Melkior Resources Inc.
TSX VENTURE : MKR

Melkior Resources Inc.

September 09, 2010 08:00 ET

Melkior Explores McFaulds East Rim and Sells Brokeback

OTTAWA, ONTARIO--(Marketwire - Sept. 9, 2010) - Melkior Resources Inc. ("Melkior") (TSX VENTURE:MKR) is pleased to provide an exploration update on the Company's projects in the McFaulds James Bay Lowlands in Northern Ontario.

Melkior has one of the larger land packages in the McFaulds Ring of Fire covering 50,992 hectares or 509.92 square kilometres. The properties are underlain by a major gravity high. These gravity highs are postulated to be due to mafic or ultramafic intrusions or to be caused by layered mafic ultramafic Igneous Complexes. These gravity anomalies and their postulated large intrusions are proximal to known nickel-copper sulphide mineralization in ultramafic rocks at the Eagle One discovery of Noront.

McFaulds East Rim (100% owned):

Line cutting has been completed on a number of high priority targets on the East Rim property and a large loop EM system utilized by Crone Geophysics is nearing completion. The large loop system has the ability to locate nickel-copper massive sulphides bodies below the surface. The data is being concurrently interpreted and will assist in defining drill targets for a winter drill program.

Brokeback and Riverbank:

The Brokeback property covers 13,392 hectares or 13.39 square kilometres and is located in the central portion of the Ring of Fire mineral belt. The property is located 5 kilometres north-west of the Black Thor Chromite deposit and 7 kilometres north of the Eagle One nickel-copper PGE deposit.

A 1,765 line kilometre VTEM electromagnetic-magnetic airborne survey has been completed by Geotech Ltd and covers the 100% owned property. The property was staked in 2008 to cover a gravity high anomaly.

Melkior has signed a letter of intent ("LOI") with Green Swan Capital Corp ("Green Swan"), a capital pool company, whereby Green Swan can acquire a 100% interest in the Brokeback and Riverbank properties, which combined covers 14,784 hectares, by issuing 10,000,000 (ten million) of its shares to Melkior. The property is subject to a 2.5% Net Smelter Royalty. The finalization of the sale to Green Swan is conditional on regulatory and board approvals as well as the latter raising $650,000 for exploration and administrative purposes.

Melkior is pleased to obtain assistance in the exploration of some of its Ring of Fire properties. This enables a rapid advancement of its exploration in this emerging mining camp while focussing most of its exploration effort and dollars on its promising West Timmins gold property located in Carscallen Township, 5 kilometres of the Lake Shore Timmins Mine.

This Press Release was prepared by Jens E. Hansen, P.Eng, President of Melkior Resources Inc, Qualified Persons under National Instrument 43-101. 

About Melkior:

Melkior is a junior exploration company focussing on West Timmins and with significant land holdings in the Mc Faulds "Ring of Fire" areas of Ontario. Melkior also holds a 49% interest in the Delta Kenty nickel-copper-platinum-palladium deposit in Ungava and has several other gold properties in Ontario and Quebec. The company is well financed with approximately $5,500,000 in cash and short term investments.

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 Melkior's periodic reports including the annual report or in the filings made by Melkior from time to time with securities regulatory authorities.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information