Millrock Resources Inc. (MRO.V) provided an update on its exploration activities. Its 2012 exploration expenditures exceeded US$9 million, 95% of which was funded by partner companies through earn-in option agreements.
By the end of 2012, Millrock had recovered 87% of all funds spent on exploration. The company anticipates that its exploration expenditures will be approximately $5 million, with $3.8 million coming from its partners.
MRO jumped more than 11% to $0.195, trading near 52-week low 15 cents.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
