Millrock Reports Agreement Change at Red Basin

Millrock Resources (TSXV:MRO,OTCQX:MLRKF) has announced that it has reconfigured an option agreement and consolidated a land position at the Red Basin uranium project located in the state of New Mexico.

Canadian junior uranium explorer Millrock, is currently seeking a joint venture partner to work with the company to progress the Red Basin project.

As quoted from the press release:

Previously, in an agreement announced in 2014, Millrock made an option agreement to acquire certain claims thought to cover uranium deposits, and staked claims covering areas with exploration potential. Recently, Millrock made an alternate agreement with the owner of the optioned claims. The option agreement was cancelled, and in its place a finder’s agreement was executed. Under the new agreement the finder will be paid a percentage of exploration expenditures in the event that a third party funds exploration programs on the claims or in a surrounding area of interest. The finder would be paid 2.5 percent of exploration expenditures with an annual US$25,000 minimum, and the finder’s fee would be capped at US$250,000. The previously optioned claims are being transferred to Millrock ownership and going forward the only holding cost will be the annual federal claim rental payments.

Millrock president & CEO Gregory Beischer commented: “We acquired these claims as a target of opportunity in 2014, thinking at the time that a surge in uranium prices was imminent. That has not proven to be the case, but we have retained the project, knowing one day prices will improve and that this uranium exploration project will be attractive to uranium explorers. The reconfiguration of this agreement allows us to retain the claims at a very low cost.”

Click here to read the full press release