TORONTO (miningweekly.com) – Toronto-based gold-miner Kinross Gold has bought 2,19-million units – each comprising one share and one half of a purchase warrant – in exploration firm Millrock Resources.

Kinross bought the units in a private placement, for a total of C$350 000, Millrock reported.

The placement will give Kinross a 6,46% interest in the company.

"Millrock will use these funds to carry out reconnaissance surveys and property acquisitions in a particular area of mutual interest in Alaska, a state in which Kinross is a premier gold producer and in which Millrock has substantial expertise in the discovery and exploration of gold deposits," said CEO Gregory Beischer.

TSX Venture Exchange-listed Millrock is focused on exploring for gold deposits in Alaska and copper/gold porphyries in Arizona.

The firm currently has four active exploration projects in Alaska and three in Arizona.

Millrock shares rose 2,94% on Friday, to 17,5 Canadian cents apiece, by 15:35 in Toronto.

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