Millrock Resources, Inc. (TSX-V: MRO) has signed a letter of intent to enter into an Option to Joint Venture Agreement with Inmet Mining Corporation. The Joint Venture will be for projects on Millrock's San Jose and Dry Mountain claims in Arizona, USA.
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Pursuant to the agreement, Inmet will have the option to acquire a 70% interest in the two claim blocks by spending $4.0 million in exploration expenditures and making option payments of $300,000. The 2010 expenditure commitment is $500,000 with an initial payment of $50,000. The exploration operator for the first year will be Millrock, and thereafter at Inmet's option.
About Millrock Resources Inc.
Millrock is 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.
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