Millrock Provides Update on Strategic Alliance with Vale: Five Porphyry Copper-Gold Projects Generated in Alaska
NR #12-‐22
MILLROCK PROVIDES UPDATE ON STRATEGIC ALLIANCE WITH VALE: FIVE PORPHYRY COPPER-GOLD PROJECTS GENERATED IN ALASKA
VANCOUVER, BRITISH COLUMBIA, December 20, 2012 - Millrock Resources Inc. (MRO
- TSX-V) (“Millrock” or “the Company”) announced today that the strategic partnership
between the Company and Vale Exploration USA, Inc., a wholly-owned subsidiary of Vale S.A. ("Vale"), has concluded. Through the course of the program, Vale invested $1.4 million for research and reconnaissance exploration for porphyry copper-gold deposits in Alaska. The work led to recommendations for five Designated Projects, one of which was accepted by Vale: the AUDN project. Under a separate budget Vale funded $700,000 for soil geochemical and ZTEMmagnetic airborne geophysical surveys at AUDN. However, Vale has also advised that they will not fund further work on AUDN.
Gregory Beischer, President & CEO of Millrock stated, “While Vale will not continue with the strategic partnership, we are pleased with what has been accomplished. As a result of the work, Millrock has generated five highly prospective projects, two of which have been advanced to the drill-ready stage. There is an excellent chance that we will find other partner companies to test the prospects we developed with Vale.”
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, Inmet and Altius.
ON BEHALF OF THE BOARD
"Gregory Beischer"
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT
Gregory A. Beischer (604) 638-3164 Millrock Resources Inc.
750 World Trade Centre 999 Canada Place Vancouver, BC V6C 3E1
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.
"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."