MONTREAL, Nov. 15 /CNW Telbec/ - Murgor Resources Inc. (MUG: TSX-V) is
pleased to announce that it has retained the services of Golder Associates
Ltd. to carry-out Preliminary Feasibility studies on the Hudvam and Wim
volcanogenic massive sulphide deposits in the Flin Flon Belt of Manitoba.
Golder in undertaking the Mineral Resource Estimation, the Environmental
Feasibility Analysis, and the preparation of all Technical Reports required
for both properties. Murgor is currently earning a 100% interest in both
deposits from HudBay Minerals Inc. (HBM: TSX). The Preliminary Feasibility
study at Hudvam is expected to be completed in the fall of 2008 whereas Golder
is expected to complete the Preliminary Feasibility study at Wim in the spring
Andre C. Tessier, President and CEO of Murgor Resources states: "Murgor
is very pleased to have secured the services of such a reputable firm as
Golder. We are all waiting for the results with great anticipation but also
with confidence. Murgor is presently drilling the Wim deposit and, starting in
January of 2008, we will be drilling both deposits with four to five drills.
Murgor will be working with Golder to ensure that definition drilling of the
deposits will be completed by spring of 2008. New targets from geophysical
surveys will also be drilled during that time frame at both properties. We're
in for a very busy winter and we can't wait for the results."
Golder is recognized as a leader in resource and reserve evaluation,
geotechnical analysis, mine waste-fill design, environmental consulting and
safety training. Many Golder staff can be called upon to act as Qualified
Persons or Competent Persons, as defined by world-wide regulatory agencies,
while acting in the role of Independent Engineer. Golder has been in operation
for over 40 years and has more than 6,000 staff in over 150 offices across
Africa, Asia, Australia, Europe, North America and South America.
Murgor also wishes to announce that a minimum of four diamond drills have
been secured by the Corporation to start drilling at the Wim and Hudvam
properties in January of 2008. A total of 10,000 metres is planned at Hudvam
and approximately 15,000 metres will be drilled at Wim. Drilling will be aimed
at resource definition and exploration at the property-scale. An additional
drill will start a 5,000 metre drilling program later in the winter to test
exploration targets at the Fon, Tyr, Flin-D and Snow-H properties.
In the fall of 2006, Murgor signed six separate agreements with HudBay
Minerals Inc. to acquire a 100% interest in four properties that include the
Fon, Wim, Hudvam and Tyr polymetallic deposits (Zinc-Copper-Gold-Silver), and
a 50% interest in two large-scale grassroots projects covering
186,104 hectares of very prospective ground in Manitoba and Saskatchewan. All
the properties are located in the Flin Flon greenstone belt of Manitoba and
Saskatchewan, one of the most prolific base metal districts in the world.
HudBay retains a 2% NSR royalty or has the option to buy back up to 65% of the
deposits for cash considerations, work expenditures and bringing the deposits
into production while carrying Murgor to production.
Murgor is continuing to drill at the Wim property where results are
pending for seven drill holes.
In other news:
Murgor also wishes to announce that it has entered into an amended option
agreement with Mr. Jacques Duval dated August 16, 2007 pursuant to which the
terms of the previously-announced option agreement entered into with Mr. Duval
on June 8, 2006 is amended such that Murgor will issue 478,723 treasury shares
to Mr. Duval, having an aggregate value of $90,000, in order to acquire a 100%
interest in the Nelligan property, located in Nelligan, Benoit Lesueur
Township in the Province of Quebec.
Murgor will issue the shares at a deemed price of $0.188 per share,
representing the average closing price of Murgor's shares on the TSX Venture
Exchange for the ten trading days prior to August 16, 2007. The issuance of
the shares is subject to regulatory approval, including that of the TSX
Murgor also wishes to announce that it has granted a total of
250,000 stock options to Directors of the Corporation exercisable at a price
of $0.25 per share until November 14th, 2011. The options were granted in
accordance with the Company's 2004 Stock Option Plan and will become fully
vested on April 14th, 2008.
The technical information in this news release has been reviewed by
Dr. Jean-Philippe Desrochers, P.Geo, Vice-President Exploration of Murgor
Resources Inc. a qualified person in accordance with Canadian regulatory
requirements as set out in National Instrument 43-101.
This news release includ es certain "forward-looking statements". All
statements other than statements of historical fact, included in this release,
including, without limitation, statements regard ing 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 d iffer materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from Murgor's expectations are exploration
risks d etailed herein and from time to time in the filings mad e by Murgor
with securities regulations.
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 our website at www.murgor.com or
contact: André C. Tessier, President & CEO, Murgor Resources Inc., (613)
546-7503, 1-888-891-3330, Fax: (613) 546-7318, firstname.lastname@example.org,