News Release May 29, 2009
Kinross Gold Invests In Millrock
VANCOUVER, BRITISH COLUMBIA, May 29, 2009 - Millrock
Resources Inc. (MRO - TSX:V) ("Millrock" or the
"Company") is pleased to announce that Kinross Gold Corporation (K
- TSX; KGC - NYSE) ("Kinross") has made a private placement in the
Company in the amount of Cdn$350,000. The placement consists of a purchase of
2,187,500 Units at Cdn$0.16 cents per Unit. Each Unit is comprised of one Millrock
share and one half share purchase warrant. Each whole warrant may be
exercised at a price of $0.21 cents for a period of two years. The placement
will give Kinross a 6.46% interest in the Company. The private placement is
subject to regulatory approval.
"Millrock continues to march steadily forward,
meeting corporate milestones in a timely manner despite challenging market
conditions." stated President and CEO Gregory Beischer. "The
Company has acquired an excellent project portfolio, built an outstanding
technical team, established itself as a strong Project Generator company, and
continues to form partnerships with major mining companies. Millrock will use
these funds to carry out reconnaissance surveys and property acquisitions in
a particular area of mutual interest in Alaska, a state in which Kinross is a
premier gold producer and in which Millrock has substantial expertise in the
discovery and exploration of gold deposits."
About Millrock Resources Inc.
Millrock is a 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"
Gregory Beischer, President & CEO
Some statements in this news release contain
forward-looking information, including without limitation statements as to
planned expenditures and exploration programs. 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 completion of planned
expenditures, the ability to complete exploration programs on schedule and
the success of exploration programs.
FOR FURTHER INFORMATION PLEASE CONTACT
Patrick De Witt, Manager, Investor Relations
(604) 638-3164
Millrock Resources Inc.
750 World Trade Centre
999 Canada Place
Vancouver, BC V6C 3E1
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