Greenock Resources Inc.

Greenock Resources Inc.

September 21, 2011 13:45 ET

Greenock Resources: Funding for PTM Minerals' Kakanda Copper Project

TORONTO, ONTARIO--(Marketwire - Sept. 21, 2011) - Greenock Resources Inc. (TSX VENTURE:GKR) ("Greenock") announces that its wholly owned subsidiary PTM MINERALS (CAYMAN) LTD. ("PTM") has received a loan in the principal amount of US$ 250,000 to enable PTM to continue its development of the Kakanda copper / cobalt project in the Democratic Republic of Congo ("DRC").. The funding is provided by way of a Promissory Note effective September 20, 2011 from an arm's length party at an interest rate of 15.00% per annum and repayable 120 days from the effective date of the Note. Greenock is providing a guarantee to support PTM's obligation to repay the Promissory Note.

The funds will be used to finance working capital requirements for Greenock's Kakanda project in the DRC. The Kakanda project is managed through Greenock's wholly owned subsidiary PTM.

Michael Newbury, President and CEO of Greenock comments: "The DRC is becoming more stable and transparent thus reducing the investment risk. There are a growing number of smaller companies that have recently started DRC exploration and development projects due to the improving investment climate. Kakanda is recognized as an advanced project that can be developed quickly once the final title issues, joint venture agreements and concessions payments are completed. We continue to have discussions with interested parties that will be able to provide the larger financing package and management expertise that is required to advance the Kakanda project to the next stage of development."


Greenock Resources Inc. is a Canadian based international mineral development company that focuses on developing a portfolio of natural resource properties. Shares outstanding: 31,239,479

The Kakanda copper / cobalt project in the Central African Copper Belt is adjacent to the operating Tenke copper / cobalt mine and plant presently being operated and expanded by Freeport McMoRan and Lundin Mining. The Kakanda tailings reprocessing project has NI 43-101 measured and indicated resources of 18.5 million tonnes with an average grade of 1.25% copper and 0.15% cobalt. The adjacent Kakanda hard rock deposits have a historical resource of 18.6 million tonnes with an average grade of 3.19% copper and 0.19% cobalt.

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.

Greenock's holdings in Australia include the nickel / platinum exploration property Merlot and 1,934,120 shares in the South East Asian energy company Raisama. (ASX:RAI).

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". 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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