Millrock and Kinross to Explore Liberty Bell GOLD Project, Alaska
MILLROCK RESOURCES INC. | Suite 2300 – 1177 West Hastings St. | Vancouver, BC V6E 2K3
Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com
NR: 17-07
MILLROCK AND KINROSS TO EXPLORE LIBERTY BELL
GOLD PROJECT, ALASKA
VANCOUVER, BRITISH COLUMBIA, March 2nd, 2017 - Millrock Resources Inc. (TSX-V: MRO,
OTCQX: MLRKF) ("Millrock" or “the Company”) announces that is has entered into an Option to
Joint Venture Agreement with an affiliate of Kinross Gold Corporation (“Kinross”) concerning the
Liberty Bell project in Alaska.
Gregory A. Beischer, Millrock’s President & CEO commented: “We are pleased that Kinross will
enter another joint exploration effort with Millrock. This will be the third such collaboration
between the companies. We are hopeful that this one will result in the discovery of a gold ore
body”.
In order to earn a 70% joint venture interest, Kinross must, at its option:
• Provide US$5.0 million in exploration funding and property maintenance over 5 years;
• Pay up to US$145,000 in management fees if Millrock manages exploration programs
throughout the duration of the Agreement; and
• Pay Advance Minimum Royalty (“AMR”) payments totalling US$145,000 over the 5 year
period.
Upon vesting, Kinross will earn a 70% ownership in the Liberty Bell project and Millrock will
retain 30%. Further exploration and development costs will be shared pro-rata. Millrock will
acquire a 1.0% NSR royalty when the joint venture is formed. In the event that a party to the
Agreement dilutes to less than 10% equity interest, such interest will convert automatically to a
2% NSR royalty, half of which may be purchased for US$1.5 million. AMR payments shall be
payable to Millrock at the rate of US$40,000 per year. Total AMR payments under the option
and joint venture agreements will be capped at US$500,000. Advanced minimum royalties will
be deducted from any NSR royalty payable.
The project consists of claims owned outright by Millrock and other claims upon which Millrock
holds an option to purchase a 100% interest from Boot Hill Gold Inc., a private Alaska firm. The
acquisition of the property was announced by Millrock in October 2015. By the mutual
agreement of Boot Hill Gold and Millrock, the term of this agreement has been extended to
March 15, 2021. The payment schedule has also been changed such that the total payment, if
the option to purchase is exercised in 2021, will be US$700,000.
The Liberty Bell project has potential for discovery of valuable gold deposits. A small gold
deposit is known to exist on the property and the mineralization discovered by prior workers is a
distal gold-bearing pyrrhotite skarn. A full project description can be found here.
Finder’s Fees will be payable by Millrock to Steven Borell of Anchorage, Alaska, and Curtis
MILLROCK RESOURCES INC. | Suite 2300 – 1177 West Hastings St. | Vancouver, BC V6E 2K3
Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com
Millrock Options Liberty Bell
Page 2
Freeman of Fairbanks, Alaska by Millrock. The fees will be calculated as a percentage of
exploration expenditures and will become payable in 2018. The fees are subject to approval by
the TSX Venture Exchange.
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”
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Melanee Henderson, Investor Relations
(604) 638-3164
(877) 217-8978 (toll-free)
Millrock Resources Inc.
2300-1177 West Hastings Street
Vancouver,
V6E 2K3
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."