Pala Investments Extends Offer for Melior Resources Inc. and Acquires Melior Shares Increasing its Ownership to approximately 54.52%

TORONTO, Dec. 17, 2012 /CNW/ - Pala Investments Limited ("Pala") announced today that it has extended the expiry time of its offer (the "Offer") to acquire all of the outstanding common shares ("Melior Shares") of Melior Resources Inc. ("Melior") for $0.11 in cash per Melior Share not already owned by Pala or its affiliates, to 11:59 p.m. on December 21, 2012.

This will provide those shareholders of Melior searching for liquidity with a further opportunity, in a highly illiquid stock, to realise immediate value for their holdings.

Pala has also taken up all of the Melior Shares deposited to the Offer as at 11:59 p.m, being 9,831,366 Melior Shares in total, representing approximately 5.67% of the outstanding Melior Shares.

Pala now owns, directly or indirectly, 94,527,199 Melior Shares or approximately 54.52% of the Melior Shares, based on current Melior Shares outstanding.

Pala expects to mail a formal notice of extension to Melior shareholders as soon as practicable. The notice of extension will also be available for review on SEDAR at www.sedar.com. Shareholders are advised to review the notice of extension and any other relevant documents filed with securities regulatory authorities by Pala because they will contain important information, including full details of the Offer, as extended, and its terms and conditions.

About Pala
Pala is a multi-strategy investment company dedicated to investing in, and creating value across the mining sector in both developed and emerging markets. Pala seeks to assist companies in which it has long-term shareholdings by providing strategic advice and innovative financing solutions. For more information, visit www.pala.com.

Forward-Looking Statements
Certain statements in the press release are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Such forward-looking statements are based on estimates and assumptions made by Pala in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Pala believes is appropriate in the circumstances, including the timing, and the terms and benefits of the Offer. Many factors could cause the actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, general business and economic conditions; claims asserted against Pala; and legislative and/or regulatory changes or actions. Such forward looking statements should therefore be construed in light of such factors, and Pala is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

SOURCE: Pala Investments Limited

For further information:

Pala Investments

Janet Darling

+41-41-560-9070


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