VANCOUVER, BRITISH COLUMBIA, June 14th, 2017 – Millrock Resources Inc. (TSX-V: MRO) (“Millrock”) announces two separate option agreements whereby it has granted an option to Sojourn Ventures Inc., (TSX-V: SOJ) (“Sojourn”), which may purchase a 100% interest (subject to a royalty provision) in the Willoughby and Oweegee Dome projects in the Golden Triangle mining district northeast of the Town of Stewart, British Columbia, Canada.
Sojourn must make share issuances and incur exploration expenditures over three years in order to exercise the options and take ownership of the properties. The transaction and Sojourn’s plans are more extensively described in their press release here. After the first share issuance and the equity financing contemplated by Sojourn, Millrock will own approximately 15% of the issued and outstanding shares of the company.
Gregory A. Beischer, President & CEO of Millrock commented: “Historically Millrock has made exploration agreements primarily with major mining companies. However, we anticipate that shares of junior gold exploration companies will do well in the coming years. Millrock will become a major shareholder of Sojourn and as a result, our shareholders may realize the best value possible for these assets. Millrock will execute the initial exploration programs on the properties on behalf of Sojourn and in return will be entitled to a management fee. We look forward to advancing these exciting gold and copper projects.”
To exercise the option agreements on the two properties, Sojourn must issue the following common shares of Sojourn to Millrock and incur the following expenditures on the two properties: