MURGOR RESOURCES ACQUIRES RED LAKE GOLD PROPERTIES
Kingston, Ontario, August 27, 2009 – Murgor Resources Inc. (MGR: TSX-V) announces that it has acquired the right to earn a 100% interest in two gold exploration properties near Red Lake, Ontario.
The Gullrock Property consists of eight claims located one kilometer east of Goldcorp’s Red Lake property and on strike with the Campbell-Red Lake Gold Mine. The property covers 1,409 hectares of what is known as “the Mine trend” south-east of Red Lake. The “Mine Trend” hosts the Campbell-Red Lake, Cochenour-Willans and the MacKenzie Gold Mines where more than 20 million ounces of gold have been mined to date. Reserves stand at 3.6 million gold ounces at the Campbell-Red Lake Mine (Goldcorp’s annual report 2008). Despite the fact that the Gullrock property geology bears similar geology as the Campbell-Red Lake Mine setting, the property has seen very limited exploration work and its exploration potential is deemed excellent. Murgor has already identified untested geophysical anomalies on the property that coincide with gold in soil geochemical anomalies. These exploration targets will be tested in 2009-2010. Under the terms of the option, Murgor will earn a 100% interest in the property by making aggregate cash payments of $88,500, issuing a total of 120,000 common shares over a period of 48 months and by incurring $50,000 of exploration expenditures over a period of 12 months.
The Premiere Property is located in the Uchi Belt and consists of three mining claims covering 524 hectares. The property is located immediately south of the Hudson-Patricia mine which produced 1900 ounces of gold with an average grade of 0.165 oz/ton. The property covers the Rouillard and the Particia-Dent exploration shafts. At both localities, gold is hosted by quartz veins ranging in width from 40 cm to 1.0 meter wide grades of up to 0.64 ounces per ton. During due diligence work, Murgor geologists collected three grab samples that returned assays of 128.5 g/t, 116.2 g/t and 9.0 g/t gold. The Premiere Property has seen very limited exploration work and is deemed as having great exploration potential. Under the terms of the option, Murgor will earn a 100% interest in the property by making aggregate cash payments of $73,000 and issuing a total of 180,000 over a period of 48 months.
A location map of the Gullrock property is attached to this press release on Murgor’s website and can be viewed at www.murgor.com.
Dr. Jean-Philippe Desrochers, P.Geo and Vice-President of Exploration for Murgor Resources, and Neil W. Richardson, P.Geo. and Manager of Central Canada Exploration for Murgor Resources Inc. are Qualified Persons, as defined by NI-43-101 and have verified the technical information reviewed in this news release.
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.
