December 15, 2009 11:31 ET

eResearch Issues Initiating Report on Greenock Resources Inc.

TORONTO, ONTARIO--(Marketwire - Dec. 15, 2009) - Greenock Resources Inc. (formerly Simberi Mining Corporation)(TSX VENTURE:GKR) is a Canadian-based mineral development company focused on early- to mid-stage properties that have high potential for near-term production.

An updated feasibility study on its flagship Kakanda copper project in the Democratic Republic of Congo (DRC) is expected in mid-2010 and should garner increased investor attention for the Company. At the same time, Greenock will be progressing with its recently-acquired Needles gold property in Nevada. Copper and gold are at the forefront of investor interest in commodities, and success with either, or both, of these endeavours should have a positive impact on market sentiment. Add in the potential for the Company's Australian copper/nickel/platinum/uranium prospect, plus its substantial equity interest in a publicly-quoted Australian uranium company, and Greenock represents an intriguing speculative investment in the junior mining sector.

The Company's key strategies are: (1) to seek and identify a strategic partner for Kakanda; and (2) to establish a resource estimate for Needles. At the same time, the Company is in urgent need of financing to move forward.

The shares are currently selling at $0.08 per share. Our 12-month Target Price is $0.50. We recommend Greenock Resources Inc. as a Speculative Buy for risk-tolerant investors.

This Press Release was prepared by eResearch and was not vetted by Greenock Resources Inc. Further, the Recommendation and Target Prices contained in this Press Release and in the Initiating Report are strictly those of eResearch and, due to securities laws, are not endorsed by Greenock Resources Inc.

eResearch is a primary source for professional investment research, focused primarily on small- and mid-cap companies. Our research and analysis is of institutional quality, and has the potential of reaching millions of global investors through our extensive electronic distribution network.

To have eResearch provide annual continuous research coverage on the Company, Greenock Resources Inc. paid eResearch a cash fee and also granted eResearch two-year options on the Company's stock.

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