Greenock Resources: Kakanda Project Announcements
TORONTO, ONTARIO -- (Marketwire) -- 02/21/12 -- Greenock Resources
Inc. (TSX VENTURE:GKR) ("Greenock") announces the conditions to
satisfy completion of the Letter Agreement dated October 5, 2011
whereby a private company Quatern Holdings Limited ("Quatern") or its
nominee was to acquire 87.5% of the shares of PTM Minerals (Cayman)
Ltd. ("PTM") have not been completed.
Greenock has been informed of actions by Eurasian Natural Resources
Corporation PLC ("ENRC") that challenges the mineral rights of PTM.
As quoted from correspondence copied to Greenock on February 21, 2012
between Torys LLP representing ENRC to the Corporate Finance Branch
of the Ontario Securities Commission:
"On September 12, 2011, ENRC obtained a declaration from the
Commercial Court of Lubumbashi, D.R.C. confirming it exclusive rights
to develop the Kakanda property subject to PE 469. This order was
issued with the consent and cooperation of Gecamines"
"On February 6, 2012, the D.R.C. Mining Registry posted a communique
on its website confirming that PTM is not the registered holder of
any mining rights whatsoever in the that country. The communique
states the Mining Registry took note of Greenock's public statements
claiming it had rights to the Kakanda tailings, but confirms that
Boss Mining holds the exclusive right to develop the Kakanda
Prior to receiving the noted correspondence on February 21, 2012,
Greenock was not aware of these actions by ENRC and DRC authorities.
Greenock is immediately disclosing the information and is reviewing
the implications of this new material.
Greenock has spent $5,575,076 on the Kakanda project as stated in the
September 30, 2011 financials. These events illustrates that
significant project title risk exists in the Democratic Republic of
Greenock Resources Inc. is a Canadian based international mineral
development company that focuses on developing a portfolio of natural
resource properties. Shares outstanding: 32,239,479
Greenock holds a 100% interest in the Needles gold / silver property
located in the Arrowhead mining district of Nye County, Nevada. The
property is approximately 40 miles southeast of the Barrick - Kinross
Round Mountain Gold Mine. The Needles property has had historical
underground mining for gold and silver in the early 1920's.
This press release includes certain "Forward-Looking Statements"
within the meaning of applicable securities laws. Other than
statements of historical fact, all statements are "Forward-Looking
Statements" that involve such various known and unknown risks,
uncertainties and other factors. There can be no assurance that such
statements will prove accurate. Results and future events could
differ materially from those anticipated in such statements. Readers
of this press release are cautioned not to place undue reliance on
these "Forward-Looking Statements". Michael Newbury, P.Eng., is the
qualified person who has reviewed this material on behalf of the
Company. All dollar amounts are noted in Canadian dollars unless
otherwise stated in this release.
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.
Greenock Resources Inc.
James S. Hershaw
CFO & Vice President, Corporate/ Mineral Development
(416) 603.9200 (FAX)
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