VANCOUVER, BRITISH COLUMBIA, November 28, 2011 - Millrock Resources Inc. (MRO - TSX:V) ("Millrock" or the "Company") announced today that drilling has re-commenced at the Galiuro project in Arizona. Vale Exploration Canada Inc. ("VEC"), a wholly-owned subsidiary of Vale S.A. ("Vale"), is funding the work as part of an earn-in agreement signed in 2009.
This phase of the drilling program will focus on the Fourmile target. A circular magnetic feature ringed by a strong conductive zone as identified by a ZTEM airborne geophysical survey is targeted. Intense argillic alteration is known from rock exposures and prior drilling on the west side of the structure. Millrock has pre-collared the hole to a depth of 453 m using a reverse circulation drill. At 427 m leach cap rocks with abundant hematite in Laramide - age andesite and quartz porphyritic intrusive rocks were identified in drill cuttings. The leach cap indicates possible proximity to a porphyry copper deposit. Depending on results, the hole may be drilled to 2,000 m depth. A second hole may be drilled contingent upon results and budget.
The target at the Galiuro property is a large porphyry copper +/- gold deposit hidden beneath alluvium and Tertiary volcanic cover, similar in magnitude to the nearby Resolution deposit, which is being developed by Rio Tinto and BHP Billiton. The property is situated at the intersection of the Resolution and San Manuel / Kalamazoo porphyry copper trends. Because of the Tertiary volcanic cover, little exploration work has been previously done by other companies. Through careful geological mapping in combination with airborne magnetic and ZTEM geophysical surveys, Millrock has identified numerous targets that may represent porphyry deposits. Prior drilling by Millrock and VEC resulted in the discovery of porphyry copper mineralization and alteration in Cretaceous-aged rocks hidden beneath Tertiary volcanic cover rocks.
VEC has the option to earn a 60% interest in the project through exploration expenditures totalling US$3.5 million and payments of US$850,000. Upon completion of the current drill program, VEC will have expended at least US$3.5 million and will be in a position to exercise its option if it makes the remaining necessary cash payments. VEC may earn an additional 10% interest, for a total of 70%, by funding a feasibility study.
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 is on track 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: VEC, Kinross, Teck, Inmet and Altius, as well as junior explorers Ryan Gold, Brixton Metals and Crescent Resources.
ABOUT VALE S.A. Vale is the world's second largest metals and mining company by market capitalization with its headquarters in Brazil. Vale reported revenues of US$46.481 billion and net earnings of US$17.264 billion as of December 31, 2010. Vale is committed to the pursuit of sustainable growth by operating with respect for the natural environment and being an ethically and socially responsible company.
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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