Millrock Begins Drilling at Council Gold Project, Seward Peninsula, Alaska
VANCOUVER, BRITISH COLUMBIA, July 24, 2012 - Millrock Resources Inc. (MRO - TSX:V) ("Millrock" or the "Company") announced that drilling has commenced at the Council project on the Seward Peninsula in western Alaska.
Exploration at the Council project targets sediment-hosted vein gold deposits. The planned program for this project consists of six holes totaling approximately 1,000 m. Drill holes will test a seven km long gold – arsenic soil anomaly that overlies a regional structural feature. In places, the soil anomaly is up to 400 m in width. Millrock crews discovered stockwork and vein hosted gold mineralization near the target area in 2011. Placer gold occurrences are known to exist downstream.
The Council project is the subject of an option to joint venture agreement with Kinross Gold Corporation (KGC - NYSE) ("Kinross"). Under the terms of the agreement, Kinross may earn up to a 75% interest in the project.
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$10 million in 2012. Business partners of Millrock include some of the leading names in the mining industry: Kinross, Teck, Vale, Inmet and Altius, as well as junior explorer Crescent Resources.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT
Gregory A. Beischer
Millrock Resources Inc.
750 World Trade Centre
999 Canada Place Vancouver, BC
Some statements in this news release contain forward-looking information, including without limitation statements as to the planned 2012 exploration program and budgets for Millrock’s exploration efforts in Alaska and Arizona. These 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. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
Posted: July 24, 2012