TORONTO, ONTARIO / October 15, 2015 / Greatbanks Resources Ltd. ("Greatbanks" or the "Company") (TSXV: GTB) is pleased to announce that it has entered into a non-binding letter-of-intent (the "LOl") to acquire a 100% interest in miniral claim Tenure 1037777, (the "Windy Tungsten Claim") from Ridge Resources Corp. and Zimtu Capital Corp. (collectively, the "Vendors"). The Windy Tungsten Claim comprises a total of 79 blocks and a total of 1,319.08 Hectares. It is located near Lamb Mountain, 106km north of the community of Dease Lake, British Columbia. A review of archived projet data in respect of the Windy Claims is now underway by the Company.
Pursuant to the terms of the LOl, Greatbanks and the vendors have agreed to use their respective best efforts to negotiate in good faith the formal definitive transaction documents (the "Definitive Agreement"). The Definitive Agreement shall include customary representations, warranties, covenants and indemnification provisions for a transaction of this nature, as well as be subjects to approval by the TSX Venture Exchange. Subject to satisfactory due dilligence, Greatbanks and the Vendors anticipate that the transaction will close on or about November 30, 2015.
About Greatbanks Resources Ltd.
Greatbanks Resources Ltd. is a Canadian based exploration company and its common shares are listed on the TSX Vanture Exchange under the symbol GTB.
For additonal information please visit the Company's website at www.greatbanksresources.com.
GREATBANKS RESOURCES LTD.
Chief Executive Officer
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This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forawrding-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The company cautions investors that any forward-looking information provided by the company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is reffered to the Company's public filings for a more complete discussion of such risk factors and thier potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.