Millrock Terminates Option on Divide Property, Seward Peninsula, Alaska
VANCOUVER, BRITISH COLUMBIA, Dec 02, 2009 (MARKETWIRE via COMTEX News Network) --
Millrock Resources Inc. (TSX VENTURE: MRO) ("Millrock" or the "Company") announces that it has terminated its exploration agreement with Alix Resources Corp. (TSX VENTURE: AIX) with respect to the Divide Property, near Nome, Alaska.
Previously, the Company could have earned a 50% interest in the Divide project by sharing costs of exploration with Alix. Drilling by the partners in 2007 and 2008 identified zones of high grade gold mineralization in quartz veins, and lower grade, flat-lying structural zones.
Millrock President & CEO Gregory Beischer stated: "While our exploration team made some significant discoveries at Divide, we have concluded that there is limited potential for a multi-million ounce gold deposit. Given the escalating property holding costs the Company has elected to deploy its resources elsewhere."
About Millrock Resources Inc.
Millrock is TSX Venture Exchange listed company intent upon the discovery of 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 four active exploration projects in Alaska, and three in Arizona.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
"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."
Contacts: Millrock Resources Inc. Gregory Beischer President & CEO 604 638 3164 604 688 9620 (FAX) www.millrockresources.com
SOURCE: Millrock Resources Inc.
http://www.millrockresources.com
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