Millrock Finalizes Option Agreement with Inmet for Exploration of San Jose and Dry Mountain Porphyry Copper Prospects in Arizona
March 11, 2010
VANCOUVER, BRITISH COLUMBIA, March 11, 2010 - Millrock Resources Inc. (TSX-V: MRO) ("Millrock" or the "Company") announced today it has signed an option agreement with Inmet Mining Corporation (IMN - TSX) for the exploration of the San Jose and Dry Mountain porphyry-copper prospects in Arizona. Details of the agreement were first announced January 8, 2010 (here) upon signing of a letter of intent, and now with execution of the definitive agreement the partners are preparing to begin work. Geophysical surveys to refine drill targets are planned for spring 2010 with drilling to follow.
The San Jose and Dry Mountain properties are located on the highly prolific Safford and Morenci porphyry copper deposit trends which account for some 10 billion tons of past copper ore production. At San Jose, drilling by Noranda in the early 1990s identified a porphyry cell. Geochemical surveys indicate potential for a larger deposit nearby. At Dry Mountain, a strong copper-molybdenum geochemical anomaly 10 km in diameter has been outlined. Both properties are covered with overburden but bedrock is relatively near-surface.
The Option to Joint Venture agreement, which is subject to TSX Venture Exchange approval, gives Inmet the opportunity to earn a 70% interest in the two claim blocks by spending US$4.0 million on exploration and making option payments of US$300,000. The 2010 exploration expenditure commitment is US$500,000 and the initial payment is US$50,000. Millrock will be the operator in the first year of exploration and thereafter at Inmet's discretion.
The technical information in this news release was reviewed by Gregory Beischer, Millrock's President and CEO, a Qualified Person as defined in NI 43-101.
About Millrock Resources Inc.
Millrock is a TSX Venture Exchange listed company intent upon the discovery of large, high value mineral deposits, with a focus on Alaska gold deposits and Arizona copper-gold porphyries. The Company follows a project generator/joint venture business model that capitalizes on Millrock's knowledge and ability in two outstanding mining jurisdictions. This model shares risk by partnering with other companies that invest capital to move exploration projects toward development and production. Millrock currently has eight (8) active exploration projects in Alaska, and three (3) in Arizona. Four of the projects are the subject of joint venture agreements in which other companies are making exploration expenditures to earn an interest in Millrock's projects. Drilling is planned on at least four (4) of the Company's projects in 2010.
ON BEHALF OF THE BOARD
"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 planned expenditures and exploration programs. 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."
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