Greenock Resources Inc.

Greenock Resources Inc.

August 25, 2010 14:00 ET

Greenock Resources: Kakanda Hardrock Concession Agreement

TORONTO, ONTARIO--(Marketwire - Aug. 25, 2010) - Greenock Resources Inc. (TSX VENTURE:GKR) ("Greenock") announces that it has been continuing positive discussion between its wholly owned subsidiary PTM Minerals (Cayman) ("PTM") with its joint venture partner Gecamines and the Ministry of Mines in the Democratic Republic of the Congo ("DRC") to develop the Kakanda tailings and hardrock concessions.

The recent discussions have focused on defining the framework of an agreement for the development of the entire Kakanda project. PTM previously included both the hardrock and tailings resources in the feasibility study that was delivered to Gécamines on October 27, 1998 in compliance with its original exploration permit. The recent land ownership reforms and realignment of mining concessions was completed earlier this decade with the DRC mining reform legislation. This legislation was designed to sort out competing land claims and provide transparency to the issuance of mining licenses.

PTM's Kakanda development agreement was signed with Gecamines and ratified by the Government in January 2009. The economic values set out in the Kakanda feasibility study were to include both tailings and hardrock resources. If necessary Gecamines has agreed to assist in securing additional copper/cobalt resources that may be included in a production evaluation to enable the Kakanda project to proceed in accordance with economic values set out in the original feasibility.


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. 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 Lundin Mining Corporation.

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 that has had historical underground mining for gold and silver in the early 1920's.

Greenock's holdings in Australia include the nickel and platinium group metal exploration property Merlot and a shareholding in the uranium exploration company Raisama listed on the Australian Stock Exchange. 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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