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In June 2009 Altius formed a strategic alliance with Millrock Resources Inc. ("Millrock") and participated in a private placement financing (@$0.22 per unit) to fund prospect generation, principally for gold, in five areas in Alaska. The primary objective of the alliance is to generate new prospects and seek earn-in/joint venture agreements with third parties. Under the alliance, Altius may acquire royalty and joint venture interests in designated projects in addition to its shareholding in Millrock.
The Companies are currently reviewing the 2009 work with plans of seeking out partners to fund further exploration on a number of identified opportunities.
Beyond the productive alliance work with Altius, Millrock had a very productive 2009 with the consummation of 3 new earn in agreements with major companies; Kinross, Valdez Gold, and Inmet confirming their commitment to the prospect generator business model.
Altius currently owns 4,227,273 shares or approximately a 9.03 % interest in Millrock, as well as 4,227,273 warrants at $0.30. The acquisition of the common shares and warrants comprising the units were made for investment purposes.
