Murgor Resources Inc.

Published : September 17th, 2009

EARNS 100% INTEREST FROM HUDBAY AT THE WIM COPPER-GOLD AND HUDVAM GOLD-COPPER-ZINC DEPOSITS

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Keywords :   Canada | Copper | Gold | Gold Mine | Market | Market Conditions | Zinc |
Murgor

 MURGOR EARNS 100% INTEREST FROM HUDBAY AT THE WIM COPPER-GOLD
AND HUDVAM GOLD-COPPER-ZINC DEPOSITS IN MANITOBA.

Kingston, Ontario, September 17, 2009 - Murgor Resources Inc. (MGR: TSX-V) today announced the completion of all its requirements to earn a 100% interest in the Wim copper-gold deposit and the Hudvam gold-copper-zinc deposit in Manitoba, by making its final cash and share payment to HudBay Minerals Inc (HBM: TSX).

Murgor paid a cash amount of $225,000 and will issue 1,433,121 treasury shares at a price of $0.157 per share to Hudson Bay Exploration and Development Company Limited (HBED), representing the third and final anniversary payment under the previously-announced property option agreements entered into between the two companies on September 12, 2006.  HBED is a wholly-owned subsidiary of HudBay Minerals Inc.

"We are very proud of our accomplishments at the Wim and Hudvam deposits." said Andr� Tessier, President and CEO of Murgor Resources.  "During three short years, and under very difficult market conditions, our exploration increased the combined resource of both deposits by a factor of 125%.  The deposits are more than twice as large as they were when Murgor entered into the agreements.  The increase includes a 127% increase in the gold resource of the deposits and a 65% increase in the contained copper of the deposits.  Our metallurgical work at both deposits also showed the mineralization from both deposits can be treated with excellent recoveries at HudBay's existing mills. The focus is now to bring the deposits to the development stage." 

Murgor will issue the shares at a price of $0.157 per share, representing the average closing price of Murgor's shares on the TSX Venture Exchange for the ten trading days prior to September 12, 2009.  The issuance of the shares is subject to regulatory approval, including that of the TSX Venture Exchange.

About the Wim Deposit:

The Wim Deposit is located only 16 kilometers north of the Town of Snow Lake Manitoba where HudBay owns a concentrator that is currently on care and maintenance.  The concentrator will be upgraded to treat the mineralization from the Lalor Lake Mine. The close proximity of the Wim deposit to existing infrastructure, combined with the shallow depth of the mineralization would allow for a quick development of the project with minimal capital expenditure and environmental footprint.

In the past three years, Murgor increased the tonnage at Wim by a factor of 130% including a 60% increase in the contained copper and a 170% increase in the contained ounces of gold (based on a 2.0% copper equivalent cut-off grade).  Furthermore more than 85% of the mineral resource has been upgraded to the Indicated category.

Metallurgical testing of the mineralization at the Wim deposit, showed that copper recoveries of 92% are achieved, producing a final high-grade copper concentrate averaging 32.6% copper.

The most recent 43-101 compliant resource estimate at the Wim deposit was announced by Murgor in a press release dated September 09, 2008 and the complete report is available at www.murgor.com.  Current mineral resource at Wim is as follows:

INDICATED CATEGORY
   
   CUT-OFF                 TONNAGE                           GRADE                                                 CONTAINED METAL**
    GRADE*            ( Metric Tonnes)      Cu          Zn          Au          Ag                Cu (lb)            Zn (lb)         Au (oz)      Ag (oz)             
       
2.0%  Cu Equiv          2,776,787         1.94%    0.30%    1.88 g/t   7.53 g/t      118,763,000      18,365,000   168,000      672,000
2.5%  Cu Equiv.         1,805,382         2.20%    0.35%    2.30 g/t   8.56 g/t          87,564,000     13,931,000   134,000      497,000
               
*  Copper equivalent grade based on US$1.75 per lb. Copper, US$0.80 per lb. Zn, US$700 per oz Au and US$10 per oz Ag.
** Figures rounded to nearest 1,000.


INFERRED CATEGORY

   
   CUT-OFF                 TONNAGE                   GRADE                                                      CONTAINED METAL**
    GRADE*            ( Metric Tonnes)      Cu          Zn          Au          Ag                Cu (lb)           Zn (lb)          Au (oz)      Ag (oz)                 
   
2.0%  Cu Equiv        445,999              1.12%    0.43%    2.11 g/t   5.06 g/t          11,013,000     4,228,000       30,000       73,000
2.5%  Cu Equiv.       219,310            1.22%    0.47%    2.57 g/t   5.55 g/t             5,899,000     2,272,000       18,000       39,000
               
*  Copper equivalent grade based on US$1.75 per lb Copper, US$0.80 per lb Zn, US$700 per oz Au and US$10 per oz Ag.
** Figures rounded to nearest 1,000.


About the Hudvam Deposit:

The Hudvam deposit is located 47 kilometres north-east of the Town of Flin Flon Manitoba, where HudBay Minerals Inc. operates a concentrator, a copper smelter and a zinc plant.  The deposit already has an access ramp, nearly 250 metres long, that could be rehabilitated for quick development of the deposit, with low capital expenditures. 

In the past three years, Murgor increased the tonnage of the Hudvam deposit by 113%, including a 40% increase in the gold resource and a conversion of more than 70% of the resource to the Indicated category.   Furthermore, Murgor made a new discovery in 2008, intersecting 5.82 metres of massive sulphide mineralization grading 2.17 g/t Au, 1.11% Cu, 0.76% Zn and 13.30 g/t Ag.  The new discovery is located between lenses #3 and #1, and 275 meters from any known mineralization.  The new discovery will be followed-up in the fall of 2009.

Metallurgical testing of the Hudvam mineralization showed that copper recoveries of 89% are achieved and captured into a high-grade concentrate averaging 30% copper.  Gold recoveries average 56% by flotation and 67.1% with the addition of a gravity concentrator.  Gold grades in the copper concentrate are extremely high, averaging 51 g/tonne gold.

The most recent 43-101 compliant resource estimate at Hudvam was announced by Murgor in a press release dated August 28, 2008 and the complete report is available at www.murgor.com.  Current mineral resource at Hudvam is as follows:

INDICATED CATEGORY

   
   CUT-OFF                 TONNAGE                  GRADE                                                   CONTAINED METAL**
    GRADE*            ( Metric Tonnes)      Cu          Zn          Au          Ag                Cu (lbs)          Zn (lbs)        Au (oz)      Ag (oz)         
           
2.0%  Cu Equiv        854,076              1.22%    1.78%    3.82 g/t   13.84 g/t     23,008,000     33,541,000    105,000      380,000
2.5%  Cu Equiv.       680,657             1.38%    1.98%    4.33 g/t   15.38 g/t      20,640,000     29,654,000      95,000      337,000
               
*  Copper equivalent grade base on US$1.75 per lbs Copper, US$0.80 per lbs Zn, US$700 per oz Au and US$10 per oz Ag.
** Figures rounded to nearest 1,000.

INFERRED CATEGORY
   
   CUT-OFF                 TONNAGE                  GRADE                                                   CONTAINED METAL**
    GRADE*            ( Metric Tonnes)      Cu          Zn          Au          Ag                Cu (lbs)          Zn (lbs)        Au (oz)      Ag (oz)       
             
2.0%  Cu Equiv        502,901              0.79%    1.33%    3.25 g/t   6.96 g/t          8,759,000     14,746,000     53,000      113,000
2.5%  Cu Equiv.       338,557              0.85%    1.46%    3.96 g/t   7.36 g/t           6,345,000     10,898,000     43,000        80,000
               
*  Copper equivalent grade base on US$1.75 per lbs Copper, US$0.80 per lbs Zn, US$700 per oz Au and US$10 per oz Ag.
** Figures rounded to nearest 1,000.


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, owns a 1% NSR royalty in the Barry Gold Mine and an interest in the advanced Windfall Gold Project in Quebec.




   Dr. Jean-Philippe Desrochers, P.Geo. and Vice-President of Exploration for Murgor Resources Inc. is a Qualified Person as defined by NI-43-101 and reviewed the technical information presented in this press release.


FOR FURTHER INFORMATION PLEASE VISIT MURGOR'S WEBSITE AT WWW.MURGOR.COM OR CONTACT:

Andr� 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


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.


 
 
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Murgor Resources Inc.

PRODUCER
CODE : MGR.V
ISIN : CA62660P4024
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Murgor is a zinc and copper producing company based in Canada.

Murgor holds various exploration projects in Canada.

Its main asset in production is FLIN-D in Canada and its main exploration properties are GOLDEN ARROW MINE, BARRY - URBAN (EAGLE RIVER), CLAY LAKE, NELLIGAN, BARRY - URBAN (WINDFALL), LA TREVE, MISHIBISHU, MYSTERY, FANCAMP, MOUNT PLEASANT, BARRY - URBAN (BARRY), BENOIT, HUDVAM, WIM, FON, GULLROCK PROPERTY, PREMIERE PROPERTY and ELMTREE GOLD in Canada.

Murgor is listed in Canada and in United States of America. Its market capitalisation is CA$ 1.2 millions as of today (US$ 986 887, € 864 513).

Its stock quote reached its highest recent level on August 07, 2020 at CA$ 1.89, and its lowest recent point on March 07, 2023 at CA$ 0.01.

Murgor has 123 430 000 shares outstanding.

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Annual reports of Murgor Resources Inc.
2008 Annual Report
Financings of Murgor Resources Inc.
7/3/2009Announces the Closing of Private Placement
5/6/2008ANNOUNCES THE COMPLETION OF A $2.3 MILLION PRIVATE PLACEMENT
4/24/2008ANNOUNCES MAXIMUM $2.3 MILLION PRIVATE PLACEMENT
12/6/2007announces closing of $1.6 million private placement
Option Grants of Murgor Resources Inc.
7/15/2010Grant of 1,125,000 stock options
5/23/2008Grant of 1.239.174 stock options
Nominations of Murgor Resources Inc.
5/15/2008APPOINTS NEW VICE-P
Project news of Murgor Resources Inc.
2/10/2011(Golden Arrow Mine)INTERSECTS MORE GOLD, UNDERNEATH THE OPEN PIT AT THE GOLDEN ...
9/24/2009(Fancamp)Announces Trenching Returns at Fancamp Gol
9/17/2009(Hudvam)EARNS 100% INTEREST FROM HUDBAY AT THE WIM COPPER-GOLD AND H...
8/27/2009(Premiere Property)Murgor Resources Acquires Red Lake Gold Properties
2/12/2009(Fon) Announces Drilling at Abbott Lake, SK
9/18/2008(Hudvam)ANNOUNCES METALLURGICAL RESULTS AT THE HUDVAM AND WIM DEPOSI...
9/9/2008(Wim)'S NEW NI 43-101 RESOURCE ESTIMATE
8/30/2008(Hudvam)COMPLETES NI 43-101 RESOURCE ESTIMATE AT THE HUDVAM D
5/15/2008(Hudvam)DRILLS MORE HIGH GRADE GOLD A
5/9/2008(Hudvam)'S NEW DISCOVERY YIELDS SIGNIFICANT GRADES OVER MINEAB
4/23/2008(Hudvam)RELEASES FURTHER HIGH GRADE GOLD ASSAYS FROM THE HUDVAM COPP...
4/1/2008(Wim)DRILLING EXTENDS THE NEW UPPE
3/31/2008(Mishibishu) AND JOINT VENTURE PARTNER AWAIT GEOCHEMICAL RESULTS F
Corporate news of Murgor Resources Inc.
3/12/2015IIROC Trading Halt - MGR
3/10/2015Alexandria Minerals Acquisition of Murgor Resources Complete...
12/23/2014Alexandria Minerals Corporation to acquire Murgor Resources ...
6/3/2014acquires Wydee property in proximity to the Young Davidson G...
4/7/2014to sell royalties on Quebec properties
4/1/2014completes the sale of its remaining interest at Windfall
3/13/2014agrees to sell its remaining windfall property interest to E...
10/24/2013(Fancamp)signs option agreement with TomaGold Corporation at the Fanc...
5/27/2013Completes Sale of Benoist and Waconichi Properties for Total...
3/13/2013to sell its net smelter return royalty at the Barry 1 Proper...
2/9/2010Starts Drilling Copper-Gold Targets At the WIM-extension
1/14/2010Starts Exploration work on its Red Lake Gold properties
9/10/2009Fundamental research renews recommandation for Murgor
9/1/2009 Announces CNME Acquires 14.95% interest in
11/14/2008Announces First Closing of $403,000 Private
11/10/2008CEO Monthly Newsletter - November 2008
9/5/2008September 2008 Newsletter
6/27/2008SUMMARY OF RECENT EXPLORATION DEVELO
6/23/2008June 2008 Newsletter
6/18/2008ANNOUNCES A SIGNIFICANT SIZE
5/26/2008FUNDAMENTAL RESEARCH INITIATES COVER
5/9/2008- May 2008 Newsletter
2/7/2008February 2008 Newsletter
2/1/2008RETAINS LEADING INVESTOR RELA
1/30/2008ANNOUNCES RIGHTS OF
11/24/2007 ANNOUNCES SHARE CONSOLIDATION
11/15/2007RETAINS GOLDER ASSOCIATES FOR PRELIMINARY FEASIBILITY STUDIE...
11/6/2007 Bulletin de Novembre 2007
10/17/2007LE TROU DE FORAGE #3 DE MURGOR AU GISEMENT DE WIM
10/11/2007EXTENDS WIM COPPER-GOLD DEPOSIT
8/29/2007starts drilling at the Wim deposit in northern Manitoba
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