VANCOUVER, British Columbia - May 29, 2012 - GREENLIGHT RESOURCES INC. (TSXV.GR) is pleased to announce that it has acquired by staking, 7,800 acres known as the Speerville Property in Carleton County, western New Brunswick. The lands are adjacent to the Company's recently acquired MacDougall Road Antimony property.
The property has been staked along the Woodstock fault, a northeast trending, regional scale structure. The staked lands follow the strike of the Woodstock fault from the Gold-Antimony project at Golden Ridge to the Company's MacDougall Road property located 6 kilometres to the north-east. Within the Speerville property are several historic occurrences including iron formation and the Oak Mountain Cu/Pb/Zn/Sb occurrence. This showing was sampled in 1985 by the Geological Survey of Canada and returned 0.57% Cu, 0.96% Pb, 0.18% Zn and more significantly, 1.96% Sb (antimony). The antimony occurrence lies on the Woodstock Fault where the mineralization is controlled by splay structures emanating from the Woodstock Fault zone. Greenlight field crews recently located this zone and have extended it for about a kilometre. Geochemical assays from this program are pending. This zone consists of large quartz blocks carrying 1-2% galena and sphalerite and trace chalcopyrite. This is the same type of quartz that ran up to 1.96% SB previously. Of note is that the quartz zone is oriented parallel to the Woodstock fault zone and may represent a parallel shear to the main fault.
Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
Antimony Market
Antimony is principally used in flame-retardant materials for textiles, plastics and rubber. Since 2008 the price of antimony has increased by 100% due to the tight control China possesses on the market producing about 85% of the world total in 2000. According to the US Geological Survey in 2010, current global reserves of antimony will be depleted in 13 years which has led to a sharp increase in the price of antimony. The world flame retardant market is expected to grow by 6.1% per annum by volume to 2014 and in China, the largest consumer of antimony, it is expected to grow by 9.8% to account for 26% of the world consumption by tonnage. Further the increase in price is also in-part due to China's dwindling reserve base and the closure illegal mining and production in China. Reported production of antimony in China fell in 2010 and is unlikely to increase in the coming years while the country's demand for the product has not fallen with the production.
Since the beginning of 2011, supplies of antimony have been traded between US$12,700 per tonne to US$16,750 per tonne. In the coming years, it is estimated that the price of antimony trioxide will rise to a steady US$14,500 per tonne and are expected to reach US$20,000 per tonne as the market deficit continues to widen.
If Chinese domestic demand increases at an exponential rate, then domestic production will be diverted to the domestic market, causing an increase in price and demand for international antimony supplies. China and other countries will look towards foreign alternatives to supply their markets. This will provide opportunities for new antimony mines in Canada to fare very well in the international market.
About GreenLight Resources Inc.:
GreenLight is focused on exploring Atlantic Canada, which is a sovereign risk free, resource rich domain.( New Brunswick recently announced as the #1 region in the world to do mining by the Fraser Institute in March of 2012 ) GreenLight is sourcing, and advancing several projects under a project generation model, addressing a wide range of specialty and traditional commodities such as, Graphite, Tungsten, Antimony, Base Metals and Precious Metals.
On Behalf of the board of directors
"Chris Anderson"
Christopher R Anderson,
CEO - President 604 488-3900
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