Millrock Forms Collaboration Agreement With Major Gold Mining Company to Explore for Gold Deposits in Alaska
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 12, 2015) - Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock") announces that it has entered a Collaboration Agreement, through its wholly owned subsidiary, Millrock Alaska LLC, with the intention of exploring for high-grade gold deposits in Alaska with a major gold mining company ("the Major").
Under the terms of the agreement the Major will fund research and reconnaissance exploration efforts undertaken in accordance with a multi-phase, open-ended, systematic program designed by a technical committee composed of representatives of both companies. The work will be focused on specific, defined, collaboration areas in Alaska, which the Major and Millrock consider have the potential for high grade gold deposits.
Projects approved by the technical committee will each be subject to separate farm-in and joint venture agreements. Such agreements will provide for the Major to acquire up to 80% of each project, after meeting minimum expenditure obligations and payments and after satisfaction or waiver of certain conditions.
The Major may terminate the Collaboration Agreement at any time on 30 days' notice and Millrock may terminate the Collaboration Agreement on 30 days' notice, which takes effect from the end of an identified phase or approved program.
ABOUT MILLROCK RESOURCES:
Millrock Resources Inc. is a premier prospect generator to the mining industry. In the search for world-class metallic mineral deposits in mineral-rich Alaska, southwest USA, and Mexico, 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 taken on by most exploration companies. Millrock currently has twenty active exploration projects, eight gold-copper and zinc properties in Alaska, a uranium project in New Mexico, and twelve gold, silver and copper projects in Mexico. Funding for drilling at Millrock's exploration projects primarily comes from its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: First Quantum, Teck, Kinross, Vale, Inmet and Altius.
ON BEHALF OF THE BOARD
"Gregory Beischer"
Gregory Beischer, President & CEO
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