The exploration agreement gives Millrock the right to explore for minerals on the mineral estate lands and, if terms are met, lease tracts of land for mining operations. Much of the land package is split estate, with Alaska native village corporations owning the surface. Millrock has made access agreements with two of these corporations. In order to fulfill the exploration agreement terms, Millrock must incur exploration expenditures of US$5 million and pay US$725,000 prior to December 31, 2019. The initial payment is $25,000 and the first-year exploration expenditure requirement is US$200,000. Additionally, Millrock will make a BBNC Scholarship Foundation donation of US$10,000 annually. Lease tracts of up to 7,500 acres will require an annual payment of US$200,000. A sliding-scale Net Smelter Return (NSR) royalty is payable on gold (1.0% when gold is under US$1,000 (spot price per ounce), 1.5% when gold is under US$2,000 and 2.0% when gold is over US$2,000). An NSR royalty of 1.0% is payable to BBNC on all other metals produced.
The technical information within this document has been reviewed and approved by Gregory A. Beischer, President & CEO of Millrock Resources Inc. Mr. Beischer is a qualified person as defined in NI 43-101.
About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. In the search for world-class metallic mineral deposits in mineral rich Alaska and southwest USA, 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 eleven active exploration projects, seven gold-copper properties in Alaska, and four porphyry copper prospects in Arizona. With funding primarily coming from its joint venture partners, Millrock projects that it will carry out exploration programs with a total value of more than US$5M in 2013. Business partners of Millrock include some of the leading names in the mining industry: Teck, First Quantum and Altius.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
Some statements in this news release contain forward-looking information including, without limitation, the statement that Millrock plans to partner with other exploration and mining companies with respect to exploration of the property covered by the agreement with BBNC, and the statement that Millrock projects that it will carry out exploration programs with a total value of more than US$5M in 2013 covering all or most of the properties in which Millrock holds an interest. 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 ability to partner with other exploration and mining companies with respect to exploration of the property covered by the agreement with BBNC, 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.
Millrock Resources Inc.
Gregory A. Beischer
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