(PRZCF.OTCBB)
(PH0.FRANKFURT)
(TSXV.GR)
VANCOUVER, Nov. 26 /PRNewswire/ - GREENLIGHT RESOURCES
INC announces that further to its news release of November 9th, the Company has received
subscriptions for the first closing of its private placement of
2,600,000 units at $0.25 per unit,
where each unit comprises 1 flow-through common share and 1
flow-through share purchase warrant exercisable at $0.30 per common share. The Company has partially
closed 2,475,000 units raising $618,750 and plans to close the balance
shortly. The completion of the Company's offering is subject
to TSX Venture Exchange acceptance.
About Greenlight Resources Inc.:
Lithium and Rare Metals Project
Greenlight Resources Inc. is a Canadian
exploration company focused on the discovery and development of
Lithium and rare metal deposits. The Company is currently focused
on the 8,520 acre Brazil Lake
property is located approximately 30 kilometres north of
Yarmouth, Nova Scotia. Drilling to
date has successfully revealed two Lithium bearing pegmatite dikes.
In addition to Lithium, the dikes host several other rare metals
such as tantalum, niobium, beryllium, tungsten tin and rubidium.
Metallurgical bench testing to date has also revealed other
potential economic targets, including cosmetic grade mica, silica
chloride, aluminum chloride and rubidium enriched potassium
feldspar.
Rare Earth Element Project
On October 15th,
the Company announced the signing of a letter of intent to earn up
to a 100% undivided interest in the Porcupine-Upper Miramichi Rare
Earth Property in New Brunswick.
The primary target is the various rare earth elements (REE) that
were discovered in soil samples on the property in 2007. Soil
assays for REE's include Samarium (Sm), with reported with grades
of up to 218 ppm (g/t) and Dysprosium (Dy) with grades of up to
98.6 ppm (g/t), Neodymium (Nd) with grades of up to 1190 ppm (g/t),
Ytterbium (Yb) with grades of up to 31.3 ppm (g/t) and Yttrium (Y)
with grades of up to 472 ppm (g/t). Reported assays for Heavy REE's
include Terbium (Tb) with grades up to 20.3 ppm (g/t) and Ytterbium
(Yb) with grades up to 31.3 ppm (g/t) while reported light rare
earth metals include Cerium (Ce) with grades up to 459 ppm (g/t)
and Lanthanum (La) with grades up to 1,300 ppm (g/t).
Gold Project - Kemptville
On November 5,
2010, the Company, announced a letter of intent to acquire a
high grade gold prospect located in one of Nova Scotia's historic gold mining districts.
The Property is comprised of 127 claims (40 acres each) for a total
of 5,080 acres. High grade gold was discovered on the property over
100 years
ago and was produced primarily in the late
1800's from two underground mines, the Kempt and the
Cowan. Modern exploration
techniques were used to identify a target area between the two
former producers featuring numerous high grade angular float
boulders, several of which have assayed over 300 g/t (grams per
tonne) (about 9 ounces/ton) Au. Recent bulk till sampling over an
area approximately three square kilometres has identified a very
large "gold in till" anomaly measuring approximately 800 meters in
width and extending 2,000 meters down ice. It is centered in an
area between the two former mines, coincident with the area of high
grade float. The analysis revealed gold grain counts up to about
1,000 grains in a standard 10 kilogram basal till sample. Analysis
of the morphology of the gold grains indicates that they have
travelled only about 100 meters from source. This technique played
an important part in identifying some of the zones in the very
large Rainey River gold property in
Ontario. However, float samples
are selective by nature and are unlikely to represent average
grades on the property. Plans are underway to commence an IP Survey
over the property to assist in identifying drill targets.
On Behalf of the board of directors,
"Ron Bourgeois"
Ron Bourgeois, President
Investor Relations:
John Curle
Email: IR@GreenLightResources.ca
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Tel: (604) 488-3900, email:
info@GreenLightResources.ca
Neither 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.
Forward-looking statements relating to future events or future
performance and reflecting Green Light Resources management's
expectations or beliefs regarding future events include, but are
not limited to, statements with respect to completion of the
private placement and related matters. In certain cases,
forward-looking statements can be identified by the use of words
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 statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. By nature, forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of Green Light Resources to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Such factors include,
among others, risks related to actual results of current
exploration activities; changes in project parameters as plans
continue to be refined; future prices of resources; possible
variations in ore reserves, grade or recovery rates; accidents,
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities; as well as those factors
detailed from time to time in Green Light Resources interim and
annual financial statements and management's discussion and
analysis of those statements, all of which are filed and available
for review on SEDAR at www.sedar.com. Although Green Light
Resources has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements 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 statements.
SOURCE Greenlight Resources Inc.
Copyright . 26 PR Newswire
