| Melkior Resources
Inc. ("Melkior")(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 |
