VANCOUVER, BC--(Marketwired - August 24, 2017) - Millrock Resources Inc. (TSX VENTURE: MRO) (MLRKF) ("Millrock") is pleased to announce that the transaction previously announced here on June 14, 2017, has closed. Under two separate agreements, Millrock has granted an option to purchase a 100% interest (subject to a royalty provision) in the Willoughby and Oweegee Dome projects to Sojourn Exploration Inc., (TSX VENTURE: SOJ) ("Sojourn"), previously Sojourn Ventures Inc. The two projects are located in the Golden Triangle mining district, northeast of the Town of Stewart, British Columbia, Canada.
Under the terms of the agreements, Sojourn must make share issuances and incur exploration expenditures over three years in order to exercise the options and take ownership of the properties from Millrock. Millrock has already received the first payment of 1,800,000 Sojourn shares. The transaction also required that Sojourn complete an equity financing of at least $1.0 million. As announced by Sojourn today, the oversubscribed equity financing has been completed and the TSX Venture Exchange has accepted all components of the transaction. Millrock now owns 12.6% of the issued and outstanding Sojourn shares.
Attributes of the Willoughby high-grade gold-silver project are described by Millrock in a press release found here. Exploration progress made by Millrock on the Oweegee Dome porphyry copper-gold project is described in this press release. Summary descriptions of all Millrock's Golden Triangle district projects can be found at this link. Millrock will be the exploration operator for the 2017 program that is presently being initiated.
The technical information within this document has been reviewed and approved by Gregory A. Beischer, President, CEO and a director of Millrock Resources. Mr. Beischer is 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. 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. The company is active in Alaska, British Columbia, the southwest USA and Sonora State, Mexico. Funding for drilling at Millrock's exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, and Riverside.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
Some statements in this news release contain forward-looking information. 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.
"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."