Millrock Resources Inc.
TSX VENTURE : MRO

Millrock Resources Inc.

August 31, 2009 09:30 ET

Millrock Announces Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2009) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

Millrock Resources Inc. (TSX VENTURE:MRO) intends to complete a non-brokered private placement consisting of up to 7,500,000 units at a price of $0.20 per unit for gross proceeds of up to $1,500,000. Each unit shall consist of one common share of Millrock and one-half of one share purchase warrant, each whole warrant entitling the holder thereof to purchase one additional common share at a price of $0.30 for a period of eighteen months from the closing date. The warrant certificates will include a provision for an accelerated expiry date in the event that the closing price of the Shares on the Exchange exceeds $0.40 for 10 consecutive trading days.

Finder's fees of 8% of the units sold may be payable in shares or cash on a portion of the financing to finders who assist in the placement, as permitted under applicable securities laws. In addition, any brokerage firms participating as finders may receive, as additional compensation, non-transferable share purchase warrants entitling the holder thereof to purchase such number of common shares in the capital of Millrock that equals an aggregate of 8% of the number of units sold by the brokerage firm (the "Broker's Warrants). Each such Broker's Warrant shall entitle the holder thereof to purchase one additional common share at a price of $0.30 for a period of eighteen months from the closing date. Broker's Warrants will also have an accelerated expiry date provision.

Proceeds from the financing will be used to advance the Company's Estelle gold project in Alaska, its Safford Arizona district copper-gold properties and for acquisition of other gold projects in Alaska, as well as general corporate purposes.

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. 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, 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."

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