KINGSTON, ON, May 27, 2013 /CNW/ - Murgor Resources Inc. (TSXV: MGR) is
pleased to announce that it has accelerated two option agreements and
concluded the sale of its Waconichi and Benoist gold properties in
Quebec for total proceeds of $559,500. The Waconichi Property
agreement was made with Northern Superior Resources Inc. while the
Benoist Property agreement was concluded with Cartier Resources Inc.
At the Waconichi property, Murgor and Northern Superior have agreed to
accelerate and modify an agreement dated June 5, 2012 whereby Northern
Superior now acquires a 100% interest in Murgor's 306 claims covering
17,588 ha, in exchange for a one-time cash payment of $225,000. Murgor
will retain a 1% net smelter return (NSR) royalty on 299 of the 306
claims subject to a buyback clause whereby Northern Superior may
repurchase a 0.5% NSR for $1,000,000.
At the Benoist property, Murgor and Cartier have agreed to modify and
accelerate an agreement dated March 2nd, 2012 whereby Cartier now
acquires a 100% interest in Murgor's 98 claims covering 4,400 ha, in
exchange for a one-time cash payment of $250,000 and by issuing 650,000
shares of Cartier to Murgor at a deemed price of $0.13 per share.
Murgor will retain a 1% NSR on the 98 claim property which is host to
the Pusticamica gold-copper deposit, with no buyback provision. Murgor
will have to pay the sum of $83,625 to Cliffs Chromite Ontario as
required in a previous agreement with Cliffs dated January 13, 2012.
Both agreements are subject to regulatory approval.
"The sale of the Waconichi and Benoist properties is part of Murgor's
continued strategy to divest of certain dormant assets to finance its
exploration and administrative costs through non-dilutive means. In
the difficult market conditions we are currently experiencing, where
equity financings are extremely dilutive if at all possible for junior
mineral exploration companies, Murgor hold the distinct advantage of
owning valuable assets including NSR Royalties and sizeable in situ
mineral resources to ensure the company's long term viability. Other
assets also considered for divestiture include certain interests in the
Windfall Gold Property of Quebec, Murgor's 100% owned Wim and Hudvam
copper-gold-zinc deposits in Manitoba, and Murgor's 40% interest in the
Golden Arrow property east of Timmins Ontario." stated Andre C. Tessier, President and CEO of Murgor Resources.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development Company
focused on gold and copper exploration in Canada. The company owns a
100% interest in two gold-copper deposits in the Snow Lake and Flin
Flon mining districts of Manitoba (see 43-101 compliant resource table
below) and a 40% interest in the Golden Arrow Gold Mine in Ontario.
The Company also owns a portfolio of NSR Royalties on properties in the
Province of Quebec and an exceptional portfolio of exploration
properties in proven mining districts of Canada.
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
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