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Melkior Executes 3,000-Metre Drill Program on Carscallen Gold Property

Melkior Resources Inc. ("Melkior") is presently executing a 3,000 metre drill program on its Carscallen gold property which adjoins west and north of the Tahoe-Lake Shore Gold property. Previous drilling has identified numerous gold zones consisting principally of veins in granite frequently yielding high gold values over narrow widths ( 1 metre or less). The granite unit overlies volcanic rocks which appear to be the source of the gold. In the past, drilling into the volcanic rocks has been limited. Previous drilling reported wider, mineralized zones in the volcanic rocks. The current program is principally designed to test the northern extension of the Shenkman-Jowsey-Zam Zam structure north of the granite-volcanic contact where the volcanic rocks are mostly covered by swamp and overburden.

The first hole of the program was an extension of CAR-34 which was drilled to depth of 518 metres in 2010. The extended hole labeled CAR-34x extended the original hole from 518 to 846 metres.

The present report is on partial assays between 526 and 580 metres. Seven veins were intersected with values greater than 500 ppb gold. Analyses for the balance of Hole 34X and the remaining holes will follow.

The best intersections from the first part of CAR-34x are:

From (metres) To (metres) Length (metres) Gold (ppb)
563.45 564.00 0.55 3030
566.24 566.78 0.62 1240
577.63 578.57 0.94 4950

The above analyses were done by Gold - Fire Assay AA Finish by Actlabs in Timmins, Ontario.

Hole CAR-34x was drilled approximately 70 metres under CAR-57 which had a best analysis of 83.5 g/t gold over 0.5 metres.

It is of interest to note that numerous gold veins occur in volcanic rocks at the northern extremity of the 1.6 km long Aumo, Shenkman, Jowsey, Zam Zam system. While numerous, the veins are frequently narrow and variable in gold content. Deeper drilling is planned in an attempt to encounter the possible source. The majority of earlier drilling was focused on veins in the granite with a few holes entering the underlying volcanic rocks. Melkior believes that the potential of the property is in the volcanic rocks.

The mineralized sections will also be re-assayed to determine if coarse gold is present. Hole CAR-34x has been completed and the drill is currently drilling in the volcanic rocks 165 metres north of all previous drilling to test an induced polarization target.

The program is planned to drill a total of 3000 metres with one hole to be drilled on the Big Marsh property to test a coincident Induced Polarization, VTEM conductor and soil hydrocarbon anomaly.

The contents of this press release have been reviewed by Jens Hansen, P.Eng, President and Director and Wayne Holmstead, P.Geo, Qualified Persons as defined by National Instrument 43-101.

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