VANCOUVER, BRITISH COLUMBIA, July 22, 2010 - Millrock Resources Inc. (MRO - TSX:V) ("Millrock" or the "Company") announced today an agreement has been reached with Brixton Metals Corporation ("Brixton") for the exploration of Millrock's Monte Cristo and St. Eugene properties ("Cristo claim group") in the Kahiltna region of southern Alaska. A letter of intent has been signed between the parties which gives Brixton the exclusive option to earn a 100% interest in the Cristo claim group in return for a cumulative US$5 million in exploration expenditures, US$350,000 in cash payments, 1.5 million Brixton shares, and 1.5 million Brixton share purchase warrants with an exercise price of $1.00 per share over a four-year term.
The target at Cristo is a large Intrusion-Related gold or porphyry copper-gold deposit. Numerous rusty zones indicative of sulfide mineralization were sampled by Millrock in 2009. Extensive alteration zones with strongly anomalous gold and copper values were detected. Additional work is presently underway to further characterize the alteration and better define the new mineral discoveries. The project is in mountainous terrain hosting receding glaciers. As the glaciers recede, new mineral occurrences are being revealed.
Millrock will be the operator of the Cristo program during the first part of the 3.5 year earn-in period and will deliver an exploration NI-43-101 report by December 31, 2010; thereafter, Brixton will be operator of the Cristo exploration program beginning January 1, 2011.
The Cristo claim group, and other claims which may be staked in a prescribed Area of Interest, are subject to a 2% net smelter royalty (NSR) on gold and 1% NSR on all other metals production in favor of Altius Minerals Corp. ("Altius"), Millrock's partner in a strategic alliance of regional prospecting in Alaska which resulted in the staking of the Cristo property in early 2010. Upon full exercise of the option, Brixton will grant a further royalty interest to Millrock, an NSR of 1.0% on gold and 0.5% on all other metals.
The Kahiltna Terrane, where the Millrock-Altius prospecting alliance has been most active, is a geologic region of south-central Alaska which also hosts the giant Pebble deposit of Anglo-American and Northern Dynasty, as well as Kiska Metals' Whistler copper-gold deposit which is adjacent to Millrock's Estelle gold property being explored in joint venture with Teck American Incorporated ("Teck").
"With our recent exploration agreement with Teck at Estelle, and now the participation of Brixton at Cristo, the Kahiltna Terrane has the look of a regional gold play in the making," said Millrock President Gregory Beischer. "Through its project generation activities Millrock is revealing the tremendous potential of this largely unexplored portion of Alaska's Kahiltna Terrane."
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 financial risk and attendant shareholder dilution. 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 a minimum $3.5 million of exploration in 2010, include some of the leading names in the mining industry: Kinross and Teck in Alaska, Vale and Inmet in Arizona.
ABOUT BRIXTON METALS CORPORATION Brixton's mission is to create wealth through exploration by acquiring large scale metal deposits and advancing exploration to feasibility. Brixton is in the process of becoming a TSX.V listed public company. Brixton has 3 properties, Thorn (Au-Ag-Cu) located in BC, Stawell (Au) located in Australia, and now Cristo (Au, Cu) located in Alaska. Brixton intends to capitalize on strong macro trends that will see the demand for its projects increase along with the value created for Brixton shareholders.
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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