Melkior Resources Inc V.MKR

News-NEW ZONE 8.65 METRES WIDE

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MELKIOR INTERSECTS A NEW ZONE 8.65 METRES WIDE, GRADING 1.26 g/t GOLD ON THE CARSCALLEN GOLD PROJECT,

WEST TIMMINS GOLD DISTRICT, ONTARIO

November 2, 2011

OTTAWA, ONTARIO – Melkior Resources Inc. (“Melkior” or the “Company”) is pleased to provide an update on the summer program of its 100% owned Carscallen gold project, located 5 kilometres west of the Timmins Gold Deposit and recent Thunder Creek gold discovery. There is paved road access to the Melkior property.

In the beginning of summer 2011, Melkior drilled seven holes on the Carscallen property. Several targets were tested, for a total of 2377 metres of core. More than 700 samples were assayed for gold. On the Shenkman zone, the purpose was to test interpreted cross structures near surface which could localize significant widths of mineralization. Exploration holes were also drilled. This news release presents results for the most significant intersections.

Hole	From (m)	To (m)	Core Length* (m)	Gold (g/t)	Silver (g/t)	Zone
CAR-73-2011	292.65	298.70	6.05	0.49	0.33	Exploration
CAR-73-2011	364.50	373.15	8.65	1.26	0.76	Exploration
CAR-76-2011	69.40	72.50	3.10	4.00		New Shk structure
CAR-76-2011	93.00	105.10	12.10	1.05	2.12	New Shk structure
CAR-76-2011	221.00	221.50	0.50	1.44	2.40	New Shk structure
CAR-76-2011	328.20	329.20	1.00	2.53	1.80	New Shk structure
CAR-77-2011	114.60	118.60	4.00	1.00	1.04	New Shk structure
CAR-77-2011	150.25	158.45	8.20	0.76	0.65	New Shk structure
CAR-78-2011	33.00	38.30	5.30	0.64	0.67	New Shk structure
CAR-78-2011	54.00	61.75	7.75	0.26	0.54	New Shk structure
CAR-78-2011	82.20	91.25	9.05	1.88	2.25	New Shk structure
CAR-78-2011	115.00	115.50	0.50	2.98	2.70	New Shk structure
CAR-78-2011	318.00	318.70	0.70	10.65	13.20	New Shk structure

* Insufficient drilling has been completed to date to determine the true thickness of these intercepts.

Exploration Holes

Drill hole CAR-73-2011 was drilled at an azimuth of 240o and a dip of -50o with a final depth of 471 metres. This hole was drilled between the 1010 and the Shenkman zones to test the occurrence of gold between these zones. Mineralization grading 1.26 g/t Au was intersected between 364.50 and 373.15 metres, hosted in a series of quartz and pyrite veins. This intersection represents a new gold zone between the 1010 and Shenkman zones (see table for more results). With only one hole into this new structure, an estimate of its potential cannot be made, but the intersection suggests that gold-bearing structures on the property are more widespread than known to date. Two other holes (CAR-74-2011 and CAR-75-2011) were drilled between the Shenkman zone and the ZamZam area to test the continuity. It seems that there is no continuity between these two zones. A sharp discontinuity is most likely explained by a series of East – West shear zones that cut the different zones (i.e. 1010, ZamZam and Shenkman).

An exploration hole was drilled on the historic Wire Gold showing in the northeast part of the property. One of the objectives was to test a North – South vein system encountered in surface mapping which could be related to a North –South mineralized system such as ZamZam, 1010 and Shenkman. The vein was assayed at the surface (grab sample grading 2.17 g/t Au). This vein system is about 3 metres thick and was not encountered by the drill hole due to a dyke that displaced or cross-cut this mineralized vein. However, the drill hole gives new information on the geology of the Wire Gold showing.

Shenkman Zone

Previous drilling has indicated significant gold intersections at an approximate depth of 250 to 300 metres (including hole CAR-61-2011: 13.30 metres @ 4.84 g/t Au; CAR-71-2011: 13.25 metres @ 5.10 g/t Au; CAR-51-2011: 12.00 m @ 1.86 g/t Au). In June 2011, a structural study provided new insights on the structural control of the gold mineralization. Shallower targets were selected and tested on the Shenkman zone near surface based on this structural model, specifically the intersection of an East-West shear zone with a quartz porphyry dyke. A series of shallow holes, CAR76-2011 to CAR78-2011, was designed to test such targets. The Shenkman zone itself contains several parallel mineralized corridors which are spatially associated with quartz porphyry dykes (See Figure 1, an idealized compilation of several cross-sections totalling 150 metres across strike). Such quartz porphyry dykes were intersected, along with wide ankerite-sericite alteration zones; details on the holes follow. Figure 1 shows an updated cross-section of the Shenkman zone displaying a compilation of the best gold values.

Drill hole CAR-76-2011 was drilled at an azimuth of 240o and a dip of -50o with a final depth of 344 metres. Several mineralized zones were intersected (see Table for results). The most significant intersection occurs from 93.00 to 105.10 metres grading 1.05 g/t Au and 2.12 g/t Ag.

Drill hole CAR-77-2011 was drilled at an azimuth of 240o and a dip of -50o with a final depth of 221 metres. Two main intersections contain gold and silver values (see table for results). Significant ankerite and sericite alteration was associated with the zones.

Drill hole CAR-78-2011 was drilled at an azimuth of 240o and a dip of -50o with a final depth of 326 metres. Several gold mineralized zones were encountered (see table for results), the most significant being 1.88 g/t Au and 2.25 g/t Ag over 9.05 metres between 82.20 and 91.25 metres. Significant ankerite and sericite alteration was associated with the zones.

Figure 1: Idealized cross-section of the Shenkman zone showing the best gold occurrences, projected up to 75 m onto section.

Significance and Future Work

In the Shenkman area, near surface (<100 metres) intersections have been encountered by the shallow holes based on the structural study done in June (CAR76 to 78-2011). It is noteworthy that such wide intersections (~10 metres wide) grading more than 1 g/t Au are uncommon near surface on the Carscallen property, based on drilling to date. The three holes drilled recently on Shenkman all encountered mineralization above 100 metres depth. This suggests that there is potential for mineralized intersections in the range of 10 metres width near the surface. This would represent a significant improvement in historical near-surface widths and grades on the property.

Hole CAR-73-2011, which was drilled between the 1010 and Shenkman zones, also opens new possibilities in an entirely new area. Gold was encountered at depth, therefore the possibility to encounter the same zone near surface remains to be tested.

Melkior has retained the services of Terrane Geoscience Inc., who are collaborating with GeoVector on a 3D model based on all historical and Melkior drill holes (143 holes) and surface data. Melkior’s next drilling program on the property will be based on this new 3D model. The program will start after a thorough review of this model.

Quality Control and Assurance

Core processing included descriptive logging and systematic sampling for analysis. The drill core was sawn in half, with one half delivered to the laboratory and the other half retained for future reference. Gold assays were performed at ALS CHEMEX Laboratories in Timmins, Ontario by standard Fire Assay with AA technique (Au-AA-23). Other elements were obtained by Inductively Coupled Plasma Emission Spectroscopy (ME-ICP-41) on a 30 gram sub-sample. Standards and blanks were inserted randomly into the sample shipments as part of the sampling protocol.

This Press Release was prepared by Dr. Eric Hebert, P.Geo and Dr. Tom Setterfield, P.Geo, both of GeoVector Management Inc, and Qualified Persons under National Instrument 43-101. Dr. Hebert and Dr. Setterfield supervised the diamond drill program, logged the core and designed the sampling program. They have also reviewed the quality control information and this release.

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.

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