Melkior Raises $5.88 Million in First Closing of Private Placement

OTTAWA, ONTARIO – Melkior Resources Inc. (“Melkior” or the “Company”) (TSX VENTURE:MKR) is pleased to announce the first closing today of a private placement of: (i) 8,993,001 units (the “Units”) at a price of $0.30 per Unit for gross proceeds of $2,697,900 and (ii) 9,656,400 flow-through common shares (“Flow-Through Shares”) at a price of $0.33 per Flow-Through Shares for gross proceeds of $3,186,612 for total gross proceeds of $ 5,884,512 (collectively, the “Private Placement”). Each Unit is comprised of one Melkior common share (“Common Share”) and one-half of one Common Share purchase warrant (“Warrant”). Each whole Warrant entitles its holder to purchase one additional Common Share at a price of $0.40 per Common Share from December 15, 2009 (the “Closing Date”) to December 15, 2010 and at a price of $0.50 per Common Share from December 16, 2010 to December 15, 2011.

Pursuant to the Private Placement, the Company paid total aggregate fees to M Partners Inc. and Investpro Securities Inc., co-lead agents for the brokered portion of the Private Placement (collectively the “Agent”) comprised of (i) cash in the amount of $362,916, representing 7 % of the gross proceeds raised by the Agent under the brokered Private Placement, and (ii) 1,631,605 Common Share purchase warrants (the “Broker Warrants”), representing 10% of the number of Units and Flow-Through Shares issued under the brokered portion of the Private Placement. A total of 665,965 Broker Warrants entitle its holder to purchase one additional Common Share at a price of $0.30 per Common Share and 965,640 Broker Warrants entitle its holder to purchase one additional Common Share at a price of $0.33 per Common Share, for a period of 24 months following the Closing Date.

Flow-Through Share proceeds will be used for qualified Canadian Exploration Expenditures on the Company’s Canadian based properties located in Ontario and Unit proceeds will be used for further development of the Company’s properties and for general corporate purposes.

The securities issued pursuant to the Private Placement will be subject to a hold period of four months and a day form the Closing Date. The private placement is subject to final acceptance for filing by the TSX Venture Exchange and receipt of any required regulatory approvals.

Investors are invited to visit the Melkior IR Hub at where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to [email protected] where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

About Melkior:

Melkior is a junior exploration company with active exploration projects in West Timmins and 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.

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.

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.