Murgor Resources retains 100% of Wim and Hudvam projects in Manitoba as Hudbay's buyback option expires
murgor.com │ MGR : TSX-V
KINGSTON, ON, Sept. 28, 2012 /CNW/ - Murgor Resources Inc. (TSXV: MGR) today reported that on September 12, 2012, the buy-back period during which Hudbay Minerals had the right to re-acquire an undivided interest of up to 50% in the Hudvam property and 17 claims of the Wim property expired. Both properties are located in the Flin Flon Belt of Manitoba with Hudvam approximately 47 kilometres NE of the town of Flin Flon and Wim approximately 16 kilometres north of the Town of Snow Lake.
Had Hudbay Minerals exercised such right, it would have had the right to re-acquire an additional 15% undivided interest in the property, for a total 65% undivided interest. Therefore, as at September 12, 2012, Murgor retains a 100% undivided interest in the properties. Under the agreement entered into by Murgor and Hudbay Minerals in September 2006, Murgor has granted Hudbay Minerals a 2% net smelter return (NSR) royalty with respect to the Hudvam property and 17 claims of the Wim property.
The Company is currently evaluating its strategic alternatives at both properties. A Divestiture Committee comprising the independent Directors of the Board has been duly constituted to consider all viable alternatives for selling or advancing these projects.
"For the last few years, Murgor's strategy has been to concentrate on advancing the Golden Arrow Project which management believes has near term production potential. Since the way is now clear for us to find a new partner for Wim and Hudvam or sell the projects outright, this opens up several attractive scenarios for Murgor to consider. With copper and gold prices recently surging, Murgor has a terrific opportunity to monetize the more than 150 million pounds of copper and 350,000 oz of gold in known resources identified in these great assets to date," said André Tessier, President and CEO of Murgor Resources.
43-101 Compliant Resource for Murgor's Hudvam and Wim deposits.
|INDICATED RESOURCE||Project||Tonnage||Grade*||Metal Content|
|Metric Tonnes||Cu %||Zn%||Au g/t||Ag g/t||Cu (lb)||Zn (lb)||Au (oz)||Ag (oz)|
|INFERRED RESOURCE||Project||Tonnage||Grade*||Metal Content|
|MetricTonnes||Cu %||Zn%||Au g/t||Ag g/t||Cu (lb)||Zn (lb)||Au (oz)||Ag (oz)|
* Based on a 2% Copper Equivalent Cut-off Grade using US$1.75 / lb Copper, US$0.80 / lb Zn, US$700 / oz Au and US$10 / oz Ag
For statement of resources, see Murgor Press Releases: Aug. 28, 2008 for Hudvam and Sept. 09, 2008 for Wim, or visit www.murgor.com for the full 43-101 Resource Estimate Reports.
Golden Arrow Update
Murgor Resources is currently preparing a drill program aimed at expanding the resource at Golden Arrow and to test exploration targets at the property-scale. More news to come shortly.
Mr. André C. Tessier, P.Geo. (ON) and P.Eng. (QC), President and CEO of Murgor Resources Inc. and a "Qualified Person" as defined by NI 43-101, is responsible for the technical information in this news release.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development Company focused on near-term production at the Golden Arrow Gold Mine in Ontario. Murgor also owns a 100% interest in two gold-copper deposits in the Snow Lake and Flin Flon mining districts of Manitoba. The company further owns an exceptional portfolio of gold properties in proven mining districts of Canada, as well as a 1% NSR royalty in the Barry Gold Mine and the Windfall Gold Project in Québec.
This news release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, resources and reserves, exploration results, and future plans and objectives of Murgor, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Murgor's expectations are exploration risks detailed herein and from time to time in the filings made by Murgor with securities regulators.
Neither 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.
SOURCE: Murgor Resources Inc.For further information:
PLEASE VISIT MURGOR'S WEBSITE AT WWW.MURGOR.COM OR CONTACT:
André C. Tessier, President & CEO
MURGOR RESOURCES INC.
Cathy Hume, CEO
CHF INVESTOR RELATIONS
Tel: (416) 868-1079 ext 231
Jeremy Hill, Associate Account Manager
CHF INVESTOR RELATIONS
Tel: (416) 868-1079 ext 238