Millrock Resources Inc has signed a deal with Vale Exploration Canada Inc to look for copper and gold in Alaska.

Under the agreement, Vancouver based Millrock will receive at least USD 1 million in the first year and an additional USD 1 million at Vale's option for early stage exploration work to identify a project.

Once Millrock nominates a designated project, Vale will have 180 days in which to accept or decline the project. If accepted, the project will become subject to a joint venture agreement that could see Vale earn up to a 75% stake, depending on how much of the exploration and development costs it pays for.

Millrock has a dozen active exploration projects including eight gold and copper properties in Alaska, and four copper prospects in Arizona. Vale, which owns the former Inco operations is the world's largest producer of iron ore and second largest producer of nickel.

(Sourced from www.canadianbusiness.com)