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 tailings." 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 Congo. ABOUT GREENOCK 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. Contacts: Greenock Resources Inc. James S. Hershaw CFO & Vice President, Corporate/ Mineral Development (416) 603.7200 (416) 603.9200 (FAX) email@example.com www.greenockresources.com
Greenock Resources: Kakanda Project Announcements
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