Greenock Resources: Equity Placement and Letter of Intent Acquisition of Shares of PTM Minerals

Greenock Resources Inc. (TSX VENTURE:GKR) ("Greenock") announces that it has
completed a private placement of 1,000,000 shares at $0.10 per share for total
proceeds of $100,000. These shares will be subject to a four month hold period.


Greenock has completed a binding Letter of Intent for a private company Quatern
Holdings Limited ("Quatern") or its nominee to acquire 87.5% of the shares of
PTM Minerals (Cayman) Ltd. ("PTM"). PTM is the wholly owned subsidiary of
Greenock that holds the Kakanda copper / cobalt project in the Democratic
Republic of Congo ("DRC"). The terms for completion of the acquisition of 87.5%
of the shares of PTM require Quatern or its nominee to:




A)   Fund US$3.5million to used by PTM to pay the "pret" payment (which will
     occur simultaneous with the finalization of the Kakanda Joint Venture  
     Agreement);                                                            
B)   Fund US$350,000 for interim working capital of PTM;                    
C)   Pay at maturity the principal, plus accrued interest and any other     
     associated expenses for the US $250,000 PTM Promissory Note, (120 day  
     term,15% per annum interest); and                                      
D)   Pay to Greenock CDN $100,000.                                          



Completion of the PTM share acquisition is subject to TSXV exchange approval and
Greenock shareholder approval.


Quatern is an investment holding company that includes certain personnel in the
DRC from PTM Congo spl and Mr Potter. Mr Potter is also a Director of Greenock,
a Director of PTM and a Director and Officer of Quatern and holds less than 10%
of the common shares of Quatern. Mr Potter has abstained from all Greenock Board
discussions and voting regarding the acquisition of PTM shares by Quatern.
Quatern shareholdings in Greenock will not be included in determining the
required shareholder approval of the PTM share acquisition.


The recapitalization of PTM and finalization of the Kakanda Joint Venture
Agreements will be the start of the next stage of the development of the Kakanda
project. Greenock looks forward to being a minority participant in the major
Kakanda project that is adjacent to the world scale Tenke copper / cobalt mine
and plant operated by Freeport McMoran.


Greenock has elected to not continue expenditures and let the property rights
expire on its Merlot property in Australia.


Horst Helbig has announced his resignation as Director of Greenock.

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: 32,239,479.


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 1,934,120 shares in the South East Asian energy
company Raisama. (RAI - ASE).


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.

Greenock Resources (TSXV:GKR)
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