Mr. Jonathon Deluce reports

MELKIOR CLOSES PRIVATE PLACEMENT

Melkior Resources Inc. has closed the first tranche of a non-brokered flow-through and non-flow-through private placement for gross proceeds of $659,266, subject to final TSX Venture Exchange approval. In total, $298,000 of the financing was provided by two directors of the company. The company expects to close a second tranche of flow-through shares at a price of 24 cents per common share in the amount of $150,000 by July 15.

The company issued 2,663,609 common shares at a price of 24 cents per common share, with each such share issued as a flow-through share within the meaning of the Income Tax Act (Canada).

The company issued 100,000 common shares at a price of 20 cents per common share, with each such share issued as a non-flow-through share.

Participation by insiders of the company in the private placement constitutes a related party transaction, as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Because the company's shares trade only on the TSX-V, the issuance of the securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101, pursuant to Subsection 5.5(b) of MI 61-101, and exempt from the minority shareholder approval requirements of Section 5.6 of MI 61-101, pursuant to Subsection 5.7(b) of MI 61-101.

Proceeds of the private placement will be used to conduct further exploration on the company's mineral properties. The company did not issue finders' fees on this first-tranche closing. A finder's fee may be paid on gross proceeds of the second financing tranche, as permitted by securities laws.

All securities issued under the private placement will have a hold period of four months and one day from closing.

About Melkior Resources Inc.

Melkior Resources is an exploration-stage resource company in world-class mining jurisdictions with a strong partner. Melkior's flagship Carscallen project is being advanced by Agnico Eagle Mines Ltd. through an option agreement, pursuant to which Agnico Eagle has the option (but not the obligation) to acquire up to a 75-per-cent interest in the Carscallen project by spending $110-million on the Carscallen project over a 10-year period. Melkior, under 100-per-cent ownership, is focused on advancing its Genex, Val D'Or, White Lake and Maseres projects. Agnico Eagle also owns approximately 6 per cent of the issued and outstanding common shares of company.