Melkior Resources Inc.

Melkior Resources Inc.

January 17, 2008 14:42 ET

Melkior Resources Inc.: Summary and Plans for 2008

OTTAWA, ONTARIO--(Marketwire - Jan. 17, 2008) - Melkior Resources Inc. (TSX VENTURE:MKR) has concentrated on expanding its exploration properties and securing a strong financial position for the coming year.

The 100% owned West Timmins gold project in Ontario has yielded excellent gold results in surface sampling and trenching. This has been followed up by diamond drilling which has confirmed a continuation to depth of the gold bearing structures at two separate locations. Drilling on the 1010 Zone which returned 19.80 g/t Au over 3.18 meters (press release of January 9, 2008) is a priority for 2008. A further evaluation of the gold discoveries will continue in 2008.

The 100% owned Launay gold property in Quebec is slated for drilling during the Winter-Spring season of 2008. During the 1980's the predecessor company of Melkior discovered important gold values in core. A three dimensional model of the earlier work has recently been completed and this data has been used to position new drilling which is intended to expand the occurrence.

The 49% owned Delta-Kenty Lake nickel deposit in the Raglan region of Ungava, Quebec remains an important asset of the Company. The operator Falconbridge (now Xstrata) has not proposed a work program for two years enabling Melkior to advise Xstrata that Melkior wishes to become operator.

New claim staking has been completed on geologically important gold targets in the newly active Geraldton gold belt and also for nickel in Eldorado Shaw and Langmuir Townships at Timmins Ontario. Claims with base metal potential have also been acquired in Loveland Township in the Timmins area.

Melkior has sold its interest in the Otish uranium claims to Kakanda Resources Inc (press release of December 19, 2007). Melkior retains an interest in the claims via a royalty and the retention of the kimberlite-diamond exploration rights. Melkior has also retained its 50% interest in the Henderson uranium property in Ontario as well as molybdenum claims in the Otish.

During 2008, drilling is planned for the West Timmins, Launay and Eldorado projects. Exploration is also planned for Delta-Kenty, the Geraldton properties, the Henderson uranium property and the Otish Molybdenum claims.

The price of gold has increased substantially during 2007 increasing the importance of Melkior's assets. An excellent financial position of $4.2 millions (with a further $500,000 coming following the Kakanda transaction) permits the Company to advance exploration on all its properties.

This news release was prepared by Jens E. Hansen, P. Eng Director and President of Melkior.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company' periodic reports including the annual report or in the filings made by the Company from time to time with securities regulations. The Company undertake no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated event.

The TSX Venture Exchange (TSX-V) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Melkior Resources Inc.
    Jens E. Hansen
    613-828-7268 (FAX)