VANCOUVER, BRITISH COLUMBIA, November 5, 2007 – Millrock Resources Inc. (MRO – TSX:V) announces that it has closed the non-brokered private placement announced October 9, 2007 and October 23, 2007 for gross proceeds of $2,120,000. Millrock issued 4,711,111 units at $0.45 per unit. Each unit is comprised of one common share and one-half of one share purchase warrant with each whole warrant exercisable into one additional common share at a price of $0.75 until November 2, 2008 and at a price of $1.00 until November 2, 2009.
Finders’ fees of 7% were paid in cash to the following finders: 0760953 BC Ltd. - $41,816.25 and Standard Securities Capital Corp - $3,150. Finders’ fees of 7% were paid in shares and finder warrants to the following finders: Standard Securities Capital Corporation- 7,000 finder warrants, Haywood Securities Inc.- 56,000 common shares and 56,000 finder warrants; Bolder Investment Partners Ltd. – 78,400 common shares and 78,400 finder warrants; and BMO Nesbitt Burns – 15,960 common shares and 15,960 finder warrants. Each finder warrant is exercisable into one common share at a price of $0.45 until November 2, 2008.
All of the securities issued hereunder are subject to a four month hold period and may not be traded until March 3, 2008.
Proceeds from the financing will be used for property acquisitions, exploration expenditures on Millrock’s Alaska projects and for general working capital.
ABOUT MILLROCK RESOURCES INC.
Millrock Resources Inc. is a TSX Venture Exchange listed company focused on exploration of mineral deposits in Alaska. We view Alaska as a highly prospective, largely underexplored region, which boasts several world class deposits. Millrock’s goal is to target similar type deposits, through acquiring and exploring land packages that have the potential to host mineral deposits of global significance. To date, Millrock has acquired four promising projects, and intends on making further key acquisitions. The company has recently completed drilling programs at its Divide and Inmachuk projects on the Seward Peninsula in western Alaska.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Patrick De Witt, Manager, Investor Relations
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.
"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."