Hi
Mr ou Mme ,
MURGOR RETAINS GOLDER ASSOCIATES FOR PRELIMINARY FEASIBILITY STUDIES ON THE
HUDVAM AND WIM DEPOSITS IN THE FLIN FLON BELT, MANITOBA
Montreal,
Quebec, Nov. 15, 2007. Murgor Resources Inc. (MUG: TSX-V) is pleased to
announce that it has retained the services of Golder Associates Ltd. to
carry-out Preliminary Feasibility studies on the Hudvam and Wim volcanogenic
massive sulphide deposits in the Flin Flon Belt of Manitoba. Golder in
undertaking the Mineral Resource Estimation, the Environmental Feasibility
Analysis, and the preparation of all Technical Reports required for both
properties. Murgor is currently earning a 100% interest in both deposits
from HudBay Minerals Inc. (HBM: TSX). The Preliminary Feasibility
study at Hudvam is expected to be completed in the fall of 2008 whereas Golder
is expected to complete the Preliminary Feasibility study at Wim in the spring
of 2009.
Andre C. Tessier, President and CEO of Murgor Resources states: “Murgor is very pleased to have secured the services of such a
reputable firm as Golder. We are all waiting for the results with great
anticipation but also with confidence. Murgor is presently
drilling the Wim deposit and, starting in January of 2008, we will be drilling
both deposits with four to five drills. Murgor will be working with
Golder to ensure that definition drilling of the deposits will be completed by
spring of 2008. New targets from geophysical surveys will also be drilled
during that time frame at both properties. We’re in for a very busy winter
and we can’t wait for the results.”
Golder is recognized as a leader in resource and reserve evaluation,
geotechnical analysis, mine waste-fill design, environmental consulting and
safety training. Many Golder staff can be called upon to act as Qualified
Persons or Competent Persons, as defined by world-wide regulatory agencies,
while acting in the role of Independent Engineer. Golder has been in operation
for over 40 years and has more than 6,000 staff in over 150 offices across
Africa, Asia, Australia, Europe, North America and South America.
Murgor also wishes to announce that a minimum of four diamond drills have been
secured by the Corporation to start drilling at the Wim and Hudvam properties
in January of 2008. A total of 10,000 metres is planned at Hudvam and
approximately 15,000 metres will be drilled at Wim. Drilling will be
aimed at resource definition and exploration at the property-scale. An
additional drill will start a 5,000 metre drilling program later in the winter
to test exploration targets at the Fon, Tyr, Flin-D and Snow-H properties.
In the fall of 2006, Murgor signed six separate agreements with HudBay Minerals
Inc. to acquire a 100% interest in four properties that include the Fon, Wim,
Hudvam and Tyr polymetallic deposits (Zinc-Copper-Gold-Silver), and a 50%
interest in two large-scale grassroots projects covering 186,104 hectares of
very prospective ground in Manitoba and Saskatchewan. All the properties
are located in the Flin Flon greenstone belt of Manitoba and Saskatchewan, one
of the most prolific base metal districts in the world. HudBay retains a
2% NSR royalty or has the option to buy back up to 65% of the deposits for cash
considerations, work expenditures and bringing the deposits into production
while carrying Murgor to production.
Murgor is continuing to drill at the Wim property where results are pending for
seven drill holes.
In other news: Murgor also wishes to announce that it has entered into
an amended option agreement with Mr. Jacques Duval dated August 16, 2007
pursuant to which the terms of the previously-announced option agreement
entered into with Mr. Duval on June 8, 2006 is amended such that Murgor will
issue 478,723 treasury shares to Mr. Duval, having an aggregate value of
$90,000, in order to acquire a 100% interest in the Nelligan property, located
in Nelligan, Benoit Lesueur Township in the Province of Quebec.
Murgor will issue the shares at a deemed price of $0.188 per share,
representing the average closing price of Murgor’s shares on the TSX Venture
Exchange for the ten trading days prior to August 16, 2007. The issuance
of the shares is subject to regulatory approval, including that of the TSX
Venture Exchange.
Murgor also wishes to announce that it has granted a total of 250,000 stock options
to Directors of the Corporation exercisable at a price of $0.25 per share until
November 14th, 2011. The options were granted in accordance with the Company's
2004 Stock Option Plan and will become fully vested on April 14th, 2008.
The technical information in this news release has been reviewed by Dr.
Jean-Philippe Desrochers, P.Geo, Vice-President Exploration of Murgor Resources
Inc. a qualified person in accordance with Canadian regulatory requirements as
set out in National Instrument 43-101.
FOR FURTHER INFORMATION
ON MURGOR, PLEASE VISIT OUR 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
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 regulations.
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this press release.
