amends stock option plan
cnw
KINGSTON, ON, Aug. 15, 2011 /CNW/ - Murgor Resources Inc. (MGR: TSX
Venture Exchange) announces that it has acquired an extra five claims
contiguous and adjacent to its Golden Arrow Mine property east of
Timmins, Ontario. Under two separate agreements, Murgor acquired a
100% interest in five claims (18 claim units) covering an area of 288
hectares and in the north and northeast extension of the current Golden
Arrow Property. The agreements called for total cash payments of
$12,400 to acquire a 100% interest in the claims. One vendor retains a
2% NSR royalty on three claims of which Murgor can buy back 1% at
anytime for $500,000.
Murgor also wishes to announce that it has amended its 2004 stock option
plan so as to increase the number of shares that may be issued under
the 2004 stock option plan from 6,662,985 to 12,000,000. As there are
currently 120,985,590 common shares issued and outstanding, the
12,000,000 common shares reserved for issuance under the 2004 stock
option plan represent less than 10% of Murgor's issued and outstanding
shares. The Board of Directors of Murgor amended the 2004 stock option
plan in light of the increase in the number of Murgor's issued and
outstanding shares.
Murgor also granted 1,780,000 options to purchase shares of the
Corporation at a price of $0.13, for a period of 5 years from the date
of grant. The options were granted to directors, officers and long-term
employees of Murgor.
The amendment to Murgor's stock option plan and the grant of options are
subject to all required regulatory approvals, including that of the TSX
Venture Exchange.
About the Golden Arrow Gold Mine:
The Golden Arrow property consists of 17 mining patents and leases, and
four mining claims covering 723 hectares in Hislop Township and located
65 kilometers east of the Town of Timmins in Ontario. In 1981 and
1982, a total of 279,593 tons of ore was mined at a grade of 0.061 oz/t
(2.09 g/t) from the Arrow open pit. Mining ceased due to low gold
prices.
The property was originally explored underground in the 1940s to by the
Golden Arrow Mining Company Ltd. who sank a shaft to a depth of 435ft
(130m) below surface and undertook about 700m of horizontal development
on the 250ft (76m) and 400ft (122m) levels.
The Golden Arrow property is underlain by mafic flows and syenite
intrusions with younger post mineral diabase dikes. Gold mineralization
is generally hosted within a syenite intrusion and consists of a
stockwork of quartz veinlets situated within a broader halo of pink to
brick-red potassic alteration. Mineralized zones are related to a
NE-SW structure associated with the Porcupine-Destor Fault Zone. The
property covers a two kilometre strike extent of this NE-SW structure.
The Golden Arrow gold deposit is located 9 km SW of the past-producing
Ross Gold Mine which produced nearly one million ounces of gold between
1936 and 1989. Also located in Hislop Twp are the presently producing
Hislop Mine of St. Andrew Goldfields Ltd. and the Black Fox Mine of
Brigus Gold Corp.
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 Quebec.
