Millrock To Sell Mexico AssetsVANCOUVER, BRITISH COLUMBIA, June 26, 2019 - Millrock Resources Inc. (TSX-V: MRO, OTCQX: MLRKF) ("Millrock" or the “Company”) reports that it has entered into an agreement to sell the La Union, Los Cuarentas, El Pima, El Valle, and Llano del Nogal claim blocks to Riverside Resources Inc. (“Riverside”). Millrock will also transfer the option it holds on the Santa Rosalia concession which forms part of the Los Cuarentas project. Millrock has also agreed to sell a copy of its exploration database, and various exploration equipment and vehicles to Riverside.
Consideration payable to Millrock is $35,000 cash and 150,000 Riverside common shares. Additionally, Riverside will grant a 0.5% net smelter returns (“NSR”) royalty on the El Pima and El Valle claims, and in the event that Riverside exercises the option on Santa Rosalia, it will grant a 0.5% NSR royalty on that claim.
Millrock and Riverside anticipate completing transfer of the properties and completing the agreement by August 31, 2019. The agreement is subject to approval by the TSX Venture Exchange. The Riverside shares issued to Millrock will have a four-month hold period commencing from the date of their issuance.
Millrock President & CEO Gregory Beischer commented: “We are pleased to have sold these projects to Riverside. We are bringing greater focus back to Alaska, and Riverside should be able to make good use of the database we have transferred to them. Ultimately we feel confident that Riverside will be able to find funding partners for the projects. If exploration on those projects is successful, Millrock shareholders will benefit from the portfolio of retained royalty interests.”