VANCOUVER, BRITISH COLUMBIA, June 13, 2017 – Greatbanks Resources Ltd. (TSXV: GTB) ("Greatbanks" or the "Company") announces that further to its news release of February 13, 2017, the Board of Greatbanks has made a determination to terminate the Letter of Intent ("LOI") entered into with Ironstone Resources Ltd. The LOI contemplated the establishment of a Joint Venture for the development of a patented and exclusively licensed technology for extraction of Lithium carbonate from Devonian-age lithium bearing brines.
The Company will continue its strategy to identify potential assets designed to increase shareholder value.
About Greatbanks Resources Ltd.
Greatbanks is a resource based exploration company based in Canada. The Company is focused on identifying assets that meet the following criteria; producing, near term enhancement and exploration opportunities. Investments may be by way of acquisition, participation and/or fractional interest.
Issued on behalf of the Board of Directors of Greatbanks Resources Ltd.
President and Director
For further information please contact Allan Williams at 604-787-5653.
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This news release may contain forward-looking information which is not comprised of historical facts. Forward- looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although the Company believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.