- Issues 1,600,000 Flow-Through Shares to Mavrix at $1.02 per Share
MONTREAL, Dec. 6 /CNW Telbec/ - Murgor Resources Inc. (TSX-V: MGR)
announces that it has completed a private placement by issuing 1,600,000
"flow-through" common shares to Mavrix of Toronto, Ontario at a price of $1.02
per share, for total proceeds to Murgor of $1,632,000.
Under applicable securities legislation and policies of the TSX Venture
Exchange, the shares issued in the private placement are subject to a hold
period expiring on April 6, 2008.
As a result of the private placement, there are 20,463,155 common shares
of Murgor issued and outstanding.
"Since Murgor signed its six agreements with HudBay Minerals, Mavrix has
recognized the value of Murgor's new assets and has been a strong supporter of
the Corporation. Murgor is extremely pleased to count on the support of
Mavrix." Says Andre C. Tessier, President and CEO of Murgor. "These funds will
help Murgor to complete its definition drilling at the Hudvam and Wim
deposits, in preparation for feasibility studies in 2008 and 2009. Management
at Murgor is dedicated to complete this work as soon as possible to take
advantage of this cycle of high metal prices."
Murgor will use the proceeds from the private placement to explore its
properties in Manitoba and Saskatchewan, where Murgor has now secured a total
of five drill rigs to start its exploration and definition drilling programs
in January of 2008. The drills will be mobilized on the Hudvam and Wim
properties in early January of 2008 where pre-feasibility studies are
underway. In late-February or early-March, one drill will be moved by
helicopter onto the Fon, Tyr, Flin-D and Snow-H properties to test high
potential VTEM and InfiniTEM geophysical anomalies detected during the 2007
exploration programs. Exploration work in 2008 will include more than
25,000 metres of drilling, 4,500 line kilometres of helicopter borne VTEM over
the Flin-D and Snow-H properties, additional deep penetration ground EM
surveys and a basal till geochemical survey at Snow-H.
Meanwhile, drilling continues at the Wim property and geochemical results
are pending for 10 drill holes. These results will be released as soon as they
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., (613) 546-7503 or 1-888-891-3330, Fax: (613) 546-7318, firstname.lastname@example.org,