Greenock Resources: Funding for PTM Minerals' Kakanda Copper Project
September 21 2011 - 1:45PM
Marketwired
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."
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: 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.
Contacts: Greenock Resources Inc. James S. Hershaw CFO &
Vice President, Corporate/Mineral Development (416) 603.7200 (416)
603.9200 (FAX) info@greenockresources.com
www.greenockresources.com
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