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Millrock Resources Inc (2)
Symbol MRO
Shares Issued 54,196,123
Close 2018-09-13 C$ 0.175
Market Cap C$ 9,484,322
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Millrock Resources completes transaction with Sojourn

2018-09-14 10:29 ET - News Release

Mr. Gregory Beischer reports

MILLROCK COMPLETES TRANSACTION WITH SOJOURN EXPLORATION CONCERNING THREE PROJECTS IN THE GOLDEN TRIANGLE DISTRICT, BRITISH COLUMBIA

The TSX Venture Exchange has given final acceptance of the previously announced transaction with Sojourn Exploration Inc. concerning Millrock Resources Inc.'s exploration projects in the Golden Triangle district of British Columbia: Oweegee Dome, Willoughby and Todd Creek.

Under the purchase agreement, existing option agreements with Sojourn on Millrock's Oweegee Dome and Willoughby projects have been terminated. Through a private placement transaction, Sojourn has raised $2.8-million. Millrock now owns 9,623,417 Sojourn shares, representing a 16.1-per-cent interest in the company. The shares will be held for a minimum of 12 months under a voluntary pooling agreement. Millrock will retain a royalty on the properties and receive reimbursement of $250,000 from Sojourn for exploration costs incurred in 2017.

As part of the transaction, Sojourn also purchased four other British Columbia projects from a private company, Seven Devils Exploration Ltd., for shares. As announced by Sojourn, the Seven Devils Exploration team will take over executive and technical management of Sojourn.

Millrock president and chief executive officer Gregory Beischer commented: "Sojourn will have a new management team that has outstanding depth in British Columbia metallogeny. We anticipate the newly constituted company will have great success following the project generator business model and make great discoveries that will in turn benefit Millrock shareholders."

The Seven Devils Exploration properties give Sojourn, and therefore Millrock, exposure to three of British Columbia's most productive belts for porphyry copper-gold exploration: the Toodoggone district (Oxide Peak project), the northern Quesnel Trough (Eagle project) and the Late Cretaceous Bulkley intrusions of the Skeena Arch (Rip project), as well as a newly discovered Miocene porphyry belt in northern Vancouver Island (Teeta Creek project). Along with the Golden Triangle projects that Millrock has contributed, Sojourn will have a strong property portfolio with which to begin its project generator mineral exploration business.

Gregory A. Beischer, president, chief executive officer and a director of Millrock Resources, is also a director of Sojourn.

Qualified person

The scientific and technical information disclosed within this document has been prepared, reviewed and approved by Mr. Beischer. Mr. Beischer is a qualified person as defined in National Instrument 43-101.

About Millrock Resources Inc.

Millrock Resources is a premier project generator to the mining industry. 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 taken on by most exploration companies. The company is active in Alaska, British Columbia, the southwest United States and Sonora state, Mexico. Financing for drilling at Millrock's exploration projects is primarily provided by its joint venture partners.

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