Greenock Resources: Kakanda Hardrock Concession Agreement
25 Août 2010 - 8:00PM
Marketwired
Greenock Resources Inc. (TSX VENTURE: GKR) ("Greenock") announces
that it has been continuing positive discussion between its wholly
owned subsidiary PTM Minerals (Cayman) ("PTM") with its joint
venture partner Gecamines and the Ministry of Mines in the
Democratic Republic of the Congo ("DRC") to develop the Kakanda
tailings and hardrock concessions.
The recent discussions have focused on defining the framework of
an agreement for the development of the entire Kakanda project. PTM
previously included both the hardrock and tailings resources in the
feasibility study that was delivered to Gecamines on October 27,
1998 in compliance with its original exploration permit. The recent
land ownership reforms and realignment of mining concessions was
completed earlier this decade with the DRC mining reform
legislation. This legislation was designed to sort out competing
land claims and provide transparency to the issuance of mining
licenses.
PTM's Kakanda development agreement was signed with Gecamines
and ratified by the Government in January 2009. The economic values
set out in the Kakanda feasibility study were to include both
tailings and hardrock resources. If necessary Gecamines has agreed
to assist in securing additional copper/cobalt resources that may
be included in a production evaluation to enable the Kakanda
project to proceed in accordance with economic values set out in
the original feasibility.
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. 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 Lundin Mining
Corporation.
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 that has had historical
underground mining for gold and silver in the early 1920's.
Greenock's holdings in Australia include the nickel and
platinium group metal exploration property Merlot and a
shareholding in the uranium exploration company Raisama listed on
the Australian Stock Exchange. 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
Greenock Resources (TSXV:GKR)
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