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

GreenLight Resources Inc.

September 27, 2011 15:37 ET

GreenLight Acquires Silver and High Grade Base Metal Property Bathurst Camp, New Brunswick

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 7, 2011) - GREENLIGHT RESOURCES INC. (TSX VENTURE:GR)(OTCBB:PRZCF)(FRANKFURT:PH0) is pleased to announce that it has signed a definitive agreement to acquire the Keymet Silver property located 24 kilometres NNW of Bathurst, New Brunswick. Under the terms of the agreement, Greenlight can acquire a 100% undivided interest from George Murphy by making cash option payments of $50,000 and issuing 250,000 shares over the next four years. Upon TSX approval, Greenlight will pay $10,000 cash and issue 50,000 shares to George Murphy.

The Keymet Silver Project covers 6,400 acres and is named after a small past producing mine located on the property. The Keymet area first came to note in 1909 with the discovery of a 6.7 meters wide quartz-carbonate-sulphide vein ( galena, sphalerite, chalcopyrite, pyrite, arsenopyrite). In 1948 it was announced that the vein was drilled to 137 meters in depth with an average 2.4 meters in width and traceable over a strike length of 341 meters. Assays from surface exposure gave 4.2 meters of 8.48% Pb, 10.99% Zn, and 2.96 opt (ounces per ton) Ag. In 1950 a shaft was sunk to the 274 meter level with drifts established on the 45, 91, and 137 meter levels. Production commenced in 1954 and by 1956, the shaft was down to the 366 meter level. Production ceased in 1956 when a fire destroyed the mine buildings. A total of 56,000 tons @ 0.25% Cu, 2.44% Pb, 2.59% Zn and 0.99 opt Ag was produced between 1954 and 1956.

The area is underlain by a series of sedimentary units consisting of northeast trending greywacke, conglomerate, and interbedded units of pyritic argillite, siltstone and limestone/skarn. Based on historic geophysical and geochemical data, there is good evidence that a series of three and possibly four, parallel vein systems occur on the property. These are the North, Keymet, South and South 2 veins.

The North vein, which lies approximately 250 meters to the northeast of the Keymet Vein, has been outlined over a strike length of 2400 meters by trenching on the southeast and drilling on the northwest. Grab samples taken at the discovery trench in 1989 assayed 57.5%Pb, 6.12% Zn and 20.5 opt Ag. Drilling on the northwest extension in 1965 hit 2 narrow veins which assayed 0.53% Cu, 4.48% Pb, 3.70% Zn and 1.7 opt Ag over 0.4 meters and 7.72% Cu, 0.49% Pb, 11.37% Zn, 13.62 opt Ag over 0.9 meters. Soil geochemistry indicates that this vein(s) is traceable over a strike length of at least 1,585 meters.

The Keymet vein system has been drilled at three locations outside of the mine area. The first is 850 meters northwest of the Keymet mine where a single hole intersected a narrow vein within a wide zone of silicification and bleaching that ran 0.64% Cu, 14.6% Pb, 5.6% Zn, 5.1 opt Ag over 0.15 meters. Additional drilling 500 meters further to the northwest intersected the same alteration zone which ran 0.15% Cu, 3.68% Pb, 2.02% Zn and 3.68 opt Ag over 3.5 meters. Drilling carried out in 1965, located a further 1,000 meters northwest hit a number of narrow vein systems ranging from 0.15 meters of 4.14% Cu, 15.6% Pb, 17.8% Zn, 4.2 opt Ag to 1.2 meters of 15.9% Cu, 0.91% Pb, 9.95% Zn and 30.91 opt Ag. As with the North vein system, soil geochemistry indicates that the Keymet vein is traceable for a total of 2,400 meters. This is confirmed by airborne EM and IP.

The South vein is situated approximately 250 meters southwest of the Keymet Vein. It is defined primarily by the "Old Elmtree Silver Mine"vein. This vein was discovered in 1882 at which time reports indicated grab sample assays of 71.1%Pb, 33.75 opt Ag and 1.28 opt Au. Sometime around 1909 a shaft was sunk to a depth of 20.1 meters and a drift put in along the vein. No further development was recorded. Assays of the vein were taken on the exposure in the bed of the Elmtree River at this time and reports indicate a grade of 7.20 opt Ag over 2.1 meters. The strike extensions of this vein are traceable by soil geochemistry and geophysics for approximately 1,800 meters.

The South #2 vein system is located 650 meters southwest of the Keymet Vein and is defined by two showings and soil geochemistry over a strike length of 1,900 meters. The eastern occurrence is described as a series of veins and breccias carrying galena and sphalerite. Drilling was carried out in 1970 and the best intersection was 3 feet of 13% combined Pb/Zn and 1.8 opt Ag. Nineteen hundred meters to the northwest, grab samples taken in the early 1960's ran as high as 0.5% Cu, 5.85% Pb, 7.41% Zn and 4.52 opt Ag.

Readers are warned that "historical records" referred to in this release have been examined but not verified by a "Qualified Person". Further work is required to verify that the historical assays referred to in this release are accurate.

Exploration planned for the Keymet claim group will include re-establishment of the geochemical/geophysical grids and locating the historic anomalies on the ground. Confirmation of the soil anomalies with follow up trenching, where applicable and ultimately diamond drilling of the four proposed vein systems will be done during the upcoming exploration program.

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.

Graphite Project - Golden Grove

The Company staked 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. A Company review of the metallurgical potential of this deposit confirmed its economic potential. Current and planned production of high quality graphite is only a small fraction of the projected requirements of the battery and automotive industries which 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. 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.

Silver and base metals – Keymet

Greenlight acquired a 100% interest in the Keymet property located 24 kilometres NNW of Bathurst, New Brunswick. The property covers 6,400 acres and is named after a small past producing mine located on the property which produced a total of 56,000 tons @ 0.25% Cu, 2.44% Pb, 2.59% Zn and 0.99 opt Ag between 1954 and 1956. a shaft was sunk to the 366 meter level with drifts established on the 45, 91, and 137 meter levels. Production ceased in 1956 when a fire destroyed the mine buildings. Based on historic geophysical and geochemical data, there is good evidence that a series of three and possibly four, parallel vein systems occur on the property. Exploration planned for the Keymet claim group will include re-establishment of the geochemical/geophysical grids and locating the historic anomalies on the ground. Confirmation of the soil anomalies with follow up trenching, where applicable and ultimately diamond drilling of the four proposed vein systems will be done during the upcoming exploration program.

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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