<DOCUMENT>
<TYPE>EX-99
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<FILENAME>mv4-27_ex1.txt
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                                                                     Exhibit 1

                  [LETTERHEAD OF LEUCADIA NATIONAL CORPORATION]


                                 April 26, 2005


MK Resources Company
60 East South Temple, Suite 1225
Salt Lake City, UT  84111
Attention:  The Board of Directors



       Re:   Possible Transaction Involving MK Resources Company (the "Company")


Gentlemen:

As you know, both the Company and Leucadia National Corporation ("Leucadia"),
which owns 72.1% of the Company's outstanding common stock, are in discussions
with an unrelated party (the "Unrelated Party") concerning the possible sale by
the Company of a controlling interest in the Las Cruces project to the Unrelated
Party (the "Sale") for common stock of the Unrelated Party.

As has been discussed, the project owners would be required to make additional
cash investments in the project and obtain significant additional third party
financing for the Las Cruces project. Without external financial support, the
Company lacks the financial resources to provide the guarantees necessary to
secure this additional project financing. Leucadia has been the Company's sole
source of funding for the project to date and is not willing to commit to
providing the additional cash and guarantees of the magnitude required by the
Unrelated Party for a company that is not wholly-owned.

To provide the Unrelated Party with comfort that the financing necessary to
develop the Las Cruces project will be obtainable, and thereby to enhance the
discussions with respect to the possible Sale, Leucadia would be willing to
acquire, immediately prior to the Sale, all of the outstanding stock of the
Company that it does not currently own. This would be accomplished through a
merger transaction in which the Company's public stockholders would receive
Leucadia common shares in exchange for their Company stock (the "Merger"). In
the Merger, each of the Company's public stockholders would receive 0.0266
Leucadia common shares for each share of the Company's common stock held by
public stockholders, reflecting the asset value for the Company implied by the
purchase price to be paid in the Sale, adjusted to reflect those assets of the
Company that are not part of the project, as well as the Company's liabilities
not assumed in the Sale and the cost to Leucadia of additional investment in the
project and providing guarantees for the project's financing.




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We believe that the Merger would be beneficial to the Company's public
stockholders, because the Leucadia common shares to be received in the Merger
will provide the public stockholders with liquidity and diversification, as well
as a continued interest in the Las Cruces project. In addition, if the Sale
occurs, we believe that it would no longer make sense for the Company to remain
a separate public company given the high costs associated with being a public
company and the Company's lack of financial resources, as well as the fact that
the Company's only material assets would be its minority interest in the Las
Cruces project and common stock of the Third Party.

As we envision the transactions, both the Sale and the Merger would be
structured to require the approval of the Company's non-management directors
unaffiliated with Leucadia, in addition to any other required approvals.

We note that our interest in the Merger is entirely dependent upon our reaching
an agreement with the Third Party with respect to the Sale, as well as an
agreement with respect to the Merger. Accordingly, there can, of course, be no
assurance that the current discussions in fact will lead to such an agreement.
Furthermore, even if an agreement with respect to a Sale is reached, there is no
assurance that these transactions will in fact be consummated.



                                    Yours sincerely,

                                    LEUCADIA NATIONAL CORPORATION

                                    By: /s/ Joseph A. Orlando
                                        ---------------------------------
                                        Name: Joseph A. Orlando
                                        Title: Vice President






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