VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/01/13 -- Millrock Resources Inc. (TSX VENTURE: MRO) ("the Company") reports that as a result of a review by the BC Securities Commission, the Company is issuing this news release to clarify previous technical disclosure.
Qualified Person: The Company did not include the name of the qualified person who approved, prepared or supervised the preparation of the technical information appearing in previous versions of the Company's website and in certain materials distributed by the Company, and the qualified person's relationship to the Company, as required by section 3.1 of NI 43-101. The Company is correcting this omission.
Non-Compliant Historical Estimates: In previous versions of its website and in other materials, the Company has used the terms "non 43-101 resource", "resource potential" and "resource" to describe historical estimates in relation to its Stellar project (specifically to the "Zackly Skarn deposit" situated on the Stellar claims) and the Bluff project, Alaska, which is contrary to section 2.2 (a) and 2.3(1)(a) of NI 43-101. Specifically the noted references do not meet the classification categories as defined in "CIM Definition Standards on Mineral Resources and Mineral Reserves". The Company also disclosed historical estimates for the Stellar and Bluff projects without providing all of the necessary additional information required by section 2.4 of NI 43-101. Specifically, some of the Company's materials did not mention the source and date of the historical estimate, comment on the relevance and reliability of the historical estimate, provide a statement on historical estimate resource categories used by the historical exploration companies and provide an explanation as to the difference with the CIM categories, and in the case of the Zackly Skarn deposit, reference and comparison to a more recent historical estimate. The Company retracts any previous disclosures about the Stellar and Bluff project historical estimates and issues the following restatement:
For the Stellar project, which is host to the Zackly Skarn deposit, there are two historical resource estimates reported by prior exploration operators for the Zackly "Main Skarn", one of three known mineralized skarn zones located along the Zackly skarn trend. The historical estimates are shown in the tables below. The historical estimates quoted from the 1987 and 1982 reports are for historical purposes only and are not compliant with CIM definition standards for Mineral Resources and Mineral Reserves, as defined under NI 43-101. The historical reserve estimates were prepared prior to the implementation of NI 43-101 and use terminology different from and not compliant with current reporting standards, including the terms "indicated and inferred reserves" which incorrectly implies economic viability. Reliability of the historical estimates reported in 1987 and 1982 is suspect based on poor recovery of the diamond core drilling and also the rotary drilling between 1981 and 1987 resulting in significant core and sample loss within areas of mineralization, together with selective sampling, wide drill spacing between sections and the lack of a QA/QC assay protocol (Eden, K. A., 2013, Stellar Property, Valdez Creek Mining District, South-Central Alaska: NI 43-101 Technical Report, January 8, 2013, 113 p.). Though considered relevant by the Company, these historical estimates are not considered reliable. Dr. Eden, a qualified person as defined in NI 43-101, has determined that it is not possible to use the historical estimates as current mineral resources or mineral reserves and the Company is therefore not treating the historical estimates as current mineral resources or mineral reserves. He has determined that it will be necessary to re-drill the holes to verify the historical estimates and to upgrade the estimate to resources that are compliant with NI 43-101, as described in Dr. Eden's technical report which was filed on SEDAR (www. Sedar.com) on January 8, 2013. Dr. Eden is an independent consultant to the Company.
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