Greenock Resources Inc.

Greenock Resources Inc.

January 19, 2012 15:32 ET

Greenock Resources: Australian Assets

TORONTO, ONTARIO--(Marketwire - Jan. 19, 2012) - Greenock Resources Inc. (TSX VENTURE:GKR) ("Greenock") announces it has entered into an agreement to sell 100% of its wholly owned subsidiary, Renaissance Corporation Pty Ltd., for $218,565.49.

Greenock has entered into this transaction with Mr. Mike Newbury, an officer and director of Greenock, and Porphyry Inc., a private company controlled by Mr. Newbury. The purchase price includes the settlement of previous loans made to Greenock by the purchasers and a cash payment. Mr. Newbury abstained from voting on this transaction at the Greenock level.

This transaction remains subject to the approval of the TSX Venture Exchange.

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". 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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