www.millrockresources.com
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 eleven active exploration projects, eight gold-copper properties in Alaska, and three porphyry copperprospects 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 for 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.
Millrock Options Uncle Sam Gold Property In Alaska To Crescent Resources
Gold exploration company Millrock Resources (TSX-V: MRO) said today it has signed a definitive option agreement allowing Crescent Resources (TSX-V: CRC) to acquire its Uncle Sam property in Alaska.
Under the agreement, Crescent can acquire the Uncle Sam claim property in return for a cumulative US$2.5 million in exploration expenditures, and paying to Millrock a combination of cash and stock worth US$0.3 million.
If the agreement proceeds to December 31, 2011, Millrock will be issued enough shares to an18% ownership stake in Crescent.
Also, Crescent will issue to Millrock 1.5 million shares if the property is found to have one million ounces of gold in NI 43-101 compliant measured or indicated resources. For every additional million ounces of gold resource, Crescent will also need to issue one million shares to Millrock.
Some of the historical intercepts at the Uncle Same Property included 26m at 0.46 g/t at hole USC-001, 5.8m at 1.57 g/t at hole USC-002, and 10m at 1.55 g/t at hole USC-010.
Millrock will be the operator of the Uncle Sam property until November 1, 2011, after which Crescent will operate it.
While the option agreement is in effect, Crescent will also assume Millrock’s cash payments to Kiska Metals (TSX-V:KSK). Millrock originally optioned with Kiska Metals (TSX-V:KSK) in 2009 for the Uncle Sam Property.
