|By Marketwire .||
|March 11, 2013 04:54 PM EDT|
TORONTO, ONTARIO -- (Marketwire) -- 03/11/13 -- Greenock Resources Inc. (TSX VENTURE:GKR) ("Greenock")
Greenock is discussing cooperative strategies with Eurasian Natural Resources Corporation (ENRC) to maximize the value of technical studies 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 major operating copper cobalt mine and plant known as the Tenke Fungurume Project which is operated by Freeport McMoran Copper and Gold Inc. and Lundin Mining Corporation.
Greenock completed and filed on SEDAR the Kakanda Copper Cobalt Project NI 43-101 Technical Reports dated September 16, 2006 and May 25, 2008. These reports were completed by MPH Consulting Limited ("MPH") and incorporated the results of the prior Feasibility Study completed for International Panorama Resource Corporation ("IPRC"). IPRC engaged Bateman Minerals and Industrial Ltd. of South Africa ("Bateman") in conjunction with Steffen Robertson and Kirsten ("SRK"), Dune and Dump Drillers (PTY) Ltd., Techpor Mining and Metallurgy Ltd. and others to complete a full bankable feasibility study that was filed with Gecamines the Congo State mining company. MPH completed additional sampling and technical reviews updating the capital and operating cost estimates and commodity prices of the technical reports to the noted dates. Greenock acquired the rights to these prior technical studies through the acquisition of its wholly owned subsidiary PTM Minerals (Cayman) Ltd. that had prior ownership by IPRC.
District Gold Inc. ("District") has not met the conditions of proper notice or deposited the option payment within the defined time period to exercise its Buy-out option of the Needles property located east of Tonopah, Nevada as defined by agreement. Greenock is evaluating its future strategy for the Needles property that also includes discussions with District.
Greenock Resources Inc. is a Canadian based international mineral development company that focuses on developing a portfolio of natural resource properties. Shares outstanding: 33,139,470
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.