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Murgor resources announces the closing of a $399,800 private placement and starts a new phase of exploration at its Windfall Gold Property in Quebec
10:23 EDT Monday, June 29, 2009
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MGR: TSX-V
KINGSTON, ON, June 29 /CNW Telbec/ - Murgor Resources Inc. (TSX-V: MGR) announces that it has completed a private placement by issuing an aggregate 4,442,222 units at a price of $0.09 to SIDEX Limited Partnership, La Société de Développement de la Baie-James and to two "accredited investors" in Canada and elsewhere, for an aggregate gross proceeds to Murgor of $399,800.
Each share is accompanied by one common share purchase warrant. Each warrant entitles its holder to purchase one additional Murgor share at a price of a price of $0.11 per share for a period of twelve months from the date of issuance, and thereafter at a price of $0.13 per share for a period of twenty-four months from the date of issuance. No finder's fee or commission has been paid in connection with this private placement.
The proceeds from the private placement will be used for exploration on Murgor's gold properties in Québec and for working capital purposes.
As a result of the private placement, there are 45,582,782 common shares of Murgor issued and outstanding. Under applicable securities legislation and the policies of the TSX Venture Exchange, the securities issued at the closing of the private placement are subject to a four month hold period.
Windfall Property Exploration
Murgor is starting a new exploration phase at its Windfall Gold Property this week. Murgor and equal joint venture partner Freewest Resources Canada Inc. (TSX.V : FWR) are planning extensive mechanical trenching followed by a drilling program of up to 3,000 meters in the next four months. Murgor is focussing its exploration efforts on gold-bearing NE-trending structures that remain largely unexplored. The targets include the strike extensions of an intersection of 1,327.9 g/t (42.8 ounces) Gold over 4.80 meters approximately 200 meters south of the Windfall property boundary.
About SIDEX Limited Partnership (Diversification of Exploration
Investment Partnership)
SIDEX was established by the Government of Quebec and the Solidarity Fund QFL. The mission of SIDEX is to invest in companies engaged in mineral exploration in Quebec in order to diversify Quebec's mineral base, encourage new exploration models, stimulate investment for new commodities in existing districts and open new territories with high potential for discovery.
About Société de Développement de la Baie-James
The SDBJ is a Québec crown corporation recognized for developing the economic potential of the James Bay territory in compliance with the principles of sustainable development. In the mining sector, the SDBJ is contributing to the renewal of mineral resources and the sustainability of the mining industry by working to increase total investment in mineral exploration in the territory.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development company focused on copper, zinc and gold deposits. The company is earning a 100% interest in three 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.
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The table below shows the total 43-101 compliant resource for
Murgor's Hudvam, Wim and Fon deposits.
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TonnageGrade*
Project-------------------------------------------------
Metric TonnesCu%Zn%Au g/tAg g/t
INDICATED ---------------------------------------------------------------
RESOURCE---------------------------------------------------------------
Hudvam854,0761.221.783.8213.84
---------------------------------------------------------------
Wim2,776,7871.940.31.887.53
---------------------------------------------------------------
---------------------------------------------------------------
TOTAL3,630,863
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Metal Content
Project-------------------------------------------------
Cu (lb)Zn (lb)Au (oz)Ag (oz)
INDICATED ---------------------------------------------------------------
RESOURCE---------------------------------------------------------------
Hudvam23,007,64033,541,359104,930379,928
---------------------------------------------------------------
Wim118,762,52418,365,339167,838672,246
---------------------------------------------------------------
---------------------------------------------------------------
TOTAL141,770,16451,906,698272,7681,052,174
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TonnageGrade*
Project-------------------------------------------------
Metric TonnesCu%Zn%Au g/tAg g/t
INDICATED ---------------------------------------------------------------
RESOURCE---------------------------------------------------------------
Hudvam502,9010.791.333.256.96
---------------------------------------------------------------
Wim445,9991.120.432.115.06
---------------------------------------------------------------
Fon4,543,1260.253.73-10.88
---------------------------------------------------------------
---------------------------------------------------------------
TOTAL5,492,026
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Metal Content
Project-------------------------------------------------
Cu (lb)Zn (lb)Au (oz)Ag (oz)
INDICATED ---------------------------------------------------------------
RESOURCE---------------------------------------------------------------
Hudvam8,758,80214,745,83152,548112,534
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Wim11,012,5284,228,02430,25672,556
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Fon25,039,440373,588,445-1,752,761
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TOTAL44,810,770392,562,30182,8041,937,851
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* 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.
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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 the technical information presented in this press release.
