Melior Resources Inc. Announces Closing of the Sale of Its Discontinued Operations

TORONTO, ONTARIO -- (Marketwire) -- 03/16/12 -- Melior Resources Inc. (TSX VENTURE: MLR) ('Melior', the 'Corporation') today announced that it has completed the sale of all of the common stock of its wholly-owned subsidiary, Coalcorp International, AVV, which was the holding company for all of Melior's off-shore subsidiaries for proceeds of $1. As a result of the transaction, assets of discontinued operations of approximately $3.7 million, liabilities of discontinued operations of approximately $0.4 million and other associated liabilities of approximately $3.0 million, as reported on the unaudited statement of financial position as at December 31, 2011, will be removed from Melior's balance sheet as of the closing, subject to any post-closing adjustments.

On behalf of the Board, Dr. Charles Entrekin, CEO and Chairman of the board of directors said, “We are very pleased to close this final stage of the restructuring that has been taking place over the past two years. The Corporation will now have a very simple corporate structure with only a Canadian presence and this transaction allows us to focus on our plans to pursue our strategic options, including, but not limited to, continuing to explore investment opportunities in resource based companies, corporate reorganization, a return of capital to shareholders or other potential options to enhance shareholder value.“


Forward Looking Statements Disclaimer

Statements made in this news release may be forward-looking and therefore subject to various risks and uncertainties. Such statements can typically be identified by terminology such as “may“, “will“, “could“, “should“, “expect“, “plan“, “anticipate“, “believe“, “intend“, “possible“, “continue“, “objective“ or other similar expressions concerning matters that are not historical facts. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Melior does not undertake to update any forward-looking statements; such statements speak only as at the date made.

Neither the 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.



Contacts:

Melior Resources Inc.
Rishi Tibriwal
Chief Financial Officer
416-644-1217