VANCOUVER, BRITISH COLUMBIA--(Marketwire -11/29/11)- GREENLIGHT RESOURCES INC. (TSX-V: GR.V - News)(OTC.BB: PRZCF.PK - News)(Frankfurt: PHO.F - News) is pleased to announce that it has entered into a letter of intent with Explorex Capital Ltd. (Explorex) whereby Explorex is granted an option to acquire up to an 85% interest in its rare earth element and base metal Porcupine Property located in New Brunswick.
The Company recently announced that it had completed a National Instrument 43-101 compliant technical report on its 100% owned Porcupine property which is available on the Company's website at www.greenlightresources.com. The Report, prepared for the Company by Ralph Stea, Ph.D., P.Geo. of Halifax, NS provides the first comprehensive description of the geology and compilation of available information pertaining to the economic potential on the 1,897 acre property located in Northumberland County, New Brunswick.
Chris Anderson, President, states, "After expending approximately $140,000 in initial exploration, we are pleased with the progress on the property to date. This is our initial step in leveraging Greenlight's ability to find and advance properties of merit in Atlantic Canada. GreenLight is taking this approach in order to enhance shareholder value and assist in offsetting the expense of building and expanding an early stage exploration team to continue exploring Atlantic Canada. Challenging times require creative solutions and this is one approach we are taking, while advancing our main assets through the drilling stage in attempts to building a resource."
To earn an initial 70% interest, Explorex will be required to make total cash payments of $180,000, issue a total of 850,000 common shares of the Company and incur exploration expenditures of $1,000,000 over three years. A further 15% can be earned after completion of a bankable feasibility report. On execution of this option agreement, a cash deposit of $25,000 is payable to Greenlight and within five days of the TSX approval, a further 150,000 common shares of Explorex are payable to Greenlight.
On Behalf of the board of directors
Christopher R Anderson, CEO - President
Read about GreenLight Resources Inc.: http://greenlightresources.com/corporate-overview/
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