TORONTO, ONTARIO--(Marketwired - Nov. 15, 2013) - Greenock Resources Inc. (TSX VENTURE:GKR) ("Greenock") announces that subject to execution of final agreements, it has completed 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. The settlement includes payment to PMI (or nominee) of: i) 1,000,000 shares of Greenock; ii) assignment to PMI of a direct 40% interest in the Needles gold / silver property in Nye County Nevada; and iii) an Option Agreement whereby PMI can earn an additional 40% in Needles by spending US $250,000 on a Needles project exploration program.
Once a final agreement has been executed and i) 1,000,000 shares of Greenock; and ii) the initial 40% interest in Needles has been assigned to PMI (or its nominee), then the Promissory Note will be deemed to have been repaid.
This settlement arrangement will reduce outstanding debt and initiate exploration of the Needles property. It will also allow Greenock to move forward with new initiatives including acquiring a major new project.
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.
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