Kinross Gold Invests In Millrock
May 29, 2009
VANCOUVER, BRITISH COLUMBIA, May 29, 2009 - Millrock Resources Inc. (MRO - TSX:V) ("Millrock" or the "Company") is pleased to announce that Kinross Gold Corporation (K - TSX; KGC - NYSE) ("Kinross") has made a private placement in the Company in the amount of Cdn$350,000. The placement consists of a purchase of 2,187,500 Units at Cdn$0.16 cents per Unit. Each Unit is comprised of one Millrock share and one half share purchase warrant. Each whole warrant may be exercised at a price of $0.21 cents for a period of two years. The placement will give Kinross a 6.46% interest in the Company. The private placement is subject to regulatory approval.
"Millrock continues to march steadily forward, meeting corporate milestones in a timely manner despite challenging market conditions." stated President and CEO Gregory Beischer. "The Company has acquired an excellent project portfolio, built an outstanding technical team, established itself as a strong Project Generator company, and continues to form partnerships with major mining companies. Millrock will use these funds to carry out reconnaissance surveys and property acquisitions in a particular area of mutual interest in Alaska, a state in which Kinross is a premier gold producer and in which Millrock has substantial expertise in the discovery and exploration of gold deposits."
About Millrock Resources Inc.
Millrock is a TSX Venture Exchange listed company intent upon the discovery of 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 four active exploration projects in Alaska, and three in Arizona.
ON BEHALF OF THE BOARD
"Gregory Beischer"
Gregory Beischer, President & CEO
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.
FOR FURTHER INFORMATION PLEASE CONTACT
Patrick De Witt, Manager, Investor Relations
(604) 638-3164
Millrock Resources Inc.
750 World Trade Centre
999 Canada Place
Vancouver, BC V6C 3E1
"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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