KINGSTON, ON, March 6, 2012 /CNW/ - Murgor Resources Inc. (TSXV: MGR) announces that it has acquired the right to earn a 100% interest in the Gullrock West property, comprised of four claims (31 units) covering 1,240 acres (496 ha), to fill the gap between Murgor's Gullrock Property and Goldcorp Inc.'s Campbell-Red Lake property ten kilometres east of the town of Red Lake, Ontario.
Upon completion of the acquisition, Murgor's expanded Gullrock Property will consist of twelve mining claims covering 1,905 hectares adjoining Goldcorp's Red Lake property to the east, ten kilometres on strike with the Campbell-Red Lake Gold Mine. The Gullrock Property covers a strike extent of over seven kilometres of what is known as the "Mine Trend" south-east of the Campbell-Red Lake Gold Mine. The "Mine Trend" is a structural lineament that hosts the Campbell-Red Lake, Cochenour-Willans and MacKenzie Gold Mines where more than 20 million ounces of gold have been mined to date. The Gullrock Property also covers the same stratigraphic units as the Campbell-Red Lake Mine, including mafic and ultramafic volcanic rocks of the prolific Balmer Assemblage, immediately north of the unconformity with the younger rocks of the Confederation Assemblage. The Balmer Assemblage hosts all the major producers of the Red Lake Belt. Despite the fact that the Gullrock Property bears geology very similar to the Campbell-Red Lake Mine setting, the Gullrock Property has seen very limited exploration work and its exploration potential is deemed excellent. Through an extensive compilation of previous work, Murgor has already identified untested geophysical anomalies on the property that coincide with gold in soil geochemical anomalies.
There has been significant interest in the immediate area recently with Tri Origin Exploration Ltd. announcing in a press release dated February 16th, 2012, that it had signed a Letter of Intent with Osisko Mining Corporation whereby Osisko has the right to acquire a 51% interest in Tri Origin's RLX property by funding $5.0 million in exploration and paying an aggregate of $800,000 in cash. Murgor's Gullrock Property is contiguous to the north of Tri Origin's RLX property.
Under the terms of the option agreement for the Gullrock West property, Murgor can earn a 100% interest by making aggregate cash payments of $78,000 and issuing a total of 200,000 common shares over a period of 48 months. The vendor will retain a 1.75% NSR royalty on the property. Half (0.875%) of this royalty may be purchased by Murgor at any time for $1,000,000. In addition, Murgor has a first right of refusal to purchase the other remaining half (0.875%) of the royalty. The transaction is subject to all regulatory approvals, including that of the TSX Venture Exchange.
Maps of the Gullrock property and area are attached to this press release on Murgor's website and can be viewed at www.murgor.com.
Mr. Andre C. Tessier, P.Geo (On) and P.Eng (Qc), President and CEO of Murgor Resources Inc. and a "Qualified Person" as defined by NI 43-101, is responsible for the technical information in this news release.
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.
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)
PDF with caption: "12-03-06 MGR_ Gulrock-PRES Figures 4 PR ". PDF available at: http://stream1.newswire.ca/media/2012/03/06/20120306_C2023_DOC_EN_10800.pdf
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]
Cathy Hume, CEO
CHF INVESTOR RELATIONS
Tel: (416) 868-1079 ext 231
Email: [email protected]
Jeremy Hill, Associate Account Manager
CHF INVESTOR RELATIONS
Tel: (416) 868-1079 ext 238
Email: [email protected]