Murgor outlines open pit potential at the Fon deposit Flin Flon belt, Northern Saskatchewan



    MONTREAL, Feb. 28 /CNW/ - Murgor Resources Inc. (MGR: TSX-V) today
announced the results of a detailed data compilation and new structural
interpretation of the Fon deposit in Saskatchewan. The study outlines a thick
mineralized zone lying between surface and 150 meters depth, ranging from
1,200,000 tons to 3,900,000 tons with an average grade of 2.1% Zn (ranging
from 1.4% Zn to 3.6% Zn) and yielding a potential 51,300,000 to 162,200,000
pounds of Zinc.
    This near-surface zone would increase the zinc resource at the Fon
deposit, by adding a low-grade component to the already defined resource.
Additional drilling will be required to define a NI 43-101 compliant mineral
resource for that part of the deposit.
    The potential quantities and grades are based on 21 drill holes and a
measured density of 3.08 g/cubic centimetre. The target mineralized zone is up
to 250 metres long, has an average width of 45 metres and a depth of up to
150 metres from surface. The geological target consists of a previously
unrecognized doubly plunging fold hinge that reaches surface between sections
2950E and 3150E. A section of the new interpretation is attached to this press
release on Murgor's website at www.murgor.com.
    The newly defined target consists of a small part of the overall deposit
at Fon which has a strike length of 1.3 kilometres, a depth extent of at least
760 metres, and where the current NI 43-101 compliant inferred resource at the
Fon deposit is as follows (see SEDAR for complete study):

    
    -------------------------------------------------------------------------
    CUT-OFF       TONNAGE              GRADE                 CONTAINED METAL
    GRADE         (Tons)
    -------------------------------------------------------------------------
    1% Zinc     5,007,888      3.73% Zn, 0.25% Cu,        373,588,445 lbs Zn,
                                   0.35 oz/ton Ag          25,039,440 lbs Cu,
                                                             1,752,761 oz Ag
    3.5% Zinc   1,677,377      6.79% Zn, 0.27% Cu,        227,787,797 lbs Zn,
                                   0.54 oz/ton Ag           9,057,836 lbs Cu,
                                                               905,784 oz Ag
    -------------------------------------------------------------------------
    

    André C. Tessier, President and CEO, of Murgor said, "This is a very
exciting new interpretation at Fon. The new zone, as interpreted, would
significantly increase the zinc resource at Fon by allowing Murgor to consider
up to 4.5 million tons of lower grade, near-surface material, amenable to open
pit mining that was previously deemed sub-economic. Murgor's objective is to
evaluate the Fon deposit by combining the lower-grade near surface material
with the higher-grade mineralization already defined at depth. In its next
phase of drilling at Fon, Murgor will continue to test the high grade
extensions of the Lower Red and Lower Blue lenses, respectively with grades of
16.14% zinc and 9.84% zinc while evaluating this new geological target."
    The Fon property is located in north-eastern Saskatchewan, approximately
40 kilometres west of the town of Flin Flon, Manitoba and two kilometres south
of Highway 106. Murgor is earning a 100% interest from HudBay Minerals, in
approximately 24 square kilometres of the property where the Fon and Abbott
Lake deposits (195,000 tons @ 2.53% Cu, 0.77% Zn, 49.04 g/t Ag historical
resource not NI 43-101 compliant) are located. An additional 14.4 square
kilometre area of the property is wholly owned by Murgor.
    Dr. Jean-Philippe Desrochers, P.Geo. and Neil W. Richardson P.Geo.
respectively Vice-President Exploration and Manager of Central Canada
Exploration for Murgor Resources are the Qualified Persons as defined by
NI-43-101 and are responsible for the technical information presented in this
press release. The potential size and grade of the target was calculated by
consulting mining engineer George McIsaac, P.Eng. and also a Qualified Persons
as defined by NI-43-101.
    The potential quantity and grade of the geological target described in
this press release is conceptual in nature and to date, there has been
insufficient exploration to define a mineral resource on that portion of the
Fon deposit. Therefore, the reader should be aware that it is uncertain if
further exploration will result in the discovery of a near surface mineral
resource.

    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.

    The TSX Venture Exchange has reviewed this press release but does not
    accept responsibility for its adequacy or accuracy.





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; or Michael Joyner, Investor
Relations, THE EQUICOM GROUP, Tel: (416) 815-0700 ext 275, Email:
mjoyner@equicomgroup.com

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