Greenock Resources Inc.

Greenock Resources Inc.

December 14, 2009 12:07 ET

Greenock Resources: Approval of DRC Kakanda Copper Project and Amended Nevada Gold Property Acquisition Terms

TORONTO, ONTARIO--(Marketwire - Dec. 14, 2009) - Greenock Resources Inc. (TSX VENTURE:GKR)("Greenock") is pleased to announce that its copper/cobalt Kakanda project in the Democratic Republic of Congo has received approval by the Government. Greenock is continuing discussions with a number of potential investors in the Kakanda project.

The Government of the Democratic Republic of Congo ("DRC") in 2008 received the report from an impartial commission (Carter) recognizing 61 mining companies with legitimate contractual claims in the DRC. PTM Minerals, a wholly owned subsidiary of Greenock Resources Inc. has been included in the list. PTM Minerals is the company that is the party to the Kakanda project agreements. These Companies were requested to renegotiate their contracts with the government by yearend 2008. A total of 37 companies, including PTM Minerals, negotiated new agreements that were ratified by the Congolese parliament and President in January 2009. Greenock provided details of the new agreement (see Press Release January 12, 2009). On Saturday November 14th 2009 the Minister of Mines held a press conference with the Minister of Justice in Kinshasa and provided an up-dated list of mining companies that had been confirmed as partners in good standing with Gecomine as well as other State mining companies such as Okimo, Miba, SODIMCO and Kisenge Manganese. Included in this list of 22 companies includes PTM Congo spl., a wholly owned subsidiary of Greenock Resources Inc's subsidiary PTM Minerals.

Quatern Holdings Ltd. had been issued 390,000 shares of Greenock as compensation for managing the negotiations for the Kakanda project with Gecomine on behalf of PTM Minerals.

On October 29, 2009, Greenock announced a Memorandum of Understanding for the acquisition of a Nevada gold and silver project called the Needles Project. Greenock has now completed its due diligence and the terms of the Needles Project acquisition have been amended. Greenock through a wholly owned US subsidiary Arrowhead Gold Inc. will acquire 100% of the Needles Project from District Gold Inc. ("District") for: i) $100,000 payable by the issuance of up to 1,000,000 shares of Greenock, subject to working capital adjustments; ii) a buy-back option purchase agreement where District has the right to purchase the Needles Property for $30,000 or Greenock can cancel District's buy-back option by paying District $1,000,000 at the end of three years; and iii) a 2% Net Smelter Royalty ("NSR") on the Needles property with the Greenock retaining the right to re-acquire a 1% NSR for $750,000. This acquisition is subject to completing a definitive agreement and receiving all necessary regulatory and exchange approvals.

Greenock Resources Inc. holds 2,000,000 shares of Raisama, an Australian based uranium mineral development company that it received for the sale of the Lambina property. Raisama (trading symbol RAI) recently completed a fund raising and public listing on the Australian Stock Exchange. As of December 8, 2009, Raisama closed at a price of $0.51, which would value Greenock's holdings at A$1,020,000.

Greenock Resources Inc. has approved the issuance of a total of 300,000 stock options having a five year term at an exercise price of $0.10 per share to management, directors and consultants.

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 has 17.2 million shares outstanding.

Greenock's main development project is the Kakanda Copper/Cobalt project in the Democratic Republic of the Congo that is a joint venture with Gecamines, the Congolese state mining company (Greenock 70% Gecamines 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 hold 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 that has had historical underground mining for gold and silver in the early 1920's.

Greenock's holdings in Australia are the nickel and platinium 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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