Greenock Resources: Acquisition of Nevada Gold and Silver Property
26 Janeiro 2010 - 5:58PM
Marketwired
Greenock Resources Inc. (TSX VENTURE: GKR) ("Greenock") is pleased
to announce that it has closed the acquisition of the Needles
property located in Nye County, Nevada from a private company
District Gold Inc. ("District"). All documentation has been
completed and the claims registered in the name of Arrowhead Gold
Inc. a wholly owned subsidiary of Greenock.
The final transaction is subject to a working capital adjustment
that results in Greenock issuing to District a total of 534,421
common shares. In addition District retains a 2% net smelter return
and has an option on the third anniversary of the transaction to
purchase the property back for $30,000 subject to Greenock's right
to retain the property with a $1,000,000 payment.
The Needles property is in the Reveille mining area of Nevada.
Historical mining took place on the property in the early 1920's
that resulted in:
1) a 345-foot deep inclined shaft with four levels of drifts
that exploited two were developed ore shoots 3 to 8 feet wide in a
'replacement vein'. The vein hosted gold and silver-bearing sulfide
mineralization that graded $24 to $50/ton; and
2) Arrowhead extension developed a vein (at a depth of 55 feet)
from a two-compartment shaft 150 feet deep. Vein material is
reported to have assayed from $1.20 to $71.55/ton when the mine was
operating in 1920.
(Note the above information is historical and not 43-101
compliant)
The property is considered to be a classic epithermal mineral
deposit similar to Round Mountain gold mine approximately 40 miles
northwest of the property. Greenock is having a NI 43-101 report
prepared to review the historical mining and more recent
exploration and sampling that has occurred on the property. The
report will recommend the exploration work that should be
undertaken as the next stage in the development of the
property.
The transaction has been approved by Greenock's Board and the
Toronto Venture Exchange.
About Greenock:
Greenock Resources Inc. (formerly Simberi Mining Corporation) is
a Canadian based international mineral development company that
focuses on developing a portfolio of natural resource
properties.
Greenock's main development project is the Kakanda Copper/Cobalt
project in the Democratic Republic of the Congo that is a joint
venture with Gecamines, the Congolese state mining company
(Greenock 70% Gecamines 30%). This copper/cobalt deposit in the
Central African Copper Belt is adjacent to the Tenke Fungurume
project presently being developed by Freeport McMoRan Gold &
Copper Company and Tenke Mining Corp.
The Kakanda tailings 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. Adjacent hard rock deposits have a
historical resource of 18.6 million tonnes with an average grade of
3.19% copper and 0.19% cobalt.
The company holds a 100% interest in the Needles gold/silver
property located in the Arrowhead mining district Nye County,
Nevada. This property is approximately 40 miles southeast of the
Barrick - Kinross Round Mountain Gold Mine. While there is
historical underground mining for gold and silver that took place
in the early 1920's and subsequent exploration that property has
not had detailed systematic exploration for epithermal
mineralization that is suggested by the geological sequence.
Greenock's holdings in Australia are the nickel and platinum
group metal exploration property Merlot and a shareholding in the
uranium exploration company Raisama. Raisama has acquired a number
of high potential exploration projects including Lambina from
Greenock and the Sunday Creek uranium property in Western Australia
that is adjacent to the Kintyre uranium property currently being
developed by Cameco.
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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