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Melkior Resources Signs Fresh Letter of Intent with Green Swan
Jul. 14, 2011 (Filing Services Canada) -- Melkior Resources Inc.  (MKR - TSX Venture)...
About this update from Melkior Resources Inc.
[{"type":"text","content":"\nMelkior Resources Signs Fresh Letter of Intent with Green Swan\n\n Jul. 14, 2011 (Filing Services Canada) -- Melkior Resources Inc.  (MKR - TSX Venture), (\"Melkior\" or the \"Company\")previously announced it had entered into a Letter of Intent dated September 1, 2010 with Green Swan Capital Corp. (GSW.H - NEX) (\"Green Swan\") whereby Green Swan would acquire certain assets from Melkior, with the intention that such acquisition would constitute Green Swan's QT. Melkior and Green Swan are pleased to announce the signing of a fresh binding Letter of Intent (\"LOI\") which replaces the earlier agreement between them in its entirety.Under the LOI, Green Swan can acquire up to a 70% interest in the mining areas commonly known as the Riverbank and Broke Back claims (together, the \"Claims\") from Melkior. The Claims are located in the James Bay Lowlands, Ontario, and consist of 69 unpatented claims covering approximately 14,784 hectares (36,532 acres). The Claims consist of two groups.  The Broke Back group is located approximately 10 kilometres north of the Noront Resources Limited Eagle's Nest Nickel deposits.  It is contiguous with the Noront claims.  The Cliffs Natural Resources Inc. chromite deposits are located approximately 10 kilometres southeast of the Broke Back property.  The Riverbank claims are located within a major regional gravity anomaly immediately west of Melkior's 100% owned East Rim claims.\tNo exploration activity has been carried out on the Claims, save for a detailed 1659.5 line kilometre versatile time domain electromagnetic (VTEM) survey. The LOI, to be replaced by a formal option and joint venture agreement, allows Green Swan to earn up to a 70% interest in the Claims, subject to a Gross Overriding Royalty (\"GORR\"). Green Swan may earn an initial 51% interest (\"Option1\") in the Claims by making cash payments to Melkior of $25,000, issuing in favour of Melkior 1,500,000 common shares of Green Swan, issuing in favour of Melkior 750,000 warrants (the \"Warrants\"), and incurring a gross amount of $1,000,000 in eligible exploration expenditures on the Claims before December 31, 2014 (the \"Work Program\"). The Warrants are exercisable for a period of 12 months at a price of 15 cents per common share and for a further 12 month period at a price of 25 cents...