GreenLight Resources Inc.
TSX VENTURE : GR
OTC Bulletin Board : PRZCF
FRANKFURT : PH0

GreenLight Resources Inc.

September 27, 2011 15:36 ET

GreenLight Acquires Golden Grove Graphite Deposit With Historic Grades of Up to 31.74% Graphite-Work Program to Commence Immediately

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 16, 2011) - GREENLIGHT RESOURCES INC. (TSX VENTURE:GR)(OTCBB:PRZCF)(FRANKFURT:PH0) is pleased to announce that it has acquired by staking approximately 400 acres over the Golden Grove Graphite deposit located 24 kilometres northeast of Saint John, NB. The area has a history of high grade graphite mining as it was mined in this area between about 1880 and 1910.

Dr. Ian Flint of Halifax, Nova Scotia, recently reviewed the metallurgical potential of this deposit and recommended the property be acquired to assess its economic potential. Recently having completed ten year tenure as a professor in the Faculty of Engineering, Dalhousie University, Dr. Flint achieved his PhD in Mining and Mineral Processing Engineering from the University of British Columbia in 2001. Previously he acquired a Master in Arts and Science, Metallurgical Engineering from the University of Toronto in 1989. His academic work has focused on independent industrial process design including graphite, lithium physical and chemical separations, feldspars, oil removal, cosmetics, mica, diamonds, river energy and tidal energy.

Graphite is a conductive, chemically inert mineral that is a key component to almost all batteries, fuel cells, brake pads, and is also a critical component in both the metallurgical and electrical industries. Graphite is similar to rare earths minerals in that they are largely monopolized by China. Current and planned production of high quality graphite is only a small fraction of the projected requirements of the battery and automotive industries. Dr. Flint commented, "This suggests that the price of high quality graphite will at least maintain its current price of approximately $2,400 per tonne, and possibly approach that of synthetic graphite which currently sells for in excess of $19,000 per tonne."

The Deposit has been known since the mid 1930's when a shaft was put down to a depth of 4.3 meters on a vein of graphite up to 1.3 meters wide. A sample taken by Provincial Geologist W.J. Wright in 1939 which assayed 31.74% graphite.

No further work was conducted on the Golden Grove claims until 1982, when Glenvet Resources acquired the property and carried out mapping, geophysics, trenching, and metallurgical testing. The initial metallurgical testing determined that an acceptable commercial product could be produced from the property which was subsequently diamond drilled (22 holes 2046.32 meters) in order to assess the physical dimensions of the graphite veins. A total of approximately 25,000 ton of 22.37% graphitic carbon was blocked out at this time. It was determined by Glenvet that the resource was insufficient to support a commercial operation. However, additional work was recommended for the property but was never carried out. No work has been carried out on the property since 1987.

The property is hosted by Neoproterozoic carbonates and quartzite of the Ashburn Formation. The Ashburn Fm. rocks occur as an inlier or roof pendant within gabbro, diorite and granodiorite of the Duck Lake Gabbro and French Village Quartz Diorite Formations ((Golden Grove Intrusive Suite).

Readers are warned that "historical records" referred to in this release have been examined but not verified by a "Qualified Person" a qualified person has not done sufficient work to classify the historical estimate as a current mineral resource. Therefore, the issuer is not treating the historical estimate as a current mineral resource and the historical estimate should not be relied upon.

Plans are underway to examine and sample the trenches and rock dumps to obtain samples of the high grade graphite to establish grain morphology. Sampling of the walls will also be undertaken to see if there is lower grade graphite between the high grade zones. Drill core from previous drill programs on the property are accessible and will be re-logged and sampled where necessary. Prospecting and mapping is also planned with a view to developing a larger tonnage deposit.

Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.

About GreenLight Resources Inc.:

Lithium and Rare Metals Project - Brazil Lake

GreenLight Resources Inc. is a Canadian exploration company focused on the discovery and development of Lithium and rare metal deposits. The Company is currently focused on the 8,520 acre Brazil Lake property is located approximately 30 kilometres north of Yarmouth, Nova Scotia. Drilling to date has successfully revealed two Lithium bearing pegmatite dikes. In addition to Lithium, the dikes host several other rare metals such as tantalum, niobium, beryllium, tungsten tin and rubidium. Metallurgical bench testing to date has also revealed other potential economic targets, including cosmetic grade mica, silica chloride, aluminum chloride and rubidium enriched potassium feldspar.

Gold Project – Kemptville

The Company acquired a 5,080 acre high grade gold prospect located in one of Nova Scotia's historic gold mining districts. High grade gold was discovered on the property over 100 years ago and was produced primarily in the late 1800's from two underground mines, the Kempt and the Cowan. A recent IP survey conducted by GreenLight identified several anomalies which have been targeted for drilling. This was followed by an SGH (soil-gas-hydrocarbons) soil sampling survey carried out in order to discriminate between potentially auriferous and non auriferous IP highs and to identify the source area of the gold in till anomalies. A diamond drill program recently completed 8 holes and 2,068 meters as of April 26, 2011. Targets include coincident anomalies from the Company's recent IP survey and SGH soil sampling survey, which have been integrated into a 3D model utilized to identify the locations.

Rare Earth Element Project – Porcupine

The Company acquired a 100% undivided interest in the Porcupine-Upper Miramichi Rare Earth Property in New Brunswick. The primary target is the various rare earth elements (REE) that were discovered in soil samples on the property in 2007. Soil assays for REE's include Samarium (Sm), were reported with grades of up to 218 ppm (g/t) and Dysprosium (Dy) with grades of up to 98.6 ppm (g/t), Neodymium (Nd) with grades of up to 1190 ppm (g/t), Ytterbium (Yb) with grades of up to 31.3 ppm (g/t) and Yttrium (Y) with grades of up to 472 ppm (g/t). Reported assays for Heavy REE's include Terbium (Tb) with grades up to 20.3 ppm (g/t) and Ytterbium (Yb) with grades up to 31.3 ppm (g/t) while reported light rare earth metals include Cerium (Ce) with grades up to 459 ppm (g/t) and Lanthanum (La) with grades up to 1,300 ppm (g/t). The Company is currenlty conducting an initial mapping and prospecting program over the property.

On Behalf of the board of directors

Chris Anderson, CEO - President

Forward-looking statements relating to future events or future performance and reflecting GreenLight Resources management's expectations or beliefs regarding future events include, but are not limited to, statements with respect to completion of the private placement and related matters. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GreenLight Resources to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in GreenLight Resources interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although GreenLight Resources has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.

Neither 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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