Melkior Resources Inc.

Melkior Resources Inc.

March 04, 2008 15:58 ET

Melkior Announces Closing of the Sale of its Otish Interest to Kakanda

OTTAWA, ONTARIO--(Marketwire - March 4, 2008) - Melkior Resources Inc. (TSX VENTURE:MKR) is pleased to announce the closing of the sale to Kakanda Resources Corp. of its 50% interest in a Joint Venture Agreement with Santoy Resources Ltd. Melkior sold to Kakanda its 50% interest in 968 mining claims (Group A) and in 13 mining claims (Group B) in the Otish Basin. Melkior also sold its 50% interest in an Option Agreement with Majescor Resources Inc. to earn 66 2/3% interest in 317 mining claims in the same area (Group C).

The consideration received by Melkior is $500,000 cash and 4.1 million shares of Kakanda. Melkior will retain a 1% net smelter return (NSR) on the Group A claims and a 0.25% NSR on the Group B claims.

Kakanda will be a major uranium explorer in the Otish during 2008. It will actively explore the acquired properties along with other important holdings. As a shareholder in Kakanda, Melkior will be participating in all of Kakanda's exploration.

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)