Melkior Resources Inc.

Melkior Resources Inc.

March 29, 2007 14:10 ET

Melkior Completes the Final Tranche of a $1,980,000 Private Placement

OTTAWA, ONTARIO--(CCNMatthews - March 29, 2007) - Melkior Resources Inc. ("Melkior") (TSX VENTURE:MKR) is pleased to announce the closing of the second and final tranche of its non-brokered private placement consisting of 1,180,000 units at a price of $0.44 per unit for gross proceeds of $519,200. The total private placement, consisting of two tranches, raised a total of $1,980,000 by the issuance of 4,500,000 units.

Each unit is comprised of one common share and one-half of a common share purchase warrant. Each full warrant entitles the holder thereof to purchase one additional common share at a price of $0.60 for a period of 18 months from the closing date. The warrants will be subjected to an accelerated expiry if, on or after the date that is four months and one day from the closing, the volume weighted average price of the common shares on the TSX Venture Exchange is at least $0.80 for any period of 20 consecutive trading days. Melkior may then, within five business days of such 20 trading day period, provide notice by press release to the holders of warrants that the warrants shall terminate on the earlier of the date that is 25 days following the date of the accelerated expiry notice or the warrants expiry date.

The private placement is subject to final TSX Venture Exchange acceptance for filing. All securities issued under the private placement will be subject to a four-month hold period expiring on July 28, 2007.

The proceeds from the private placement will be applied to advance uranium exploration on the recently announced Otish acquisitions, to fund exploration on the Kenty Lake Property and for general working capital purposes.

Cautionary Statement on Forward-Looking Information

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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

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