Millrock Resources Inc. Announces Rainville Copper Project, Arizona
04.04.2011 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - April 1, 2011) - Millrock Resources Inc. (TSX VENTURE: MRO) (“Millrock“ or the “Company“) is pleased to announce that it has entered into an exploration agreement with option to purchase concerning a large block of Arizona State Exploration permits referred to as the Rainville project. The permits cover land situated southeast of the town of Safford, Arizona and south of the Morenci mine in southeastern Arizona.Under the terms of the agreement, Millrock can maintain an option to purchase from the owner a 100% interest in the permits by paying a total of US$400,000 and issuing 500,000 Millrock common shares over a period of six years. The initial payment consists of US$70,000 and 250,000 common shares. If all option payments are made the property may be purchased for the sum of $1.0 million. A further payment of US$1.0 million will be made to the owner in the event that Millrock prepares a report that describes an indicated mineral resource (as that term is used in NI 43-101) of 1,500,000 tons or more of contained copper on the property.
The Rainville project is positioned along the trend of the prolific Safford deposits which are being actively developed by Freeport McMoran Copper & Gold. Regional geochemical surveys, geophysical surveys and geological modeling have led Millrock to believe there is potential for discovery of valuable porphyry copper deposits hidden beneath overburden on the exploration permits.
In a manner consistent with its project generator business model, Millrock plans to find a partner to share in the risk of exploration and development of the permits by funding exploration.
The purchase agreement is subject to acceptance by the TSX Venture Exchange.
The technical information in this news release was reviewed by Gregory Beischer, Millrock's President and CEO, a Qualified Person as defined in NI 43-101.
About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. In the search for world-class gold and copper deposits in mineral rich Alaska and Arizona, Millrock identifies, packages and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk and attendant shareholder dilution taken on by most exploration companies. Millrock currently has twelve active exploration projects, eight gold-copper properties in Alaska, and four porphyry copper prospects in Arizona. With funding primarily coming from its joint venture partners, Millrock plans to carry out exploration programs with a total value of more than US$14 million in 2011. Business partners of Millrock include some of the leading names in the mining industry: Kinross, Teck, Vale, Inmet and Altius, as well as junior explorers Ryan Gold, Brixton Metals and Crescent Resources.
ON BEHALF OF THE BOARD
Gregory Beischer
President & CEO
This news release contains forward-looking information including, without limitation, the statement that Millrock plans to find a partner to share in the risk of exploration and development of the Rainville project (the “First Statement“) and the statement as to the planned 2011 exploration program and budgets for Millrock's exploration efforts in Alaska and Arizona (the “Second Statement“). Forward-looking statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. In the case of the First Statement, such factors include, without limitation, that Millrock may not secure a project partner and may have to absorb the cost of maintaining the property; in the case of the Second Statement, such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.“
Contact Information
Millrock Resources Inc.
Gregory A. Beischer
President & CEO
(604) 638-3164
(604) 688-9620 (FAX)
www.millrockresources.com