Greenock Resources: Corporate Update
TORONTO, ONTARIO -- (Marketwire) -- 03/11/13 -- Greenock Resources
Inc. (TSX VENTURE:GKR) ("Greenock")
Greenock is discussing cooperative strategies with Eurasian Natural
Resources Corporation (ENRC) to maximize the value of technical
studies that have demonstrated the significant economic value of the
Kakanda copper cobalt project.
The Kakanda area is located in the Democratic Republic of Congo in
the Katanga Province adjacent to major operating copper cobalt mine
and plant known as the Tenke Fungurume Project which is operated by
Freeport McMoran Copper and Gold Inc. and Lundin Mining Corporation.
Greenock completed and filed on SEDAR the Kakanda Copper Cobalt
Project NI 43-101 Technical Reports dated September 16, 2006 and May
25, 2008. These reports were completed by MPH Consulting Limited
("MPH") and incorporated the results of the prior Feasibility Study
completed for International Panorama Resource Corporation ("IPRC").
IPRC engaged Bateman Minerals and Industrial Ltd. of South Africa
("Bateman") in conjunction with Steffen Robertson and Kirsten
("SRK"), Dune and Dump Drillers (PTY) Ltd., Techpor Mining and
Metallurgy Ltd. and others to complete a full bankable feasibility
study that was filed with Gecamines the Congo State mining company.
MPH completed additional sampling and technical reviews updating the
capital and operating cost estimates and commodity prices of the
technical reports to the noted dates. Greenock acquired the rights to
these prior technical studies through the acquisition of its wholly
owned subsidiary PTM Minerals (Cayman) Ltd. that had prior ownership
District Gold Inc. ("District") has not met the conditions of proper
notice or deposited the option payment within the defined time period
to exercise its Buy-out option of the Needles property located east
of Tonopah, Nevada as defined by agreement. Greenock is evaluating
its future strategy for the Needles property that also includes
discussions with District.
Greenock Resources Inc. is a Canadian based international mineral
development company that focuses on developing a portfolio of natural
resource properties. Shares outstanding: 33,139,470
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 Development
(416) 603.9200 (FAX)
Press spacebar to pause and continue. Press esc to stop.