KINGSTON, ON, Oct. 24, 2013 /CNW/ - Murgor Resources Inc. (TSXV: MGR)
today announced that it has entered into an option and joint-venture
agreement with TomaGold Corporation at its wholly owned Fancamp and
Embry projects located respectively 55km and 35km south of the town of
Chibougamau in the province of Québec.
Under the terms of the agreement signed yesterday, which remains subject
to regulatory approval, TomaGold will have the option to earn an
interest of up to 70% in the Fancamp project by paying $210,000 in cash
and issuing 1,250,000 common shares to Murgor and incurring exploration
expenditures aggregating $750,000 over three years. TomaGold will also
have the option to earn an interest of up to 70% in the Embry project
by paying $70,000 in cash and issuing 500,000 common shares to Murgor
and incurring exploration expenditures aggregating $300,000 over three
The option agreement also provides that Murgor shall receive, up to
1,000,000 additional common shares of TomaGold, in the event TomaGold
discloses a National Instrument 43-101 compliant gold resource on the
Fancamp or Embry Properties collectively. The foregoing additional
TomaGold shares would be issued in tranche of up to 250,000 shares for
each 250,000 ounces of new gold resources disclosed by TomaGold.
"We welcome TomaGold as a partner on the Fancamp and Embry projects," said Andre Tessier, President and CEO of Murgor Resources. "Optioning the Fancamp and Embry properties is part of Murgor's continued
strategy to divest of certain asset to finance its activities through
non-dilutive means, while gaining strong exploration partners. In the
difficult market conditions we are currently experiencing, Murgor holds
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."
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