VANCOUVER, BRITISH COLUMBIA, January 12, 2012 - Millrock Resources Inc. (MRO - TSX:V) ("Millrock" or the "Company") announced today that the option agreement dated October 14, 2010, as amended, with Brixton Metals Corp. ("Brixton"), concerning the Cristo Property in the Kahiltna region of south-central Alaska, has been terminated. The property, which was increased in size to 328 claims while Brixton held its option, has been returned to Millrock's control. Additionally, Brixton has transferred to Millrock ownership of a 100% unencumbered interest to 457 other State of Alaska mining claims in the Kahiltna region, which are adjacent to Millrock's Cristo, Estelle and Diston Plutons projects, and the Whistler project owned by Kiska Metals Corporation (KSK – TSX-V). Millrock President & CEO Gregory Beischer stated, "While we are disappointed that Brixton will not fund further exploration of the Cristo property, Millrock has, as a result of the transaction, now amassed an enormous land position covering high priority targets in the emerging Kahiltna mineral district."
Click here for a map showing Millrock's Kahiltna District land holdings, Alaska.
Millrock now has four large, discrete claim blocks in the Kahiltna District. The area is known to host porphyry copper-gold deposits and has potential for discovery of intrusion-related gold deposits. Each is briefly described below:
Estelle: This project consists of 463 claims (28,230 ha or 109 sq mi) which are the subject of an option agreement with Teck American Inc. ("TAI"). TAI may earn a maximum 65% interest in the optioned claims. Drilling funded by TAI in 2011 resulted in the discovery of intrusion related gold mineralization over broad core intervals. At Oxide Ridge in the north part of the claim block hole SE-001 returned 0.43 g/t Au over 365.3 m (true width not known), as previously reported in a press release dated November 9, 2011 . Millrock and Teck are presently formulating 2012 exploration plans for the project.
Cristo: The project has potential for gold-enriched porphyry-style copper-gold deposits and intrusion-related gold deposits. Exposures of copper and gold mineralization have been discovered at surface by Millrock over a wide area. Several targets are ready to drill. Millrock will seek a new partner to jointly fund work on the Cristo property which now consists of claims.
Distin Plutons: Millrock has identified gold mineralization at surface on this project. In 2011, exploration crews discovered gold in structurally controlled zones. Soil and talus fines sampling detected an anomalous area over one km in length. This is an early stage project that requires more surface work to develop drill targets. Along with the new claims that have been transferred by Brixton, the property now consists of 544 claims covering an area of 35,220 ha or 135 sq mi.
Revelation: A large multi-element stream sediment anomaly led Millrock to this project site. Soil samples collected on the slopes in the claim area are strongly anomalous in gold over a 600 m length. A large iron-stained zone hosting a variety of intrusive rocks with strong quartz stockwork veining is exposed near the toe of a receding glacier. There is potential for discovery of a porphyry-style copper-gold deposit on the claims. Millrock seeks a partner to earn an interest in the project.
Gregory A. Beischer, President & CEO of the Company and a Qualified Person (QP) as defined by NI 43-101, prepared this news release and has verified the data disclosed. A quality control and quality assurance program was in place for analytical work, and the QP has personally inspected the project sites and data reported upon in this press release.
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. 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.
"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.”