|By Marketwired .||
|March 3, 2014 10:24 AM EST||
TORONTO, ONTARIO -- (Marketwired) -- 03/03/14 -- Greenock Resources Inc. (TSX VENTURE: GKR) ("Greenock") announces it will be proceeding with a 30 to 1 share consolidation in order to allow future financing and acquisitions to be completed at a share price in excess of $0.05 per share as required by TSXV policy. The share consolidation was approved by shareholders at the Annual General and Special Meeting of December 11, 2013. To complete these steps in a cost effective manner, Greenock is moving to the NEX exchange to reduce administrative expenses charged by the TMX Group. Apart for reduced administrative costs on NEX, Greenock has maintained all its TSXV Tier 2 listing requirements.
Greenock continues to move forward with the company's mineral exploration and development mandate including finalizing a joint venture with Precious Metal Investment Ltd. ("PMI") of NSW Australia, as announced on November 15, 2013, for the Needles gold and silver property in Nevada. As part of this transaction, PMI is to receive 1,000,000 shares of Greenock which on a consolidated basis will now be 33,334 shares.
Greenock announces the technical studies for the Kakanda project in the Democratic Republic of Congo may be difficult to monetize in the near term as Eurasian Natural Resources Corporation PLC of London UK has indicated that it will not be proceeding with any transactions or activity with Kakanda at this time. The Kakanda title history and technical studies owned by the Greenock subsidiary PTM Minerals (Cayman) Ltd. are believed to have significant longer term value for any company that moves forward to develop Kakanda. The original total cost of the Kakanda technical studies dating back to 1997 have been approximately US $15 million.
Greenock Resources Inc. is a Canadian based international mineral development company that focuses on developing a portfolio of natural resource properties.
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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