Millrock Resources Provides Corporate Update FOR 2017 and Yearly Review FOR 2016
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- 02
MILLROCK RESOURCES PROVIDES CORPORATE UPDATE
FOR 2017 AND YEARLY REVIEW FOR 2016
VANCOUVER, BRITISH COLUMBIA, January 12th, 2017 - Millrock Resources Inc. (TSX-V:
MRO) ("Millrock" or “the Company”) is pleased to provide an update on its exploration activities,
an overview of the Company’s goals and growth plans for 2017, as well as a review of 2016
accomplishments.
Millrock continued to rigorously follow the Project Generator-Joint Venture business model and
took advantage of low cost acquisition opportunities. Metal prices and investor interest
fluctuated significantly over the year, but despite the market fluctuations, Millrock was
successful in delivering on the two areas most important to our model: new funding partnerships
and new project generation.
Exploration expenditures exceeded US$2 million in 2016, of which 85% was funded by partners
through earn-in option agreements. Revenue from property payments and exploration
management fees partially offset overhead costs. Millrock also accomplished a number of
milestones throughout the year, as follows:
2016 – Year In Review
Project Partnership & Exploration:
• Signed an option agreement with Centerra Gold Inc. (“Centerra”) on both the Los Chinos
and Los Cuarentas gold projects
• Executed exploration work valued at $1.2 million with funding provided by Centerra
o Completed a surface exploration and a drilling program on the Los Chinos gold
project
o Completed surface exploration on the Los Cuarentas gold project – the project is
now drill-ready
• Signed an option agreement with Vista Minerals to explore our Stellar copper-gold
project in Alaska
o Vista carried out an induced polarization geophysical survey that appears to
extend the high-grade copper-gold Zackly skarn
• Advanced the Liberty Bell gold project in Alaska through surface exploration work
• Continued partner-funded work under a strategic alliance agreement with a major mining
company in Alaska
• Completed a ZTEM airborne geophysical survey at the Oweegee Dome porphyry
MILLROCK RESOURCES INC. | Suite 800 – 789 West Pender St. | Vancouver, BC V6C 1H2
Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com
2017 Corporate Update
Page 2
copper-gold project, located in the Golden Triangle district of British Columbia
o In combination with other existing geophysical information interesting new targets
were developed and the project is ready for drilling
Project Generation:
• Acquired land positions in the Goodpaster Mining District near the producing Pogo gold
mine as part of a strategic alliance relationship with a major gold producer
• Acquired the Apex gold project in Alaska; a high grade former producing gold vein mine,
and acquired drilling permits
• Consolidated claims in the Golden Triangle, British Columbia to form three large,
cohesive claim blocks adjacent to Pretivm's Brucejack gold deposit and Seabridge's
KSM copper deposit
o Acquired the Willoughby gold prospect near Stewart, British Columbia
o Assumed an option on an LNT polymetallic property, again near Stewart, British
Columbia
o Purchased a 100% interest in an exploration operations facility in the town of
Stewart, British Columbia
• Purchased the Chisna project from Corvus Gold Inc
o Along with the mineral rights, Millrock purchased an exclusive copy of a
proprietary exploration database covering the claims and the surrounding district.
The data represents an estimated US$11 million worth of exploration work.
Some projects that could no longer attract partners were terminated. These include the Estelle
gold project, the Alaska Peninsula, AUDN and Humble copper projects in Alaska.
Millrock completed the year with approximately $2.5 million in cash, and less than 48 million
shares outstanding. At the beginning of the year the company’s share price was 25 cents, and
at year-end it was 47 cents, an 88% increase. The company intends to continue to rigorously
follow the Project Generator business model throughout 2017 and outlines the following key
catalysts and growth plans for the year:
2017 – Looking Ahead
Growth Plans and Potential Catalysts
• Recently Millrock announced a strategic alliance agreement with Centerra focused on
gold projects in Sonora, Mexico
MILLROCK RESOURCES INC. | Suite 800 – 789 West Pender St. | Vancouver, BC V6C 1H2
Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com
2017 Corporate Update
Page 3
o Under the Alliance Millrock will execute generative exploration and evaluate
prospective properties to develop gold exploration projects; Centerra will provide
funding of at least US$250,000 this year for this generative exploration
o It is expected that several new projects will emerge from alliance activities
• A drilling program at the Los Cuarentas gold project is planned and will likely be
executed in spring 2017
• Exploration results from the recently completed ZTEM survey on Oweegee Dome
copper-gold project in British Columbia will be released
• Millrock expects to announce multiple new joint-venture agreements in 2017 in Alaska,
British Columbia and Mexico
• The company will advance many of its newer projects to a drill-ready, fully permitted
state, making them attractive to future partner companies
• Millrock plans to acquire and generate quality exploration projects and prudently
advance them to the stage that will attract funding partners
Millrock’s President and CEO, Gregory A. Beischer, stated: “While we will not under-estimate
the work ahead, we continue to carry forward into 2017 with a spirit of optimism. The cycle
seems to have changed, and we have positioned Millrock as best we possibly can to capitalize
on a bull market in precious, base and energy metals. We now have an extensive exploration
property portfolio diversified across four excellent mining jurisdictions, and the company is being
actively funded by partners. With continued excellent scientific work, supportive funding partners
and shareholders, we have the potential to make a transformative discovery in the coming
year.”
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 and Altius.
ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory A. Beischer, President & CEO
MILLROCK RESOURCES INC. | Suite 800 – 789 West Pender St. | Vancouver, BC V6C 1H2
Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com
2017 Corporate Update
Page 4
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.
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THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
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