Melcor announces Notice of Intention to make a Normal Course Issuer Bid to August 3, 2009

    EDMONTON, July 30 /CNW/ - (TSX: MRD) ("Melcor" or the "Corporation")
announced that a Notice of Intention to make a Normal Course Issuer Bid has
been filed with and accepted by the Toronto Stock Exchange to purchase up to
1,560,000 (a maximum of 5%) of its issued and outstanding Common Shares
(31,209,530 Common Shares as at July 29, 2008) in a twelve-month period. The
Issuer Bid will commence on the 4th day of August, 2008 and will terminate on
the earlier of the 3rd day of August, 2009 and the date on which the maximum
number of Common Shares are purchased pursuant to the Issuer Bid. Purchases of
Common Shares under the Issuer bid will be effected through the facilities of
the Toronto Stock Exchange at the market price at the time of purchase. The
Common Shares will be purchased for cancellation. The company will be limited
to a daily trading volume of 3,994 Common Shares plus one block trade per
    The Corporation's board of directors and management believe that the
purchase by the Corporation of its outstanding Common Shares pursuant to the
Normal Course Issuer Bid constitutes a prudent investment of corporate funds
and a sound business decision in relation to alternative investment
opportunities presently available to the Corporation as, in their opinion, the
shares are undervalued when considered against the assets and liabilities of
the Corporation and in light of its current and potential earnings. Presently
Common Shares of Melcor are listed for trading on the Toronto Stock Exchange.

For further information:

For further information: Business Contact: Ralph B. Young, President &
CEO, Melcor Developments,, Tel: (780) 423-6931, Fax: (780)
426-1796; Investor Relations: Michael D. Shabada, C.A., Vice-President,
Finance & CFO, Melcor Developments,, Tel: (780) 945-2819,
Fax: (780) 426-1796

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