Greenock Resources: Amendment to Disclosure

FOR: Greenock Resources Inc. 
March 18, 2011 
Greenock Resources: Amendment to Disclosure 
TORONTO, ONTARIO--(Marketwire - March 18, 2011) - 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
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
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 
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." 
Greenock Resources Inc.
James S. Hershaw
CFO & Vice President, Corporate/ Mineral Development
(416) 603.7200
(416) 603.9200 
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. 
INDUSTRY:  Manufacturing and Production - Mining and Metals 
-0--0- Mar/18/2011 14:34 GMT
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