Key Highlights:
- Millrock has sold five projects, a geological database, and exploration equipment to Riverside Resources.
- Consideration paid consists of cash, Riverside shares, and grant of royalties.
- Millrock’s Mexico exploration activities in Mexico now to be focused on El Batamote copper porphyry project.
VANCOUVER, British Columbia, Sept. 12, 2019 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) reports that it has entered definitive agreements to sell the La Union, Los Cuarentas, El Pima, El Valle, and Llano del Nogal claim blocks to Riverside Resources Inc. (“Riverside”). Millrock has also transferred the option it holds on the Santa Rosalia concession which forms part of the Los Cuarentas project. Additionally, Millrock has also sold a copy of its exploration database, and various exploration equipment and vehicles to Riverside.
Consideration paid to Millrock is $35,000 cash and 300,000 Riverside shares. Additionally, Riverside will grant a 0.5% Net Smelter Returns (“NSR”) royalty on the El Pima and El Valle claims, and in the event that Riverside exercises the option on Santa Rosalia, it will grant a 0.5% NSR royalty on that claim to Millrock.
The agreement is subject to approval by the TSX Venture Exchange. The Riverside shares issued to Millrock will have a four-month hold period.
Millrock has retained two projects in Mexico. The first, El Batamote, targets porphyry copper deposits and is situated in a prime belt which also contains two exceptionally large copper deposits, La Caridad and Cananea. The second project, Guadalcazar, is an oxidized, precious metal-bearing polymetallic skarn deposit located in central Mexico.
Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed and approved by Gregory A. Beischer, President, CEO and a director of Millrock Resources. 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. 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 taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada and Sonora State, Mexico and is a significant shareholder of junior explorer ArcWest Exploration Inc. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, and Riverside.
ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
(604) 638-3164
(877) 217-8978 (toll-free)
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, management’s expectation of executing a definitive agreement for the sale of certain assets in Mexico to Riverside and future exploration of the claims sold. 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, Millrock’s ability to raise funds needed to perform additional exploration on the claims staked and customary risks of the resource industry.