Dr. Ruben Shiffman, a shareholder, reports

DR. RUBEN SHIFFMAN FILES EARLY WARNING REPORT IN RESPECT OF GREENLAND RESOURCES

In a series of transactions, Dr. Ruben Shiffman has transferred part of his position to his wholly owned holding company, 2240882 Ontario Inc., and has made a series of ordinary-course purchases at the market price on the open markets, through which he has acquired securities in Greenland Resources Inc. Following the purchases, Dr. Shiffman holds 16,919,307 common shares of the company (of which 12,441,500 are held directly and 4,477,807 are held through his wholly owned holding company, 2240882 Ontario Inc.) as well as 2.85 million options and 96,153 warrants, representing 14.4 per cent of the company's issued and outstanding common shares on an undiluted basis and 16.5 per cent of the company's issued and outstanding common shares on a partially diluted basis.

In addition, Dr. Shiffman is a director and minority shareholder of a Canadian private company, Shiffoil Inc., that holds 5,785,600 common shares of the company, representing approximately 4.9 per cent of the company's issued and outstanding common shares on both an undiluted and partially diluted basis.

Taken together, Dr. Shiffman and Shiffoil hold 22,704,907 common shares of the company as well as 2.85 million options and 96,153 warrants of the company, representing approximately 19.4 per cent and 21.4 per cent of the issued and outstanding common shares of the company on an undiluted and partially diluted basis, respectively. The purchases by both Shiffoil and Dr. Shiffman were completed for investment purposes, and, depending on market and other conditions, they may, from time to time, in the future, increase or decrease their ownership, control or direction over securities of the company through market transactions, private agreements or otherwise.

In satisfaction of the requirements of National Instrument 62-104, Take-Over Bids and Issuer Bids, and National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, an early warning report respecting the acquisition of securities by the parties will be filed under the company's SEDAR+ profile.