MONTREAL, March 19 /CNW/ - Murgor Resources Inc. (MGR: TSX-V) today
announced, jointly with Noront Resources Ltd. (NOT: TSX-V) the results of a
new high grade gold intersection at the F-17 Zone on part of the Windfall
Property that is under option to Noront Resources Inc.
Noront reports that drill hole NOT-07-175 was completed as a requirement
for crown pillar and hydrogeological studies at the site of the exploration
drift that is currently underway at the property. The drill hole coordinates
and intersected values are as follows (Please refer to today's Press Release
by Noront for more technical details):
Northing Easting Azimuth Inclination Length From To Interval
9+95m N 9+62m W 0 degrees -90 degrees 16.76m 9.73m 12.95m 3.22m
Gold (g/t) Grade (oz/t)
143.3 g/t 4.18 oz/t
Noront geologists report finely disseminated native gold was observed at
several locations in the higher grade intervals in amounts and grain sizes
that are consistent with analytical data reported by Bourlamaque Assay
Laboratory. The intersection confirms the extension of Murgor's F-17 zone
towards surface. The exploration drift planned by Noront will enter this zone
at about 60 m below surface during 2008.
Andre C. Tessier, President and CEO of Murgor Resources Inc. said,
"Murgor is proud of its joint venture partnership with Noront; the Windfall
property continues to show excellent results. These are very exciting times
for Murgor. While the Company is actively drilling on its Manitoba and
Saskatchewan properties, under option from HudBay Minerals, its joint venture
partners are working on Murgor's eastern Canada gold properties. In Quebec,
Noront is exploring part of the Windfall property, Metanor Resources is mining
the Barry Gold Deposit while Murgor retains a 1% NSR royalty, and Metanor is
also earning in an interest in Murgor's Nelligan property. In Ontario,
Trelawney Resources is drilling the extensions of the Dorset and Martin Gold
Zones at Murgor's Mishibishu gold property. And in New Brunswick, Geodex
Minerals and Teck Cominco are exploring the Mount Pleasant property. The
company is growing, concentrating on its core assets in Manitoba and
Saskatchewan, and finding experienced partners to advance and fund its
properties in Eastern Canada."
The hole was drilled by Noront on the portion of the Windfall property
held under option by Noront from Murgor Resources Inc. and Freewest Resources
Canada Inc. (FWR: TSX-V). As stated in a press release dated Feb 5, 2007,
under the terms of the option agreement, Noront can earn a 50% interest in 29
claims of Murgor and Freewest's Windfall Property in Northwestern Quebec.
Present ownership of the Windfall Property is 50% Murgor and 50% Freewest. The
29 claims under option are located immediately north of the Noront property.
Murgor and Freewest retain a 100% interest in 184 claims of the Windfall
property including the NE extension of the gold bearing structures.
Noront's objective is to test and sample gold zones F-11 and F-17,
previously discovered by Murgor and Freewest, with an underground exploration
ramp that would start on the optioned ground. The ramp will also provide
access to a number of deeper mineralized zones on the Noront property.
Noront acts as operator of the project and further will have the right to
propose to complete a feasibility study on the claims. Should Murgor/Freewest
not participate in the costs of such feasibility study, Noront may earn an
additional 10% participating interest providing the feasibility study is
positive. Thereafter the parties shall operate under a joint venture agreement
on a 60-40 participating basis.
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
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: ON MURGOR, PLEASE VISIT OUR WEBSITE AT
WWW.MURGOR.COM OR CONTACT: André C. Tessier, President & CEO, MURGOR RESOURCES
INC., Tel: (613) 546-7503 or 1-888-891-3330, Fax: (613) 546-7318, E-mail:
email@example.com, Web site: www.murgor.com; Or Michael Joyner, Investor
Relations - The Equicom Group, Tel: (416) 815-0700 ext. 275 or 1-800-385-5451,