NEWS RELEASE TRANSMITTED BY Marketwired
FOR: Greenock Resources Inc.
TSX VENTURE SYMBOL: GKR
MARCH 3, 2014
Greenock Resources: Share Consolidation
TORONTO, ONTARIO--(Marketwired - March 3, 2014) - Greenock Resources Inc. (TSX
VENTURE:GKR) ("Greenock") announces it will be proceeding with a 30
to 1 share consolidation in order to allow future financing and acquisitions to
be completed at a share price in excess of $0.05 per share as required by TSXV
policy. The share consolidation was approved by shareholders at the Annual
General and Special Meeting of December 11, 2013. To complete these steps in a
cost effective manner, Greenock is moving to the NEX exchange to reduce
administrative expenses charged by the TMX Group. Apart for reduced
administrative costs on NEX, Greenock has maintained all its TSXV Tier 2
Greenock continues to move forward with the company's mineral exploration
and development mandate including finalizing a joint venture with Precious
Metal Investment Ltd. ("PMI") of NSW Australia, as announced on
November 15, 2013, for the Needles gold and silver property in Nevada. As part
of this transaction, PMI is to receive 1,000,000 shares of Greenock which on a
consolidated basis will now be 33,334 shares.
Greenock announces the technical studies for the Kakanda project in the
Democratic Republic of Congo may be difficult to monetize in the near term as
Eurasian Natural Resources Corporation PLC of London UK has indicated that it
will not be proceeding with any transactions or activity with Kakanda at this
time. The Kakanda title history and technical studies owned by the Greenock
subsidiary PTM Minerals (Cayman) Ltd. are believed to have significant longer
term value for any company that moves forward to develop Kakanda. The original
total cost of the Kakanda technical studies dating back to 1997 have been
approximately US $15 million.
Greenock Resources Inc. is a Canadian based international mineral development
company that focuses on developing a portfolio of natural resource properties.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Greenock Resources Inc.
James S. Hershaw
CFO & Vice President, Corporate Development
Greenock Resources Inc.
80 Richmond Street West, Suite 1101
Toronto, Ontario, M5H2A4
INDUSTRY: Manufacturing and Production - Mining and Metals
-0- Mar/03/2014 15:24 GMT
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