Greenock Resources: PTM Promissory Note Settlement Arrangement

Greenock Resources Inc. (TSX VENTURE:GKR) ("Greenock") announces that subject to
execution of final agreements, it has completed a settlement arrangement for the
US $250,000 Promissory Note held by its wholly owned subsidiary PTM Minerals
(Cayman) Ltd. ("PTM") to Precious Metal Investments Limited ("PMI") of NSW,
Australia. The settlement includes payment to PMI (or nominee) of: i) 1,000,000
shares of Greenock; ii) assignment to PMI of a direct 40% interest in the
Needles gold / silver property in Nye County Nevada; and iii) an Option
Agreement whereby PMI can earn an additional 40% in Needles by spending US
$250,000 on a Needles project exploration program.


Once a final agreement has been executed and i) 1,000,000 shares of Greenock;
and ii) the initial 40% interest in Needles has been assigned to PMI (or its
nominee), then the Promissory Note will be deemed to have been repaid.


This settlement arrangement will reduce outstanding debt and initiate
exploration of the Needles property. It will also allow Greenock to move forward
with new initiatives including acquiring a major new project. 


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: 38,139,470 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Greenock Resources Inc.
James S. Hershaw
CFO & Vice President, Corporate Development
(416) 603.7200
(416) 603.9200 (FAX)
jshershaw@greenockresources.com


Greenock Resources Inc.
80 Richmond Street West, Suite 1101
Toronto, Ontario, M5H2A4
www.greenockresources.com

Greenock Resources (TSXV:GKR)
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