Greenock Resources: Amendment to Disclosure

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)
info@greenockresources.com
www.greenockresources.com
 
 
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