KINGSTON, ON, June 10 /CNW Telbec/ - Murgor Resources Inc. (MGR: TSX-V) announced today that it has acquired a Mineral Exploration Licence covering 40,000 hectares, located approximately 40 kilometres south of the Snow Lake Mining District in Manitoba.
"This is a very favourable area of the Flin Flon Belt, and one that remains very poorly explored," said André Tessier, President and CEO of Murgor Resources. "Strategically, Murgor continues to feed its portfolio of great grassroots exploration projects such as Moose Lake while advancing its Wim and Hudvam projects towards production. Exploration will start immediately at Moose Lake."
The newly acquired property covers the highly favourable volcanic rocks of the Flin Flon - Snow Lake Greenstone Belt below 50 to 100 metres of Paleozoic sedimentary rocks; a setting similar to that of the VMS Venture's Reed Lake Copper Deposit located approximately 40 kilometres to the NW of the property. Other notable deposits in the immediate area include the Sylvia Deposit (1.45 MT @ 2.03% Cu & 1.60% Zn) and the Kof Zone (257,000 T @ 2.03% Cu) located respectively 1 and 6 kilometres west and north of the property (the resource at Sylvia and Kof is historical and not 43-101 compliant). A location map of the project will be attached to this press release on Murgor's website at www.murgor.com.
The Flin Flon belt is the largest paleoproterozoic VMS district in the world and the richest Greenstone Belt in Canada per square kilometer. The Flin Flon Belt is host to more than 30 VMS deposits, rich in copper-zinc as well as gold and silver. Past and current reserves of these deposits contain in excess of 200 million tonnes of polymetallic mineralization.
In other news, Murgor's Board of Directors has granted 200,000 stock options to its new director: Mr. Nick Zeng. The options were granted under Murgor's 2004 Stock Option Plan. The exercise price of the options is $0.125 per share, representing the closing price of Murgor's common shares on the TSX Venture Exchange on June 03, 2010. The options will expire on June 04, 2020. After the aforementioned grant of options, the average exercise price of Murgor's incentive stock options is at $0.23.
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.
Mr. Andre Tessier, P.Eng, P.Geo. and President & CEO for Murgor Resources Inc. is a Qualified Person as defined by NI-43-101 and reviewed the technical information presented in 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 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: 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: email@example.com, Web site: www.murgor.com