Dec. 3, 2010 (Canada NewsWire Group) --
VANCOUVER, Dec. 3 /CNW/ - GREENLIGHT RESOURCES INC. (TSXV.GR), announces that it is has negotiated a non-brokered private placement of up to 2,600,000 units at a price of $0.25 per unit in the capital stock for total gross proceeds of up to $650,000. Each unit will consist of one common flow-through share and one share purchase warrant. Each share purchase warrant will entitle the holder thereof to purchase one additional share of the Company at a price of $0.30 per share for a period of one year from the closing date of the private placement. Closing of this placement is conditional upon approval of the TSX Venture Exchange. A finder's fee of 8% is payable.
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, President
FOLLOW US ON:
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.
Green Light Resources Inc, Vancouver, BC,
Tel: (604) 488-3900, email: info@GreenLightResources.ca