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Dec. 15, 2010 (Canada NewsWire Group) --
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KINGSTON, ON, Dec. 15 /CNW/ - Murgor Resources Inc. (TSX-V : MGR) announces that it has completed a private placement by issuing 4,010,000 "flow-through" common shares to "accredited investors" in Québec, Ontario and British Columbia at a price of $0.25 per share, for gross proceeds to Murgor of $1,002,500. Murgor will use the proceeds from the private placement for exploration on its grassroots properties in Manitoba, Ontario and Quebec.
In connection with the private placement, Murgor paid a finder's fee to a registered person in an amount equal to 7% of the proceeds from the sale of the "flow-through" shares through the registered person.
The "flow-through" common shares issued by Murgor in the private placement are subject to a four-month hold period, in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The closing of the private placement has increased the number of Murgor's outstanding common shares to 74,022,090.
"Murgor continues its due diligence drilling at Golden Arrow and the first assay results are at the QA/QC stage. Preliminary results should be out very shortly. In the meantime, this financing will allow the company to continue its exploration on its highly promising grassroots projects in Manitoba, Quebec and Ontario." said André Tessier, President and CEO of Murgor Resources.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development company focused on gold, copper, and zinc deposits in Canada. The company owns a 100% interest in two 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. The proposed acquisition of the Golden Arrow Gold Mine in Ontario marks a shift of focus to gold for the Corporation
The table below shows the total 43-101 compliant resource for Murgor's Hudvam and Wim deposits.
| INDICATED RESOURCE |
Project |
Tonnage |
Grade* |
Metal Content |
| Metric Tonnes |
Cu % |
Zn% |
Au g/t |
Ag g/t |
Cu (lb) |
Zn (lb) |
Au (oz) |
Ag (oz) |
| Hudvam |
854,076 |
1.22 |
1.78 |
3.82 |
13.84 |
23,007,640 |
33,541,359 |
104,930 |
379,928 |
| Wim |
2,776,787 |
1.94 |
0.3 |
1.88 |
7.53 |
118,762,524 |
18,365,339 |
167,838 |
672,246 |
| TOTAL |
3,630,863 |
|
|
|
|
141,770,164 |
51,906,698 |
272,768 |
1,052,174 |
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| INFERRED RESOURCE |
Project |
Tonnage |
Grade* |
Metal Content |
| Metric Tonnes |
Cu % |
Zn% |
Au g/t |
Ag g/t |
Cu (lb) |
Zn (lb) |
Au (oz) |
Ag (oz) |
| Hudvam |
502,901 |
0.79 |
1.33 |
3.25 |
6.96 |
8,758,802 |
14,745,831 |
52,548 |
112,534 |
| Wim |
445,999 |
1.12 |
0.43 |
2.11 |
5.06 |
11,012,528 |
4,228,024 |
30,256 |
72,556 |
| TOTAL |
948,900 |
|
|
|
|
19,771,330 |
18,973,856 |
82,804 |
185,090 |
*Based on a 2.0% copper equivalent cut-off grade.
For statement of resources, see Murgor Press Releases: Aug. 28, 2008 for Hudvam and Sept. 09, 2008 for Wim.
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.
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: info@murgor.com Web site: www.murgor.com
