Millrock Adds to Treasury From Royalty Sale
29 August 2022 - 2:30PM
Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or
the “Company”) reports that it has sold a portfolio of royalties on
exploration projects in British Columbia, Canada and Sonora State,
Mexico to Osisko Gold Royalties Ltd (“Osisko”). Gross proceeds from
the sale are $1.2 million.
Millrock President & CEO, Gregory Beischer, commented:
“Prevailing market challenges make an equity financing difficult
and raising capital in this manner would be highly dilutive to
shareholders. Sale of non-core assets is the best way to bolster
Millrock’s treasury for continued project generation activities,
while we wait for assay results to roll out from two major Alaska
gold drilling projects in which Millrock holds an interest.”
PROJECT NAME |
NSR% |
Mexico Royalties |
|
Santa Rosalia |
0.5% |
El Valle |
0.5% |
El Pima |
0.5% |
Violeta |
0.5% |
Guadalcazar |
0.5% |
|
|
British Columbia Royalties |
|
Todd Creek |
1.5% to 2.0% |
Oweegee Dome |
1.5% to 2.0% |
Willoughby |
1.5% to 2.0% |
Table 1. Royalties sold to
Osisko for $1.2 million.
The right to any proceeds stemming from the exercise of any
royalty buy backs pertaining to the British Columbia royalty
properties has been assigned to Osisko. Additionally, Millrock has
granted certain rights to Osisko in relation to royalties currently
held, or that may be created, by Millrock during the next five
years.
About Millrock Resources Inc.Millrock Resources
Inc. 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 recognized
as the premier generative explorer in Alaska, holds royalty
interests in British Columbia, Canada, and Sonora State, Mexico, is
a significant shareholder of junior explorer ArcWest Exploration
Inc., and owns a large shareholding in each of Resolution Minerals
Limited and Felix Gold Limited. Funding for drilling at Millrock’s
exploration projects is primarily provided by its joint venture
partners. Business partners of Millrock have included some of
the leading names in the mining industry: EMX Royalty, Coeur
Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale,
Inmet, and Altius, as well as junior explorers Resolution,
Riverside, PolarX, Felix Gold and Tocvan.
ON BEHALF OF THE BOARD“Gregory Beischer”Gregory
Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:Melanee
Henderson, Investor RelationsToll-Free: 877-217-8978 | Local:
604-638-3164Twitter | Facebook | LinkedIn
Some statements in this news release may contain forward-looking
information (within the meaning of Canadian securities
legislation), including but not limited to the receipt of drill
results from Alaska drilling projects. 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.
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