Greenock Resources: Amendment to Disclosure
18 Marzo 2011 - 3:34PM
Marketwired
Greenock Resources Inc. (TSX VENTURE: GKR) ("Greenock") announces
that consequent upon a review by staff of the OSC, the company
filed, on SEDAR, amended and restated financial statements, revised
MD&A, and related CEO and CFO certificates for its most
recently completed interim period ended September 30, 2010.
After a period of uncertainty and volatile markets, investment
capital is again starting to flow towards copper and cobalt
projects located in the Democratic Republic of Congo ("DRC") copper
belt. This renewed DRC interest has also attracted an
unsubstantiated claim against the Greenock sponsored Kakanda
project. The Kakanda copper and cobalt property is located 7
kilometres from the major Tenke copper and cobalt operating mine
sponsored by Freeport McMoran and Lundin Mining.
London based Eurasian Natural Resources Corporation PLC
("Eurasian") made an unsubstantiated claim regarding the ownership
of Kakanda. Eurasian's unsubstantiated assertion is that Greenock
has no rights, title or licenses respecting land covered by PE 469.
Greenock's DRC legal counsel reviewed this unsubstantiated claim
and provided a January 12, 2011 opinion that confirmed PTM Minerals
Cayman ("PTM") a wholly owned subsidiary of Greenock ownership and
the validity of its longstanding Kakanda development rights
originally issued in 1998 to the Kakanda tailings and hard rock and
the joint venture with Gecamines for the economic development of
the Kakanda project.
William Potter, Chairman of Greenock's subsidiary PTM Minerals
Cayman Ltd.('PTM") and Director of Greenock and Gilbert Mundela,
President of PTM Congo have been working on the Kakanda project
since 1995 when the project was initially sponsored by the Canadian
listed company International Panorama Resources.
Mr. Potter notes " Greenock's subsidiary PTM Minerals Cayman Ltd
is engaged in discussions with four strategic investors to finance
the final terms of the Kakanda Development Accord ("KDA") ratified
in January 2009 by the Ministry of Mines, the Board of Gecamines,
and the Government of the Democratic Republic of the Congo to
develop copper/cobalt tailings in Kakanda. The investors are
completing technical due diligence with the Company in the DRC and
two of the four groups have begun negotiating terms of an
investment structure that may result in financing in PTM Minerals
Cayman Ltd. It is expected a final agreement reviews with one or
more of the investor groups may be completed in the second quarter
of 2011."
Michael Newbury, President and CEO of Greenock and a Director of
PTM has been working to advance the Kakanda project as a major
project for Greenock since 2004.
Mr Newbury notes, "It is unfortunate that Eurasian has chosen to
use a public disclosure complaint with Canadian regulators as a
strategy to attempt to resolve a complicated mineral development
right issue in the DRC. Historically PTM's interest included both
the hardrock and tailings resources in a feasibility study that was
delivered to Gecamines on October 27, 1998 in compliance with its
original exploration permit. PTM completed a full feasibility and
complied with all the requirements and was granted exploration
rights to Kakanda. A force majeure was called during the civil war
in the DRC. During that period there was no control on the issuing
of mining licenses resulting in competing claims for many
properties. Earlier this decade with the DRC mining reform
legislation and land ownership reforms resulted in the realignment
of mining concessions. This process was designed to settle
competing land claims and provide transparency to the issuance of
mining licenses.
PTM's signed a new Kakanda Development Accord ("KDA") with
Gecamines that was ratified by the Ministry of Mines and
Presidential Decree in January 2009. The economic values set out in
the Kakanda feasibility study included both tailings and hardrock
resources. However, if a joint venture agreement for the
development of Kakanda including the hardrock cannot be arranged
Gecamines agreed to secure 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.
Greenock has made several attempts to open discussions with
Eurasian to review the Kakanda area claim rights and to develop the
project in the context of DRC regulations. The copper and cobalt
development opportunities at Kakanda and within the DRC are very
substantial with multiple opportunities for investment partners to
participate numerous projects on an equitable basis that respects
long standing development rights. The legal and regulatory issues
surrounding property ownership in the DRC are not transparent.
Cancellation of exploration licenses cannot be unilaterally
undertaken by the company or Gecamines. Greenock has not received
any notices under the cancellation procedures that requires
notification by the Board of Gecamines, Ministry of Mines and the
Assembly. PTM representatives continue to have dialogue with
representatives of both Gecamines and the Ministry of Mines
regarding advancing the development of Kakanda. We believe that
Eurasian initiated the process of reviewing Kakanda development
rights as part of a process to discredit PTM and to try and
strengthen their case with Gecamines."
As stated in numerous public disclosures, existing and potential
shareholders of Greenock should be aware that developing DRC based
mineral projects including the Kakanda project has increased risks
due to regulatory changes and political aspects that can
significantly affect the ownership and development rights of
companies in that country. The Greenock situation is similar to
events affecting other TSX listed companies that are actively
trying to finance and advance DRC mineral projects. Complete
technical details and history on the Kakanda project are available
in the comprehensive NI43-101 report dated May 2008 that is
available on www.sedar.com.
Greenock undertakes to update the property dispute with Eurasian
Natural Resources on a regular basis in accordance with the
continuous disclosure requirements of Ontario securities law.
Forward-Looking Statements
This press release contains "forward looking information" within
the meaning of applicable Canadian securities legislation. Forward
looking information includes, but is not limited to, statements
with respect to the proposed commencement of operations on the
Kakanda Project, the prospective geology of the block, the terms of
any drilling program or joint venture, the impact of the Kakanda
Project on Greenock and receipt of all necessary approvals,
including shareholder and regulatory approvals. Generally, forward
looking information can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of Greenock to be materially
different from those expressed or implied by such forward-looking
information, including but not limited to: general business,
economic, competitive, geopolitical and social uncertainties; the
actual results of exploration activities; acquisition risks;
regulatory risks; risks inherent in foreign operations; and other
risks of the mining industry. Although Greenock has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward looking information. Greenock does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws."
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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