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 Resources finalizes option agreement with Brixton Metals for Cristo in Alaska
Millrock Resources (TSX-V:MRO) said Tuesday that it has finalized its option agreement with Brixton Metals Corp for the acquisition and exploration of Millrock's Cristo property in south-central Alaska.
In a statement issued today, the company said Brixton made the first cash payment of $40,000 in full, and issued 1.2 million shares to Millrock. In turn, Millrock delivered to Brixton an NI 43-101 compliant technical report describing the geology and exploration potential of the Cristo claim block.
In addition, Millrock said it has staked a further 252 claims surrounding the Cristo block, which Brixton has taken up as part of the option agreement, reimbursing Millrock for the staking costs.
As a result, the Cristo property now consists of 328 Alaska state mining claims covering 21,237.9 hectares. Early stage exploration at the site has identified the geological setting as being prospective for porphyry copper-gold and intrusion-related gold deposits.
Under the terms of the agreement, Brixton can earn 100% of the property in return for incurring US$5 million in exploration expenditures, making payments totalling US$330,000 and issuing two million Brixton shares and two million share purchase warrants. Brixton will be the operator during the earn-in period.
Millrock currently has eleven active exploration projects - eight gold-copper properties in Alaska, and three porphyry copper prospects in Arizona. Its joint venture partners, underwriting some $7.5 million of exploration in 2010, include Kinross, Teck, Vale, Inmet and Altius, as well as junior explorers Ryan Gold and Crescent Resources.
