Greenock Resources Inc.

Greenock Resources Inc.

January 19, 2010 15:18 ET

Greenock Resources: Update

TORONTO, ONTARIO--(Marketwire - Jan. 19, 2010) - Greenock Resources Inc. (TSX VENTURE:GKR) ("Greenock") announces that it has no material information regarding the current activity in its stock that has not been disclosed to the market.

Greenock has closed the final tranche of $24,500 of a total private placement for $210,000. The private placement of units of Greenock consists of common shares in Greenock at a deemed issuance price of $0.07 per common share and three warrants to purchase one common share at an exercise price of $0.12. The three warrants will automatically convert into one common share after June 30, 2010, in the event that the common shares trade at or above $0.15 for a period of twenty consecutive trading days. Each unit of the private placement is priced at $3,500 and consists of 50,000 common shares and 50,000 warrants. All securities issued pursuant to the private placement are subject to a four month hold period following the closing date.

Greenock is continuing to seek joint venture partners and/or investors for the Kakanda Copper/Cobalt project in the Democratic Republic of the Congo ("DRC") to finance the next stage of the tailings concession joint venture with Gecamines, the DRC State Mining Company. The next stage will include arrangements to pay the property fees and complete a detailed technical feasibility study. PTM Minerals, a wholly owned subsidiary of Greenock, is one of 22 companies on the approved list of the DRC government agencies and is the company that is the party to the Kakanda project agreements.

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 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 include the nickel and platinum 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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