October 18, 2010 (FinancialWire) (http://www.financialwire.net/) –  Greenlight Resources, Inc. (TSX Venture: GR) (OTCBB: PRZCF) said that it has executed a letter of intent with Frank Ross and Ole Kristiansen to earn up to a 100% undivided interest in the Porcupine-Upper Miramichi Rare Earth Property located fifty kilometers west of Newcastle, New Brunswick.

The Property consists of 86 claims held in three separate claim blocks covering 3,440 acres.

Greenlight said that final approval for the property agreement is subject to the company's due diligence and to the acceptance of the TSX Venture Exchange.

According to the company, the property’s south claim block contains a rare earth elements exploration target while the North claim block contains gold, silver and base metal targets.

Greenlight’s primary target is the various rare earth elements that were discovered in soil samples on the property in 2007.

In consideration of the acquisition, the company will pay the vendors, $6,000 cash option payments and upon acceptance by the TSX Venture Exchange issue common shares of the company to the vendors for consideration of $6,000.

Greenlight said it will also spend total minimum work commitments on the Property of $120,000 over the next five years. The company will also make payments to the Vendors of $110,000 over the next five years.

Upon completion of the minimum work commitments and payments above, the company will earn a 100% undivided ownership interest in the property.

Upon completion of due diligence and TSX acceptance, Greenlight plans to implement a work program on the property which includes a drill program to test the REE soil anomalies.

Canada-based Greenlight Resources is an 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 around 30 kilometres north of Yarmouth, Nova Scotia, and 12 kilometres west of the Avalon Rare Metals East Kemptville Project. 

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