KINGSTON, ON, Feb. 22 /CNW/ - Murgor Resources Inc. (TSX-V:MGR) announced today that it is starting an initial 5,000 meter drilling program at the Golden Arrow Gold Mine, 65 kilometres east of Timmins, Ontario. 

"Murgor intends to accelerate its exploration program at Golden Arrow, to complete its work commitments as fast as possible," said André Tessier, President and CEO of Murgor Resources.  "We are looking forward to seeing results as soon as possible, in keeping with our objective of near-term production at the Golden Arrow Mine."

This drilling program will be the first phase of an extensive exploration program undertaken by Murgor at the Golden Arrow Gold Mine.  In this phase of drilling, Murgor will be testing the gold mineralization extending outwards from the current limits of the open pit excavation.  Murgor is fully financed for the completion of this initial drilling program.

On February 7th, 2011, Murgor signed a definitive agreement with Victoria Gold Mines (East Timmins) Ltd to acquire an interest of up to 70% in the Golden Arrow Gold Mine property.  Final approval of the transaction by the TSX Venture Exchange is pending. In order to obtain final approval, Murgor must provide the TSX Venture Exchange with, among other things, a technical report on the property comprising the Golden Arrow Gold Mine which is compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About the Golden Arrow Gold Mine:

The Golden Arrow property consists of 17 mining patents and leases, and two mining claims covering 524 hectares in Hislop Township and located 65 kilometers east of the Town of Timmins in Ontario.  In 1981 and 1982, a total of 279,593 tons of ore was mined at a grade of 0.061 oz/t (2.09 g/t) from the Arrow open pit.  Mining ceased due to low gold prices.

The property was originally explored underground in the 1940s to by the Golden Arrow Mining Company Ltd. who sank a shaft to a depth of 435ft (130m) below surface and undertook about 700m of horizontal development on the 250ft (76m) and 400ft (122m) levels.

The Golden Arrow property is underlain by Mafic Flows and Syenite Intrusions with younger post mineral Diabase. Gold is associated with pyrite-quartz veining and hematitic/potassic alteration associated with a quartz vein stockwork within a syenite intrusion and related to a NE-SW structure associated with the Porcupine-Destor Fault Zone.  The property covers a two kilometre strike extent of this NE-SW structure.  The Golden Arrow gold deposit is located 5 km SW of the past-producing Ross Gold Mine which produced nearly one million ounces of gold between 1936 and 1989.  Also located in Hislop Twp are the presently producing Hislop Mine of St. Andrew Goldfields Ltd. and the Black Fox Mine of Brigus Gold Corp.  Please visit for additional information about the Golden Arrow Gold Mine.

About Murgor Resources

Murgor Resources Inc. is a mineral exploration and development company focused on near-term production at the Golden Arrow Gold Mine in Ontario.  Murgor also owns a 100% interest in two gold-copper deposits in the Snow Lake and Flin Flon mining districts of Manitoba.  The company further owns an exceptional portfolio of gold properties in proven mining districts of Canada, as well as a 1% NSR royalty in the Barry Gold Mine and the Windfall Gold Project in Québec. 

The table below shows the total 43-101 compliant resource for Murgor's Hudvam and Wim deposits.

INDICATED RESOURCE Project Tonnage Grade* Metal Content
Metric Tonnes Cu % Zn% Au g/t Ag g/t Cu (lb) Zn (lb) Au (oz) Ag (oz)
Hudvam 854,076 1.22 1.78 3.82 13.84 23,007,640 33,541,359 104,930 379,928
Wim 2,776,787 1.94 0.3 1.88 7.53 118,762,524 18,365,339 167,838 672,246
TOTAL 3,630,863         141,770,164 51,906,698 272,768 1,052,174
INFERRED RESOURCE Project Tonnage Grade* Metal Content
Metric Tonnes Cu % Zn% Au g/t Ag g/t Cu (lb) Zn (lb) Au (oz) Ag (oz)
Hudvam 502,901 0.79 1.33 3.25 6.96 8,758,802 14,745,831 52,548 112,534
Wim 445,999 1.12 0.43 2.11 5.06 11,012,528 4,228,024 30,256 72,556
TOTAL 948,900         19,771,330 18,973,856 82,804 185,090

* Based on a 2.0% copper equivalent cut-off grade 

For statement of resources, see Murgor Press Releases:  Aug. 28, 2008 for Hudvam and Sept. 09, 2008 for Wim.

The technical information in this news release has been reviewed by Mr. André Tessier, P.Geo, a qualified person in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, responsible for the supervision of the project.

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.

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.

For further information:


André C. Tessier, President & CEO
Tel: (613) 546-7503 or 1-888-891-3330
Fax:  (613) 546-7318
E-mail:      Web site:

Profil de l'entreprise

Murgor Resources Inc.

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