NEWS
RELEASE - NR #08-03
Millrock
Announces Acquisition of Ketchem Gold Property, Circle District, Alaska
March 26, 2008
VANCOUVER, BRITISH
COLUMBIA, March 26, 2008 - Millrock Resources Inc. (MRO - TSX:V), is pleased
to announce that it has acquired a gold property in the Circle District in
north-central Alaska. A portion of the property consists of claims staked by
Millrock, and another consists of a mining lease and claims that will be the
subject of an option agreement with Spectrum Resources Inc, of Fairbanks,
Alaska. Millrock has signed a Letter of Intent with Spectrum (the "Spectrum
LOI"). A total area of 470 hectares is covered by the property,
which is approximately 240 kilometers by road north of Fairbanks, Alaska near
the communities of Circle Hot Springs and Central.
"Millrock is pleased
to have acquired this prospective property." said Company President,
Gregory Beischer. "Significant widths of gold mineralization indicate
potential for a bulk minable target, and the prospect is virtually untested.
The development logistics are excellent. We will mount an aggressive
exploration program in 2008 to evaluate the gold mineralization that has been
identified."
The Spectrum LOI
contemplates the grant to Millrock of an option to purchase a 100% interest,
and calls for US$3 million of exploration work over a four year term. Cash
payments totaling US$200,000, including US$20,000 on signing, and US$30,000
at the first anniversary are scheduled. Spectrum will be issued 160,000
Millrock shares with 15,000 issued upon receipt of TSX Venture Exchange
acceptance of the transaction, and 25,000 at the first anniversary. The
option may be exercised at any time while the agreement is in effect for the
purchase price of US$1.5 million. The owner would retain a 2.5% overriding
royalty that may be reduced to 0.5% by payment of an additional US$3 million.
The Circle District has
produced in excess of one million ounces of placer gold. Ketchem Creek,
Portage Creek, and Bottom Dollar Creek, which drain the new Millrock claim
group, are current placer producers, and are amongst the most prolific in the
district. There are few documented lode gold occurrences in the district, and
those that are known have seen little exploration.
The Circle Mining
District occurs along the northern edge of the Tintina Gold Belt, an arcuate
belt that transects central Alaska. Gold deposits within the belt are largely
associated with Cretaceous granitic plutons. Magmatic hydrothermal fluids
related to these intrusions transported and deposited gold in a wide variety
of geological settings. The Ketchem property is largely underlain by the
Two-Bit pluton, which intruded the surrounding country rocks approximately 90
million years ago. This age of intrusion has proven to be prolific for gold
mineralization in this part of the Tintina Gold Belt.
Gold mineralization on
the property occurs in quartz veins and stockworks both in magmatic, granitic
intrusions, and in surrounding sedimentary rocks. Numerous gold occurrences
are present on the property. Two prospects are of particular note: the 88
Prospect, and the Silver Chalice prospect.
At the 88 Prospect, three
structurally controlled zones of gold bearing quartz veins and stockworks
have been identified by prior workers, which include Placer Dome in 1990 and
AMAX in 1992. Widths of the zones range between three and 25 meters. One of
the zones is reported to grade 8.92 grams per tonne gold over a width of 4.6
meters in altered granite. A grab sample from the zone is reported to contain
over 36 grams per tonne gold. Three reverse circulation drill holes have been
drilled by Rudy Vetter and American Arctic Drilling in 1995, but appear not
to have fully intersected the mineralized structures observed at surface.
Gold mineralization at
the Silver Chalice prospect occurs in quartz - sulfide veinlets in altered
sedimentary rocks. Grab samples collected by the property owner are reported
to have returned values up to 32.0 grams per tonne gold.
This press release was
approved by Gregory A. Beischer, Certified Professional Geologist, President
& CEO of Millrock Resources Inc, and a "Qualified Person" as
defined by NI 43-101.
About Millrock
Resources Inc.
Millrock Resources Inc.
is a TSX Venture Exchange listed company focused on discovery of high value
mineral deposits. To date, Millrock has acquired four promising projects in
Alaska, and intends on making further key acquisitions.
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
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY
FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
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