www.millrockresources.com
Millrock Resources Inc. is a premier project generator to the mining industry. In the search for world-class gold and copper deposits in mineral rich Alaska and Arizona, 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, eight gold-copper properties in Alaska, and three porphyry copperprospects in Arizona. With funding primarily coming from its joint venture partners, Millrock plans to carry out exploration programs with a total value of more than US$14 million for 2011. Business partners of Millrock include some of the leading names in the mining industry: Kinross, Teck, Vale, Inmet and Altius, as well as junior explorers Ryan Gold, Brixton Metals and Crescent Resources.
Millrock Resources amends terms of Crescent option deal for Uncle Sam project
Millrock Resources (CVE:MRO) said late Friday that its option agreement with junior explorer Crescent Resources (CVE:CRC) from December 2010 has been amended.
The original deal, which gave Crescent an option to acquire a 100 percent stake in Millrock's interest in the Uncle Sam gold project in Alaska, has been changed to extend the timing of certain required share issuances to Millrock.
The requirement under the option agreement for Crescent to issue shares that would result in Millrock owning 18 percent of the company by the first anniversary of the initial December 2010 deal has been amended such that Crescent is now required to issue just 1.5 million shares by the first anniversary, and 2.6 million shares by the earlier of either the second anniversary, or the date on which Crescent decides to exercise its option.
The 1.5 million Crescent shares have already been issued at a price of $0.08 each. Millrock also owns an additional 1.58 million of Crescent stock, which means Millrock holds roughly 10.6 percent of Crescent in total.
The amendment also provides for an anti-dilution provision in favour of Millrock, and has been approved by the TSX Venture Exchange.
As such, Millrock will be able to participate in any future equity financing of Crescent to maintain the same equity interest it holds in the company. The anti-dilution provision will expire, however, if Millrock's interest in Crescent drops below seven percent, it said.
Millrock Resources holds gold and copper deposits in mineral rich Alaska and Arizona. It currently has twelve active exploration projects, including eight gold-copper properties in Alaska, and four porphyry copper prospects in Arizona.
