GreenLight Formalizes Option Agreement on Keymet Property, New Brunswick __________________________________________________________________________________
__________________________________________________________________________________ FOCUSED ON EXPLORING ATLANTIC CANADA
(OTCBB: PRZCF) (FRANKFURT: PHO) (TSXV : GR)
VANCOUVER, British Columbia – April 3, 2012 – GREENLIGHT RESOURCES INC. (TSXV.GR), is pleased to announce that it has signed a formal agreement with Elm Tree Minerals Inc. ("Elm Tree") (TSX-V; ETM) whereby Greenlight grants Elm Tree an option to acquire up to 80% of GreenLight's right, title and interest in and to the Keymet Property comprising a total of 162 mineral claims covering 6,480 acres located in the Bathurst region (world class mining district) of New Brunswick (the "Property").
Pursuant to the terms of the Agreement, Greenlight will be the operator, working under the direction of a joint management committee. To earn a 70% undivided interest in the Property, Elm Tree must, in stages over three years, pay $250,000 in cash and issue 2,750,000 shares (500,000 to be issued to Greenlight upon TSX approval of this agreement) to GreenLight and incur $2,000,000 in expenditures on exploration and development of the Property. To earn an additional 10% interest, for a total 80% undivided interest in the Property, Elm Tree must complete a bankable feasibility study, or equivalent, for obtaining production financing for the Property. Upon Elm Tree earning its interest in the Property, GreenLight and Elm Tree have agreed to form a joint venture for the further development of the Property. The Property is subject to a 2% net smelter return royalty. Half of the royalty, 1%, may be purchased at any time upon the payment of $1,000,000.
The Option Agreement is subject to acceptance for filing by the TSX Venture Exchange.
A NI 43-101 qualifying report will be undertaken and will be disclosed publicly upon completion.
About GreenLight Resources Inc.:
GreenLight Resources Inc. is a Canadian exploration company focused on the discovery and development of mineral deposits in Atlantic Canada which is a sovereign risk free domain. The Company has a diversified property portfolio and is aggressively advancing several projects including graphite, manganese, REE's, rare metals and precious metals. The Company also has created two joint venture partnerships on its Keymet gold,silver and base metal property and on its Porcupine rare earth element and base metal property. These partnerships have facilitated rapid exploration of the Company's expanding property portfolio.
On Behalf of the board of directors
“Chris Anderson”
Christopher R Anderson, CEO – President 604 488-3900
Read about GreenLight Resources Inc.: http://greenlightresources.com/corporate-overview/
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