Murgor Resources to make property option payment



    KINGSTON, ON, Oct. 23 /CNW/ - Murgor Resources Inc. (TSX-V: MGR)
announces that it will issue 304,260 treasury shares at a price of $0.2465 per
share and make a cash payment of $75,000 to Hudson Bay Exploration and
Development Company Limited (HBED), representing a second-anniversary payment
under three previously-announced property option agreements entered into
between the two companies on September 12, 2006. HBED is a wholly-owned
subsidiary of HudBay Minerals Inc. The properties are located in the Flin Flon
and Snow Lake districts in Manitoba and Saskatchewan.
    Murgor will issue the shares at a price of $0.2465 per share,
representing the average closing price of Murgor's shares on the TSX Venture
Exchange for the ten trading days prior to September 12, 2008. The issuance of
the shares is subject to regulatory approval, including that of the TSX
Venture Exchange.

    About Murgor Resources

    Murgor Resources Inc. is a mineral exploration and development company
focused on copper, zinc and gold deposits. Late in 2006, the company signed
agreements with HudBay Minerals (TSX:HBM), acquiring the right to earn a 100%
interest in three deposits. Murgor also acquired from HudBay a 50% interest in
two highly prospective grassroots properties, covering more than 1,850 square
kilometres adjacent to the Snow Lake and Flin Flon, Manitoba mining districts.
The exploration targets for Murgor consist of polymetallic massive sulphide
deposits in one of the most prolific greenstone belts in Canada and the world.

    
        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 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 not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

For further information:

For further information: please visit Murgor's website at www.murgor.com
or contact: André C. Tessier, President and CEO, MURGOR RESOURCES INC., Tel:
(613) 546-7503 or 1-888-891-3330, Fax: (613) 546-7318, E-mail:
info@murgor.com; Joanna Longo, Investor Relations - The Equicom Group, Tel:
(416) 815-0700 ext. 233, or 1-800-385-5451, Fax: (416) 815-0080, E-mail:
jlongo@equicomgroup.com

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