The Rising Influence of Rising Affluence

[DewDiligence]

VALE Takes a Flier on Alaskan Copper and Gold

[Highly unlikely that this project will ever move the needle for a company as large as VALE, but I’m posting this anyhow to placate the gold bugs who read the board :- )]

http://ca.news.yahoo.com/millrock-resources-signs-deal-vale-look-copper-gold-140335523.html

›October 17, 2011

VANCOUVER - Millrock Resources Inc. (TSXV:MRO) 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 US$1 million in the first year and an additional US$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 per cent stake, depending on how much of the exploration and development costs it pays for.

Millrock has a dozen active exploration projects, including eight gold-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. Both minerals are used in making steel, stainless steel and other alloys.‹