VANCOUVER, BRITISH
COLUMBIA--(Marketwire - March 11, 2010) - Millrock
Resources Inc. (TSX VENTURE:MRO) ("Millrock" or the "Company") announced today
it has signed an option agreement with Inmet Mining Corporation (TSX:IMN) for
the exploration of the San Jose and Dry Mountain porphyry-copper prospects in
Arizona. Details of the agreement were first announced January 8, 2010 (here)
upon signing of a letter of intent, and now with execution of the definitive
agreement the partners are preparing to begin work. Geophysical surveys to
refine drill targets are planned for spring 2010 with drilling to follow.
The San Jose and Dry
Mountain properties are located on the highly prolific Safford and Morenci
porphyry copper deposit trends which account for some 10 billion tons of past
copper ore production. At San Jose, drilling by Noranda in the early 1990s
identified a porphyry cell. Geochemical surveys indicate potential for a larger
deposit nearby. At Dry Mountain, a strong copper-molybdenum geochemical anomaly
10 km in diameter has been outlined. Both properties are covered with
overburden but bedrock is relatively near-surface.
The Option to Joint Venture
agreement, which is subject to TSX Venture Exchange approval, gives Inmet the
opportunity to earn a 70% interest in the two claim blocks by spending US$4.0
million on exploration and making option payments of US$300,000. The 2010
exploration expenditure commitment is US$500,000 and the initial payment is
US$50,000. Millrock will be the operator in the first year of exploration and
thereafter at Inmet's discretion.
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 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 (8) active exploration projects in
Alaska, and three (3) in Arizona. Four 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 (4) of the Company's projects in 2010.
ON BEHALF OF THE BOARD
Gregory Beischer, President &
CEO
Some statements in this news
release contain forward-looking information, including without limitation
statements as to planned expenditures and exploration programs. 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."