KINGSTON, ON, Aug. 27 /CNW Telbec/ - Murgor Resources Inc. (MGR: TSX-V)
announces that it has acquired the right to earn a 100% interest in two gold
exploration properties near Red Lake, Ontario.
The Gullrock Property consists of eight claims located one kilometer east
of Goldcorp's Red Lake property and on strike with the Campbell-Red Lake Gold
Mine. The property covers 1,409 hectares of what is known as "the Mine trend"
south-east of Red Lake. The "Mine Trend" hosts the Campbell-Red Lake,
Cochenour-Willans and the MacKenzie Gold Mines where more than 20 million
ounces of gold have been mined to date. Reserves stand at 3.6 million gold
ounces at the Campbell-Red Lake Mine (Goldcorp's annual report 2008). Despite
the fact that the Gullrock property geology bears similar geology as the
Campbell-Red Lake Mine setting, the property has seen very limited exploration
work and its exploration potential is deemed excellent. Murgor has already
identified untested geophysical anomalies on the property that coincide with
gold in soil geochemical anomalies. These exploration targets will be tested
in 2009-2010. Under the terms of the option, Murgor will earn a 100% interest
in the property by making aggregate cash payments of $88,500, issuing a total
of 120,000 common shares over a period of 48 months and by incurring $50,000
of exploration expenditures over a period of 12 months.
The Premiere Property is located in the Uchi Belt and consists of three
mining claims covering 524 hectares. The property is located immediately south
of the Hudson-Patricia mine which produced 1900 ounces of gold with an average
grade of 0.165 oz/ton. The property covers the Rouillard and the Particia-Dent
exploration shafts. At both localities, gold is hosted by quartz veins ranging
in width from 40 cm to 1.0 meter wide grades of up to 0.64 ounces per ton.
During due diligence work, Murgor geologists collected three grab samples that
returned assays of 128.5 g/t, 116.2 g/t and 9.0 g/t gold. The Premiere
Property has seen very limited exploration work and is deemed as having great
exploration potential. Under the terms of the option, Murgor will earn a 100%
interest in the property by making aggregate cash payments of $73,000 and
issuing a total of 180,000 over a period of 48 months.
A location map of the Gullrock property is attached to this press release
on Murgor's website and can be viewed at www.murgor.com.
Dr. Jean-Philippe Desrochers, P.Geo and Vice-President of Exploration for
Murgor Resources, and Neil W. Richardson, P.Geo. and Manager of Central Canada
Exploration for Murgor Resources Inc. are Qualified Persons, as defined by
NI-43-101 and have verified the technical information reviewed in this news
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development company
focused on copper, zinc and gold deposits. The company is earning a 100%
interest in three deposits, adjacent to the Snow Lake and Flin Flon mining
districts of Manitoba, from HudBay Minerals Inc. (TSX:HBM). Murgor is also
exploring an exceptional portfolio of gold properties in proven mining
districts of Canada, owns a 1% NSR royalty in the Barry Gold Mine and an
interest in the advanced Windfall Gold Project in Quebec.
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 the proposed financing,
payments to HudBay, 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
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:
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, Fax: (613) 546-7318, E-mail:
firstname.lastname@example.org, Web site: www.murgor.com