Melkior Resources Inc.

Melkior Resources Inc.
Santoy Resources Ltd.

Santoy Resources Ltd.

January 09, 2007 12:41 ET

Melkior Resources Inc. & Santoy Resources Ltd./Otish Mountain Uranium Joint Venture Announced

OTTAWA, ONTARIO--(CCNMatthews - Jan. 9, 2006) - Melkior Resources Inc. (TSX VENTURE:MKR) and Santoy Resources Ltd. (TSX VENTURE:SAN) (The Companies) are pleased to announce that they have agreed to enter into a joint venture to explore for Uranium and other metals in the Otish Mountains of Quebec. Melkior has retained the right to explore for diamonds for its own account on the joint venture lands.

Melkior is contributing 214 claims totaling 11,329 hectares that the company either currently holds or has under application. An additional 406 claims totaling approximately 21,105 hectares have been applied for on behalf of the joint venture- for a total area of 32,434 hectares. The map staking costs of these additional claims will be funded by Santoy. Further property acquisitions and future exploration expenditures in the Otish Mountain district will be funded equally by the Companies.

Jens Hansen, CEO, states, "Melkior is pleased to be able to participate with Santoy, a company with recognized uranium exploration expertise which is currently active in the Athabasca Basin in Saskatchewan, the Central Mineral Belt of Labrador and British Columbia." Ron Netolitzky, CEO of Santoy, says that the Company is pleased to be able to add exposure to the Otish Mountain uranium play to its expanding portfolio of energy prospects, especially with a partner experienced in operating in Quebec.

The Otish area of northern Quebec has recently become the focus of very active uranium exploration. Cameco Corporation has a large land position in the area and Strateco Resources Inc. has been reporting significant uranium values from their Matoush discovery. The uranium potential of the Otish Sedimentary Basin has been favorably compared to that of the Athabasca Basin.

This news release has been prepared by the Companies jointly and is issued under the technical qualifications of Jens Hansen P.Eng., President of Melkior and a Qualified Person under National Instrument 43-101.

About Melkior Resources Inc.

Melkior is a junior mineral exploration company active in Quebec and Ontario on three other projects: Timmins West is a gold exploration project 5km west of Lake Shore Gold, Launay gold project has identified two specific gold zones and Kenty-Delta Ungava is a nickel-copper project 49% Melkior - 51% Xstrata Nickel.

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)