VANCOUVER, BRITISH COLUMBIA, August 1, 2012 - Millrock Resources Inc. (TSX-V: MRO) ("Millrock" or the "Company") is pleased to announce that a third phase of drilling has begun on the San Jose project in the Safford District of Arizona. The drilling program will consist of three holes totaling approximately 3,300 m. The holes will be drilled to test geological - magnetic survey targets that may represent porphyry-style mineralized intrusive rocks.
The San Jose project is positioned 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. Drilling in the current program will focus on targets northeast of the San Jose porphyry.
The project is the subject of an exploration and option agreement with Inmet Mining Corporation (TSX: IMN) ("Inmet"). Under the terms of the Agreement Inmet has the opportunity to earn a 70% interest by incurring US$4.0 million in exploration expenditures and by making option payments of US$750,000.
The technical information in this news release was reviewed by Gregory Beischer, Millrock's President and CEO, a Qualified Person as defined in NI 43-101.
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$11 million in 2012. Business partners of Millrock include some of the leading names in the mining industry: Kinross, Teck, Vale, Inmet and Altius, as well as junior explorer 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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