Kingston, Ontario, February 22, 2012 - Murgor
Resources Inc. (MGR: TSX Venture Exchange)
announced today that it has acquired a 100%
interest in a key patented claim covering 160
acres contiguous to its Golden Arrow Mine
property east of Timmins, Ontario. Under
the terms of the agreement, Murgor acquired
both mining and surface rights to the property
from a private individual for total cash
considerations of $80,000. The property
is free and clear of any royalty.
Meanwhile, Murgor continues its third phase of
drilling at the Golden Arrow property with two
drill rigs in operation on-site. The
drilling program thus far has focused on
drilling near the existing open pit area,
successfully expanding upon the mineralized
zones on strike and at depths of over 425
metres vertical. Just recently, Murgor
initiated a property-scale exploration drilling
program designed to test the Golden Arrow Fault
and a number of parallel structures.
Murgor has now completed a total of just over
15,000 metres of drilling at the property since
acquiring this past producing project in
February 2011. Murgor is currently
awaiting assay results for twelve drill holes
at the Golden Arrow
Property.
About the Golden Arrow Gold Mine
The Golden Arrow property consists of 18 mining
patents and leases, and four mining claims
covering 787 hectares in Hislop and Playfair
Townships located 65 kilometres east of the
City of Timmins in Ontario. In 1981 and
1982, a total of 303,449 tons of ore was mined
at a grade of 0.066 oz/t (2.15 g/t) from the
Arrow open pit. Mining ceased due to low
gold prices.
The property was originally explored
underground in the 1940's to by the Golden
Arrow Mining Company Ltd. who sank a shaft to a
depth of 435 ft (130 m) below surface and
undertook about 700 m of horizontal development
on the 250 ft (76 m) and 400 ft (122 m)
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 Township are present-day
producers, the Hislop Mine of St Andrew
Goldfields Ltd. and the Black Fox Mine of
Brigus Gold Corp. Please visit
www.murgor.com for
additional information about the Golden Arrow
Gold Mine.
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 Québec.
The table below shows the total 43-101
compliant resource for Murgor's Hudvam and Wim
deposits.
For statement of resources, see Murgor News
Releases: Aug. 28, 2008 for Hudvam and
Sept. 09, 2008 for Wim.
André C. Tessier, P.Geo (On) and P.Eng (Qc) a
qualified person in accordance with Canadian
regulatory requirements as set out in
National Instrument 43-101, and President and
CEO of Murgor Resources Inc. is responsible
for the contents of this press release.
FOR FURTHER INFORMATION PLEASE VISIT MURGOR'S
WEBSITE AT
WWW.MURGOR.COM
OR CONTACT:
André C. Tessier, President &
CEO
MURGOR RESOURCES INC.
Tel: (613) 546-7503 or
1-888-891-3330
E-mail:
info@murgor.com
Cathy Hume, CEO
Jeremy Hill, Associate Account
Manager
CHF INVESTOR RELATIONS
CHF INVESTOR
RELATIONS
Tel: (416) 868-1079 ext 231
Tel: (416) 868-1079 ext 238
Email:
cathy@chfir.com
Email:
jeremy@chfir.comThis 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.