VANCOUVER, BRITISH COLUMBIA, June 29, 2010 - Millrock Resources Inc. (TSX-V: MRO) ("Millrock" or the "Company") announced today that, under an anti-dilution clause in a subscription agreement dated June 14, 2009 between Millrock and Altius Minerals Corp. ("Altius"), Altius is participating in a private placement of C$131,250 to purchase 375,000 units at a price of $0.35 per unit. Each unit consists of one common share of Millrock and one share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of $0.50 for a period of two years from the closing date. The financing is subject to TSX-V approval. With the completion of this financing Altius will own 8,307,046 Millrock shares, representing approximately 14.16% of the total issued and outstanding shares of the Company.
Proceeds from the financing will be used for exploration work under the strategic alliance between Millrock and Altius.
ABOUT MILLROCK RESOURCES INC.
Millrock is a TSX Venture Exchange listed Company intent upon the discovery of large, high value mineral deposits, with a focus on Alaska gold deposits and Arizona copper-gold porphyries. The Company follows a project generator/joint venture business model that capitalizes on Millrock's knowledge and ability in two outstanding mining jurisdictions. This model shares risk by partnering with other companies that invest capital to move exploration projects toward development and production. Millrock currently has eight active exploration projects in Alaska, and three in Arizona. Six of the projects are the subject of joint venture agreements in which other companies are making exploration expenditures to earn an interest in Millrock's projects. Drilling is planned on at least four of the Company's projects in 2010.
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.
"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."