VANCOUVER, BRITISH COLUMBIA, Apr. 6, 2010 (Marketwire) -- Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock" or the "Company") announced today that Kinross Gold Corporation (TSX:K)(NYSE:KGC) ("Kinross") has made a private placement financing of C$250,000 in which Kinross has purchased 841,042 shares of the Company at C$0.29725. The price reflects the 20-day moving average of Millrock's share price as of March 31, 2010. The financing is subject to TSX-V approval. With the completion of this financing Kinross now owns 3,028,542 Millrock shares, representing approximately 6.4% of the total issued and outstanding shares of the Company. The financing is in connection with the recently announced option to joint venture agreement between the two companies, concerning the Council gold property in western Alaska. By the terms of the option agreement Kinross had 60 days within which to make the private placement, but elected to move immediately to make the share purchase. From a prior financing arrangement Kinross holds 1,093,750 share purchase warrants at C$0.21 that may be exercised prior to June 4, 2011 and an anti-dilution right to participate in future financings.
About Millrock Resources Inc.
Millrock is a TSX Venture Exchange listed company intent upon the discovery of large, 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 eight (8) active exploration projects in Alaska, and three (3) in Arizona. Four of the projects are the subject of joint venture agreements in which other companies are making exploration expenditures to earn an interest in Millrock's projects. Drilling is planned on at least four (4) of the Company's projects in 2010.
ON BEHALF OF THE BOARD
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.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."