims and provide transparency to the issuance of mining licenses. PTM's signed a new Kakanda Development Accord ("KDA") with Gecamines that was ratified by the Ministry of Mines and Presidential Decree in January 2009. The economic values set out in the Kakanda feasibility study included both tailings and hardrock resources. However, if a joint venture agreement for the development of Kakanda including the hardrock cannot be arranged Gecamines agreed to secure additional copper/cobalt resources that may be included in a production evaluation to enable the Kakanda project to proceed in accordance with economic values set out in the original feasibility. Greenock has made several attempts to open discussions with Eurasian to review the Kakanda area claim rights and to develop the project in the context of DRC regulations. The copper and cobalt development opportunities at Kakanda and within the DRC are very substantial with multiple opportunities for investment partners to participate numerous projects on an equitable basis that respects long standing development rights. The legal and regulatory issues surrounding property ownership in the DRC are not transparent. Cancellation of exploration licenses cannot be unilaterally undertaken by the company or Gecamines. Greenock has not received any notices under the cancellation procedures that requires notification by the Board of Gecamines, Ministry of Mines and the Assembly. PTM representatives continue to have dialogue with representatives of both Gecamines and the Ministry of Mines regarding advancing the development of Kakanda. We believe that Eurasian initiated the process of reviewing Kakanda development rights as part of a process to discredit PTM and to try and strengthen their case with Gecamines." As stated in numerous public disclosures, existing and potential shareholders of Greenock should be aware that developing DRC based mineral projects including the Kakanda project has increased risks due to regulatory changes and political aspects that can significantly affect the ownership and development rights of companies in that country. The Greenock situation is similar to events affecting other TSX listed companies that are actively trying to finance and advance DRC mineral projects. Complete technical details and history on the Kakanda project are available in the comprehensive NI43-101 report dated May 2008 that is available on www.sedar.com. Greenock undertakes to update the property dispute with Eurasian Natural Resources on a regular basis in accordance with the continuous disclosure requirements of Ontario securities law. Forward-Looking Statements This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the proposed commencement of operations on the Kakanda Project, the prospective geology of the block, the terms of any drilling program or joint venture, the impact of the Kakanda Project on Greenock and receipt of all necessary approvals, including shareholder and regulatory approvals. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Greenock to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration activities; acquisition risks; regulatory risks; risks inherent in foreign operations; and other risks of the mining industry. Although Greenock has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. Greenock does not undertake to update any forward-looking information, except in accordance with applicable securities laws." Neither the 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: Greenock Resources Inc. James S. Hershaw CFO & Vice President, Corporate/ Mineral Development (416) 603.7200 (416) 603.9200 (FAX) firstname.lastname@example.org www.greenockresources.com
Greenock Resources: Amendment to Disclosure
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