VANCOUVER, BRITISH COLUMBIA, July 18, 2011 - Millrock Resources Inc. (TSX-V: MRO) ("Millrock" or the "Company") announces its continuing exploration of the San Jose and Dry Mountain copper-gold projects in southeastern Arizona. Drilling is scheduled to resume in September, 2011 with an extended budget. Funding for the work is provided by Inmet Mining Corporation (IMN - TSX) ("Inmet") under the terms of an Option to Joint Venture Agreement (the "Agreement") executed in early 2010 with Millrock as the exploration operator. The claims are situated southeast of the town of Safford, Arizona and southwest of the Morenci mine. Drilling commenced at Dry Mountain in early spring of 2011 with two holes drilled. The first hole intersected only Tertiary-aged rocks with no clear explanation for the conductive zone that has been identified through airborne geophysics. No anomalous copper levels were detected. A second hole had to be terminated prior to completion due to strong artesian water flow, however Millrock and Inmet plan to re-drill this hole with equipment capable of dealing with the artesian conditions. Since completion of the initial drilling, additional surface geochemical surveys have been completed over conductive zones in the south part of the claim block. Upon receipt of these pending results a decision will be made on further drilling in this part of the claim block.
At the nearby San Jose project, two holes were also drilled. Laramide - aged rocks were intersected but no signs of porphyry alteration or mineralization were observed. Results of airborne ZTEM - magnetic surveys flown in the northern part of the claim block were received and interpreted. Several high priority targets were identified and an additonal 289 claims were staked to cover extensions of the targets. Three holes will be drilled to test the targets; this work expected to commence in September.
Under the terms of the Agreement Inmet has the opportunity to earn a 70% interest in the two claim blocks, San Jose and Dry Mountain, by making US$4.0 million in exploration expenditures and by making option payments of US$300,000. To date, Inmet has funded approximately $1.7 million of exploration work on the properties. The drilling program planned for September consists of three holes totaling approximately 4,000 meters.
The San Jose project is positioned right at the intersection of the exceptionally prolific Safford and Morenci porphyry trends. The Safford deposits, presently being actively developed by Freeport McMoran Copper & Gold, form a linear northwest striking trend. The San Jose project is located approximately six km from the Sanchez deposit at the southeast end of the Safford trend. Morenci is located approximately 30 km to the northeast. Together, Safford and Morenci account for approximately 10 billion tons of past copper production and future reserves and resources. A porphyry cell located on Millrock's claims was discovered by drilling done by Noranda Inc. in the early 1990s. ZTEM geophysical conductive zones surrounding magnetic highs are the primary target of the current drilling program. The geophysical signature appears very similar to that reported over the Safford deposits.
At the Dry Mountain claim block, which is located 20 km to the southeast of San Jose on the Morenci Trend, a geochemical anomaly measuring approximately 10 km in diameter is present. The multi-element anomaly is strong in copper and molybdenum. The anomaly appears to emanate from coincident ZTEM-Mag signatures. The area is completely covered in overburden.
Millrock's President & CEO Gregory A. Beischer is a Certified Professional Geologist,Mining Engineering Technologist and is a 'qualified person' for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Properties of the Canadian Securities Administrators. Mr. Beischer has verified the data (including sampling and analytical data) and prepared the information contained in this news release. All samples from the project were delivered by Millrock personnel to Skyline Assayers and Laboratories of Tucson, Arizona. A quality assurance / quality control program has been implemented to ensure all core and sample handling procedures are in accordance with the best possible practices. The assay protocol includes the insertion of standards, blanks and duplicates into the sample stream.
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$15 million in 2011. Business partners of Millrock include some of the leading names in the mining industry: Kinross, Teck, Vale, Inmet and Altius, as well as junior explorers Ryan Gold, Brixton Metals and Crescent Resources.
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 the ability to confirm the presence of uranium deposits underlying the densely drilled areas of the property, the potential to expand resources by drilling, the forward-looking price of uranium, the potential for amenability to ISR mining, the ability to secure a funding partner for the project, the completion of the option to purchase some of the claims, and the ability to secure funding to carry out the planned exploration and development . 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.
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