Millrock Resources Inc.
TSX VENTURE : MRO

Millrock Resources Inc.

September 01, 2011 09:00 ET

Millrock Announces Additional Drilling Results at Uncle Sam Gold Project, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 1, 2011) - Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock" or the "Company") is pleased to report additional results from the first phase of drilling at the Uncle Sam gold project in the Tintina Gold Belt, Alaska. The project is located 65 km southeast of Fairbanks, Alaska, 60 km west of the Pogo Gold Mine and adjacent to a recent gold discovery reported by Sumitomo Metal Mining Co. Ltd. ("Sumitomo"). The work on Uncle Sam is being funded by Crescent Resources Corp. (TSX VENTURE:CRC) ("Crescent"); Millrock is managing the exploration. Crescent has an option to purchase a 100% interest in Millrock's rights to the property subject to a royalty. Millrock presently owns approximately 5% of the issued and outstanding common shares of Crescent.

Lone Tree Prospect

Five diamond drill holes totaling 1,329 m were completed by Millrock at the Lone Tree prospect located in the northwest part of the Uncle Sam property in 2011. Drilling targeted a 500 m by 250 m portion of a larger gold-in-soil anomaly measuring approximately 4,000 m by 1,000 m Previous historical drilling by other operators in the general area returned encouraging results such as drill holes USC-011, which contained an intersection of 19.22 m averaging 2.03 g/t gold and USC-013, which contained 6.0 m averaging 1.79 g/t gold and 14.0 m averaging 1.65 g/t gold. The drilling program was designed to expand upon the area of known gold mineralization. A summary of significant results follows:

Drill Hole Azimuth Dip From
(meters)
To
(meters)
Interval
(meters)
Gold
(g/t)
LT-001 180° -75° 112.68 119.48 6.80 1.06
LT-002 -90° 295.66 297.67 2.01 1.10
LT-003 180° -60° 74.58 78.33 3.75 1.12
LT-004 -90° 17.07 19.20 2.13 1.00
LT-005 -90° 59.44 93.27 33.83 0.58
Including 69.49 72.82 3.32 1.22
And 146.30 148.44 2.13 1.85

The listed gold intercepts at Lone Tree typically occur within thicker zones containing anomalous gold mineralization commonly associated with faults and fault zones. This is evident in LT-005 which intersected 33.83 m grading 0.58 g/t gold. Host rocks for mineralization include both metamorphic rocks (schist, gneiss) and, to a lesser extent, granitic intrusive rocks. Because the rock cores are badly broken and faulted it is not possible to determine the true width of the intersections.

The Lone Tree area is one of three main previously defined areas of anomalous gold-in-soil occurring within the Uncle Sam project area (Lone Tree, Christmas, Wolf). Previous drilling in 2011 by Millrock at the Wolf Prospect, located approximately 3.5 km south of Lone Tree, encountered intercepts up to 11.40 m averaging 4.86 g/t gold was announced on July 28th, 2011 (http://millrockresources.com/news/millrock_announces_drilling_results_at_uncle_sam_gold_project_alaska/).

The Wolf Prospect appears to be on strike with Sumitomo's recently discovered Naosi mineralized zone (Stone Boy Project) located approximately 2 km to the southeast. Drilling by Sumitomo at Naosi has returned intercepts up to 7.92 m averaging 7.8 g/t gold and 19.7 g/t silver (http://www.petroleumnews.com/mnarch/05-23-1.html).

Additional Work

Millrock also completed a property-wide soil geochemical survey in 2011 designed to obtain data in areas not previously sampled. Results are pending.

Agreement

Signed in January of 2011, the agreement with Millrock gives Crescent the exclusive option to earn a 100% interest in the Uncle Sam claim group in return for a cumulative US$2.5 million in exploration expenditures, US$300,000 in cash payments and Crescent share issuances to Millrock. Crescent has issued 1,583,281 common shares to Millrock and these shares represent approximately 5% of the currently issued and outstanding Crescent shares. If the earn-in agreement proceeds to December 31, 2011, Crescent will issue to Millrock that number of common shares to give the Company 18% of the issued and outstanding shares of Crescent on that date. Millrock may be entitled to receive more Crescent shares in the event that an independently verified gold resource is defined on the property. Millrock obtained rights to the Uncle Sam property by virtue of an agreement with Kiska Metals Corporation (TSX VENTURE:KSK).

Millrock's President & CEO, Gregory A. Beischer, is a Certified Professional Geologist and Mining Engineering Technologist and is a 'qualified person' for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Properties of the Canadian Securities Administrators. Mr. Beischer prepared the information contained in this news release and has verified the data (including sampling and analytical data). All samples from the project were delivered by Millrock personnel to ALS Chemex, Fairbanks, Alaska. A quality assurance/quality control program has been implemented to ensure all core and sample handling procedures are in accordance with the best possible practices. The assay protocol includes the insertion of standards, blanks and duplicates into the sample stream. Mr. Beischer has verified the data by personally inspecting the drilling operations, core logging and sampling operations, the analytical preparatory laboratory, the analytical data, the supporting quality assurance/quality control data, and the calculation of composite intervals.

About Millrock Resources Inc.

Millrock Resources Inc. is a premier project generator to the mining industry. In the search for world-class gold and copper deposits in mineral rich Alaska and Arizona, 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 and attendant shareholder dilution taken on by most exploration companies. Millrock currently has twelve active exploration projects, eight gold-copper properties in Alaska, and four porphyry copper prospects in Arizona. With funding primarily coming from its joint venture partners, Millrock plans to carry out exploration programs with a total value of more than US$15 million in 2011. Business partners of Millrock include some of the leading names in the mining industry: Kinross, Teck, Vale, Inmet and Altius, as well as junior explorers Ryan Gold, Brixton Metals and Crescent Resources.

ON BEHALF OF THE BOARD

Gregory Beischer, President & CEO

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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