Greenock Resources Inc.

Greenock Resources Inc.

January 26, 2010 14:58 ET

Greenock Resources: Acquisition of Nevada Gold and Silver Property

TORONTO, ONTARIO--(Marketwire - Jan. 26, 2010) - Greenock Resources Inc. (TSX VENTURE:GKR) ("Greenock") is pleased to announce that it has closed the acquisition of the Needles property located in Nye County, Nevada from a private company District Gold Inc. ("District"). All documentation has been completed and the claims registered in the name of Arrowhead Gold Inc. a wholly owned subsidiary of Greenock.

The final transaction is subject to a working capital adjustment that results in Greenock issuing to District a total of 534,421 common shares. In addition District retains a 2% net smelter return and has an option on the third anniversary of the transaction to purchase the property back for $30,000 subject to Greenock's right to retain the property with a $1,000,000 payment.

The Needles property is in the Reveille mining area of Nevada. Historical mining took place on the property in the early 1920's that resulted in:

1) a 345-foot deep inclined shaft with four levels of drifts that exploited two were developed ore shoots 3 to 8 feet wide in a 'replacement vein'. The vein hosted gold and silver-bearing sulfide mineralization that graded $24 to $50/ton; and 

2) Arrowhead extension developed a vein (at a depth of 55 feet) from a two-compartment shaft 150 feet deep. Vein material is reported to have assayed from $1.20 to $71.55/ton when the mine was operating in 1920.

(Note the above information is historical and not 43-101 compliant)

The property is considered to be a classic epithermal mineral deposit similar to Round Mountain gold mine approximately 40 miles northwest of the property. Greenock is having a NI 43-101 report prepared to review the historical mining and more recent exploration and sampling that has occurred on the property. The report will recommend the exploration work that should be undertaken as the next stage in the development of the property.

The transaction has been approved by Greenock's Board and the Toronto Venture Exchange.

About Greenock:

Greenock Resources Inc. (formerly Simberi Mining Corporation) is a Canadian based international mineral development company that focuses on developing a portfolio of natural resource properties. 

Greenock's main development project is the Kakanda Copper/Cobalt project in the Democratic Republic of the Congo that is a joint venture with Gécamines, the Congolese state mining company (Greenock 70% Gécamines 30%). This copper/cobalt deposit in the Central African Copper Belt is adjacent to the Tenke Fungurume project presently being developed by Freeport McMoRan Gold & Copper Company and Tenke Mining Corp.

The Kakanda tailings project has NI 43-101 measured and indicated resources of 18.5 million tonnes with an average grade of 1.25% copper and 0.15% cobalt. Adjacent hard rock deposits have a historical resource of 18.6 million tonnes with an average grade of 3.19% copper and 0.19% cobalt.

The company holds a 100% interest in the Needles gold/silver property located in the Arrowhead mining district Nye County, Nevada. This property is approximately 40 miles southeast of the Barrick – Kinross Round Mountain Gold Mine. While there is historical underground mining for gold and silver that took place in the early 1920's and subsequent exploration that property has not had detailed systematic exploration for epithermal mineralization that is suggested by the geological sequence.

Greenock's holdings in Australia are the nickel and platinum group metal exploration property Merlot and a shareholding in the uranium exploration company Raisama. Raisama has acquired a number of high potential exploration projects including Lambina from Greenock and the Sunday Creek uranium property in Western Australia that is adjacent to the Kintyre uranium property currently being developed by Cameco.

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. 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.

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