Mining and exploration review north of the 60th parallel

Joint Rewards

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Millrock Resources Inc. is an Alaska-based TSX Venture Exchange listed company focused on generating gold and copper projects for joint venture exploration and development in Alaska and Arizona.

By rigorously following the Project Generator – Joint Venture business model, Millrock Resources has remained very active throughout 2012, despite prolonged market uncertainty. With the addition of new projects, including the un-partnered AUDN copper-gold project in southwest Alaska and the un-partnered Stellar copper-gold project in central Alaska, as well as the announcement of a new project partnership with Inmet on the company’s Monsoon Project located in the Safford Copper District of Arizona, Millrock has continued to showcase its ability to execute and its dedication to the Project Generator model. As the exploration operator for the projects generated, Millrock receives management fees, as well as option agreement payments during the earn-in phase; these funds offset a major portion of overhead expenses.

OLYMPUS DIGITAL CAMERABy partnering with some of the leading names in the mining industry such as Kinross, Teck, Vale, Inmet, and Altius, as well as junior explorer Crescent Resources, Millrock’s 2012 exploration expenditures are on track to exceed U.S. $11 million; 90 per cent of which will be funded by partner companies through earn-in option agreements. This funding has been and is currently being used for drill campaigns on six of Millrock’s 15 projects; three in Alaska and three in Arizona. Early stage exploration work has also been completed on five other projects, laying the groundwork for an extensive 2013 exploration campaign. Thus far, Millrock’s 2012 exploration campaign has, most notably, led to the discovery of a new gold zone at the Teck-partnered Estelle project, located in central Alaska, and the recent acquisition of Stellar, which hosts a non 43-101 compliant historical resource of 219,000 ounces of gold and 66.9 million pounds of copper.

24 - Millrock_20121008Despite the challenging economic conditions Millrock will remain a very active explorer over the coming months. With drilling season coming to an end in Alaska, Millrock has shifted its focus to Arizona, where it is currently drilling on the company’s Inmet-partnered San Jose copper project in the Safford Copper District.  Drilling on the company’s recently partnered Monsoon project is anticipated to begin in early 2013, providing sustained news flow over the coming winter months.

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