China Nonferrous Metals Exploration Corp. acquires a 14.95% interest in Murgor Resources through an $810,000 private placement



    
    -  Murgor issues 8,100,000 shares at a price of $0.10 per share
    

    KINGSTON, ON, Aug. 31 /CNW Telbec/ - Murgor Resources Inc. (MGR: TSX-V)
has completed its previously-announced private placement to China Nonferrous
Metals Exploration Corp. ("CNME") by issuing 8,100,000 common shares to CNME
at a price of $0.10 per share, for proceeds to Murgor of $810,000. As a result
of the private placement, CNME now holds a 14.95% interest in Murgor
Resources.
    "We are very pleased with this investment by CNME", stated André Tessier,
President and CEO of Murgor. "This is more than a simple investment, this is a
new partnership with CNME from which Murgor should greatly benefit in the
future. We are thrilled that CNME recognizes the value of Murgor's copper-gold
and zinc deposits in Canada's Flin Flon belt. We will explore ways to move
these projects to the development stage as quickly as possible after Murgor
makes its final payments to Hudbay Minerals Inc. for the Hudvam and Wim
deposits on September 12, 2009."
    "We are pleased to be making this initial investment in Murgor
Resources", said Mr. Nick Zeng, a CNME director, China Mining Investment
Expert and Executive Director of the China Mining Association of Canada. "This
is CNME's first investment in a Canadian public company and we feel that
Murgor's advanced Wim and Hudvam deposits, along with its significant
prospective land package, represent great development and exploration
opportunities. We look forward to continuing to build our relationship with
Murgor."
    Murgor will use the proceeds from the private placement primarily for
working capital and corporate purposes.
    The Subscription Agreement between Murgor and CNME provides that in the
event that Murgor in future issues any common shares or securities convertible
into common shares, CNME has the right, subject to limited exceptions, to
purchase such securities on a pro rata basis, so that CNME may maintain its
14.95% interest in Murgor. Murgor and CNME have also entered into a Board
Representation Agreement under which CNME has the right to designate a person
to serve on Murgor's Board of Directors. Murgor expects that CNME will shortly
designate a person to serve on Murgor's Board. Any person designated by CNME
must be acceptable to Murgor, acting reasonably. CNME's right to subscribe for
shares and its right to designate a person to sit on Murgor's Board will
terminate if CNME holds less than 5% of Murgor's outstanding shares.
    In connection with the private placement, Murgor also issued 486,000
common shares to one individual as a finder's fee. As a result of the private
placement and finder's fee, there are 54,168,782 common shares of Murgor
issued and outstanding. The shares issued to CNME and as a finder's fee are
subject to restrictions on resale until January 1, 2010.

    About China Nonferrous Metals Exploration Corp.

    CNME is a Canadian corporation majority-owned by Chinese shareholders
including state-owned Beijing Donia Resources Co (Donia), whose mandate
includes exploring for and acquiring base metal resources worldwide. The
Chairman of Donia, Dr. Jingbin Wang, also serves as: Executive Director of the
China Nonferrous Metals Resource Geological Survey, President of the Beijing
Institute of Geology of Mineral Resources, President of Sinotex Mineral
Exploration Co, Vice-President of the China Nonferrous Metals Industry
Association and Assistant Director of the China Geology Association. Donia's
General Manager, Mr. Side Wang, also serves as Vice-Director of the Mineral
Resources Management Committee of the China Mining Association.

    About Murgor Resources

    Murgor Resources Inc. is a mineral exploration and development company
focused on copper, zinc and gold deposits. The Company is earning a 100%
interest in three deposits, adjacent to the Snow Lake and Flin Flon mining
districts of Manitoba, from HudBay Minerals Inc. (TSX:HBM). Murgor is also
exploring an exceptional portfolio of gold properties in proven mining
districts of Canada, owns a 1% NSR royalty in the Barry Gold Mine and an
interest in the advanced Windfall Gold Project in Quebec.

    
    The table below shows the total 43-101 compliant resource for Murgor's
    Hudvam, Wim and Fon deposits.

    -------------------------------------------------------------------------
                                Tonnage                 Grade(*)
                 Project    -------------------------------------------------
                             Metric Tonnes    Cu%     Zn%   Au g/t    Ag g/t
    INDICATED  --------------------------------------------------------------
    RE

SOURCE Hudvam 854,076 1.22 1.78 3.82 13.84 -------------------------------------------------------------- Wim 2,776,787 1.94 0.3 1.88 7.53 -------------------------------------------------------------- -------------------------------------------------------------- TOTAL 3,630,863 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Metal Content Project ------------------------------------------------- Cu (lb) Zn (lb) Au (oz) Ag (oz) INDICATED -------------------------------------------------------------- RE

SOURCE Hudvam 23,007,640 33,541,359 104,930 379,928 -------------------------------------------------------------- Wim 118,762,524 18,365,339 167,838 672,246 -------------------------------------------------------------- -------------------------------------------------------------- TOTAL 141,770,164 51,906,698 272,768 1,052,174 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Tonnage Grade(*) Project ------------------------------------------------- Metric Tonnes Cu% Zn% Au g/t Ag g/t INFERRED -------------------------------------------------------------- RE

SOURCE Hudvam 502,901 0.79 1.33 3.25 6.96 -------------------------------------------------------------- Wim 445,999 1.12 0.43 2.11 5.06 -------------------------------------------------------------- Fon 4,543,126 0.25 3.73 - 10.88 -------------------------------------------------------------- -------------------------------------------------------------- TOTAL 5,492,026 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Metal Content Project ------------------------------------------------- Cu (lb) Zn (lb) Au (oz) Ag (oz) INFERRED -------------------------------------------------------------- RE

SOURCE Hudvam 8,758,802 14,745,831 52,548 112,534 -------------------------------------------------------------- Wim 11,012,528 4,228,024 30,256 72,556 -------------------------------------------------------------- Fon 25,039,440 373,588,445 - 1,752,761 -------------------------------------------------------------- -------------------------------------------------------------- TOTAL 44,810,770 392,562,301 82,804 1,937,851 ------------------------------------------------------------------------- (*) Based on a 2.0 % copper equivalent cut-off grade at Wim and Hudvam, and a 1.0% Zn cut-off grade at Fon For statement of resources, see Murgor Press Releases: Feb. 20, 2007 for Fon; Aug. 28, 2008 for Hudvam and Sept. 09, 2008 for Wim. Andre C. Tessier, P.Geo., P.Eng. and President & CEO for Murgor Resources Inc. is a Qualified Person as defined by NI-43-101 and is responsible for this press release. 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 future financings, payments to HudBay Minerals Inc., 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 forward-looking 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 include, but are not limited to, exploration risks detailed 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.

For further information:

For further information: please visit Murgor's website at www.murgor.com
or contact: André C. Tessier, President & CEO, MURGOR RESOURCES INC., Tel:
(613) 546-7503 or 1-888-891-3330, Fax: (613) 546-7318, E-mail:
info@murgor.com, Web site: www.murgor.com

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