VANCOUVER, BRITISH COLUMBIA, June 4, 2010 - Millrock Resources Inc. (MRO - TSX:V) ("Millrock" or the "Company") announced today amendments to its strategic alliance with Altius Minerals Corp. ("Altius"). The alliance, launched a year ago, provided for Altius to finance and Millrock to conduct regional reconnaissance in certain areas of interest of Alaska. The goal of the alliance is to identify and stake prospective mineral properties suitable for earn-in joint venture agreements with third parties. The initiative produced several new projects. The alliance has been amended to streamline the joint venturing process and raise new capital through accelerated warrant exercise. Amendments that Millrock and Altius have agreed to include:
- Prior to June 10, 2010, Altius will exercise all of the Millrock warrants it holds for the purchase of 4,227,223 common shares at a price of $0.30 per share
- Millrock to issue Altius new warrants for the purchase of 3,450,000 common shares at a price of $0.45 per share for a period of five years
- Altius to withdraw from planned joint venture agreements on the Monte Cristo and St. Eugene properties
- The NSR royalty paid to Altius increased to 2% on gold and 1% on other commodities and pertains to all properties staked in the area of interest from the date of the amendment, plus the Monte Cristo, St. Eugene and Kemuk claim blocks
Millrock is still required to expend all funds from Altius' exercise of warrants, and from its original private placement, on the alliance's area of interest.
"Our grassroots exploration alliance with Altius has been very effective thus far in identifying some exciting new gold and copper-gold prospects in Alaska," said Gregory Beischer, president of Millrock. "The revised agreement is designed to simplify the joint venturing process as we attract other mining companies to our areas of interest to help finance exploration. The amended agreement also calls for an early exercise of warrants by our partner Altius which provides a substantial cash injection to fund ongoing reconnaissance and staking," he added.
The amendments to the Altius alliance are subject to TSX Venture Exchange approval.
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 the mineral rich frontiers of Alaska and Arizona, Millrock identifies and packages large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the financial risk and attendant shareholder dilution. As operator, Millrock currently has eleven active exploration projects, eight gold-copper properties in Alaska, and three porphyry copper prospects in Arizona. Its joint venture partners, underwriting some $3.5 million of exploration in 2010, include some of the leading names in the mining industry: Kinross, Teck and Altius in Alaska, and Vale and Inmet in Arizona.
FOR FURTHER INFORMATION, PLEASE CONTACT
Gregory A. Beischer, President & CEO
Phone: (604) 638-3164
Toll Free: (877) 217-8978
Millrock Resources Inc.
750 World Trade Centre - 999 Canada Place
Vancouver, BC V6C 3E1
FORWARD LOOKING STATEMENTS
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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