Murgor Resources and Eagle Hill Exploration acquire additional ground at
Windfall Lake
KINGSTON, ON, March 29 /CNW Telbec/ - Murgor Resources Inc. (TSX-V : MGR) announces that it has acquired two additional properties in a 50-50 joint venture partnership with Eagle Hill Exploration (TSX-V : EAG) adjacent to Eagle Hill's Windfall Lake Property in North-Western Quebec. The properties cover a total of 1,078 hectares and are contiguous to the east with the Windfall Lake property. Murgor will be operator of the project.
The Windfall East Property was acquired through staking and consists of four claims covering an area of 64 hectares. The property is not subject to any royalty.
The Rousseau Property consists of 18 claims covering an area of 1,014.7 hectares. Under the terms of an agreement dated March 24th, 2010, Murgor will acquire a 50% interest in the property by making a cash payment of $5,000 on signing of the agreement and by issuing 300,000 common shares to the vendor upon regulatory approval of the transaction. The vendor retains a 2% Net Smelter Return royalty of which Murgor and Eagle Hill will have the right to buy back 1% at anytime for $1,000,000. Murgor and Eagle Hill will also have a first right of refusal to buy back the remaining 1% NSR royalty. The acquisition is subject to regulatory approval.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development company focused on copper, gold and zinc in Canada. The company owns a 100% interest in two deposits, adjacent to the Snow Lake and Flin Flon mining districts of Manitoba, and is earning a 100% interest in the Fon zinc deposit in Saskatchewan. The deposits were initially optioned from HudBay Minerals Inc. (TSX:HBM). Murgor is also exploring an exceptional portfolio of gold properties in proven mining districts of Canada such as the Red Lake Gold District of Ontario and the Chibougamau Gold-Copper District of Quebec.
The table below shows the total 43-101 compliant resource for Murgor's Hudvam, Wim and Fon deposits.
INDICATED RESOURCE ------------------------------------------------------------------------- Tonnage Grade* Project --------------------------------------------------------------- Metric Au Ag Tonnes Cu % Zn% g/t g/t ------------------------------------------------------------------------- Hudvam 854,076 1.22 1.78 3.82 13.84 ------------------------------------------------------------------------- Wim 2,776,787 1.94 0.3 1.88 7.53 ------------------------------------------------------------------------- ------------------------------------------------------------------------- TOTAL 3,630,863 ------------------------------------------------------------------------- ------------------------------------------------------------------------- INDICATED RESOURCE ------------------------------------------------------------- Metal Content Project --------------------------------------------------- Cu Zn Au Ag (lb) (lb) (oz) (oz) ------------------------------------------------------------- Hudvam 23,007,640 33,541,359 104,930 379,928 ------------------------------------------------------------- Wim 118,762,524 18,365,339 167,838 672,246 ------------------------------------------------------------- ------------------------------------------------------------- TOTAL 141,770,164 51,906,698 272,768 1,052,174 ------------------------------------------------------------- ------------------------------------------------------------- INFERRED RESOURCE ------------------------------------------------------------------------- Tonnage Grade* Project --------------------------------------------------------------- Metric Au Ag Tonnes Cu % Zn% g/t g/t ------------------------------------------------------------------------- Hudvam 502,901 0.79 1.33 3.25 6.96 ------------------------------------------------------------------------- Wim 445,999 1.12 0.43 2.11 5.06 ------------------------------------------------------------------------- Fon 4,543,126 0.25 3.73 - 10.88 ------------------------------------------------------------------------- ------------------------------------------------------------------------- TOTAL 5,492,026 ------------------------------------------------------------------------- ------------------------------------------------------------------------- INFERRED RESOURCE ------------------------------------------------------------- Metal Content Project --------------------------------------------------- Cu Zn Au Ag (lb) (lb) (oz) (oz) ------------------------------------------------------------- Hudvam 8,758,802 14,745,831 52,548 112,534 ------------------------------------------------------------- Wim 11,012,528 4,228,024 30,256 72,556 ------------------------------------------------------------- Fon 25,039,440 373,588,445 - 1,752,761 ------------------------------------------------------------- ------------------------------------------------------------- TOTAL 44,810,770 392,562,301 82,804 1,937,851 ------------------------------------------------------------- ------------------------------------------------------------- * Based on a 2.0% copper equivalent cut-off grade at Wim and Hudvam, and a 1.0% Zn cut-off grade at Fon For statement of resources, see Murgor Press Releases: Feb. 20, 2007 for Fon; Aug. 28, 2008 for Hudvam and Sept. 09, 2008 for Wim.
Andre C. Tessier, P.Geo., P.Eng. and President & CEO for Murgor Resources Inc. is a Qualified Person as defined by NI-43-101 and is responsible for this press release.
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: 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, E-mail: [email protected], Web site: www.murgor.com
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