Greenock Resources Inc.
TSX VENTURE : GKR

Greenock Resources Inc.

October 03, 2013 14:41 ET

Greenock Resources: Corporate Update

TORONTO, ONTARIO--(Marketwired - Oct. 3, 2013) - Greenock Resources Inc. (TSX VENTURE:GKR) ("Greenock") announces it will hold a Special and Annual Meeting on December 11, 2013 to complete annual shareholder approvals including any necessary restructuring steps to allow for future financing and acquisitions.

As previously disclosed, Greenock has closed a $25,000 offering of a non-brokered equity private placement at $0.005 per Common Share with an attached full common share purchase warrant that is eligible to purchase a Common Share at a price of $0.05 per share for a period of 36 months from the date of closing. The offering is 5,000,000 shares and 5,000,000 share purchase warrants. Included in the offering is a finder's fee of $1,600 and 400,000 finder's warrants that entitles the holder to acquire one common share at $0.05 for 36 months from the date of the closing.

Greenock is in advanced discussions to organize a settlement arrangement for the US $250,000 Promissory Note held by its wholly owned subsidiary PTM Minerals (Cayman) Ltd. ("PTM") to Precious Metal Investments Limited ("PMI") of NSW, Australia.

Greenock is discussing cooperative strategies with Eurasian Natural Resources Corporation (ENRC) to maximize the value of technical studies owned by PTM Minerals (Cayman) Ltd. that have demonstrated the significant economic value of the Kakanda copper cobalt project. The Kakanda area is located in the Democratic Republic of Congo in the Katanga Province adjacent to the major operating copper cobalt mine and plant known as the Tenke Project which is operated by Freeport McMoran Copper and Gold Inc. and Lundin Mining Corporation. An NI 43-101 Report completed by Greenock and filed on SEDAR on June 25, 2008 has developed detailed technical and financial models for the Kakanda area development. Kakanda is a significant resource with an Indicated Tailings Resource of 18,420,000 Tonnes at 1.2% Copper and 0.15% Cobalt; and Historic Hard Rock Resource of 18,600,000 Tonnes at 3.19% Copper and 0.19% Cobalt. Greenock has the view that any future development by possible investors of either the Kakanda Tailings and / or the Kakanda Hard Rock resources would benefit from the significant technical and development work that has been completed by PTM since 1996.

Greenock is actively seeking new projects, investors and or mergers to take advantage of a cyclical low in mineral property valuations. Any interested parties with proposals are requested to contact Greenock management.

ABOUT GREENOCK

Greenock Resources Inc. is a Canadian based international mineral development company that focuses on developing a portfolio of natural resource properties. Shares outstanding: 38,139,470

Greenock holds a 100% interest in the Needles gold / silver property located in the Arrowhead mining district of Nye County, Nevada. The property is approximately 40 miles southeast of the Barrick - Kinross Round Mountain Gold Mine. The Needles property has had historical underground mining for gold and silver in the early 1920's.

This press release includes certain "Forward-Looking Statements" within the meaning of applicable securities laws. 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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