Kingston, Ontario, March 06, 2012 - Murgor Resources Inc. (MGR: TSX-V) announces that it has acquired the right to earn a 100% interest in the Gullrock West property, comprised of four claims (31 units) covering 1,240 acres (496 ha), to fill the gap between Murgor's Gullrock Property and Goldcorp Inc.'s Campbell-Red Lake property ten kilometres east of the town of Red Lake, Ontario.
Upon completion of the acquisition, Murgor's expanded Gullrock Property will consist of twelve mining claims covering 1,905 hectares adjoining Goldcorp's Red Lake property to the east, ten kilometres on strike with the Campbell-Red Lake Gold Mine. The Gullrock Property covers a strike extent of over seven kilometres of what is known as the "Mine Trend" south-east of the Campbell-Red Lake Gold Mine. The "Mine Trend" is a structural lineament that hosts the Campbell-Red Lake, Cochenour-Willans and MacKenzie Gold Mines where more than 20 million ounces of gold have been mined to date. The Gullrock Property also covers the same stratigraphic units as the Campbell-Red Lake Mine, including mafic and ultramafic volcanic rocks of the prolific Balmer Assemblage, immediately north of the unconformity with the younger rocks of the Confederation Assemblage. The Balmer Assemblage hosts all the major producers of the Red Lake Belt. Despite the fact that the Gullrock Property bears geology very similar to the Campbell-Red Lake Mine setting, the Gullrock Property has seen very limited exploration work and its exploration potential is deemed excellent. Through an extensive compilation of previous work, Murgor has already identified untested geophysical anomalies on the property that coincide with gold in soil geochemical anomalies.
There has been significant interest in the immediate area recently with Tri Origin Exploration Ltd. announcing in a press release dated February 16th, 2012, that it had signed a Letter of Intent with Osisko Mining Corporation whereby Osisko has the right to acquire a 51% interest in Tri Origin's RLX property by funding $5.0 million in exploration and paying an aggregate of $800,000 in cash. Murgor's Gullrock Property is contiguous to the north of Tri Origin's RLX property.
Under the terms of the option agreement for the
Gullrock West property, Murgor can earn a 100% interest by
making aggregate cash payments of $78,000 and issuing a
total of 200,000 common shares over a period of
48 months. The vendor will retain a 1.75% NSR
royalty on the property. Half (0.875%) of this
royalty may be purchased by Murgor at any time for
$1,000,000. In addition, Murgor has a first right of
refusal to purchase the other remaining half (0.875%) of
the royalty. The transaction is subject to all
regulatory approvals, including that of the TSX Venture
Exchange.
Maps of the Gullrock property and area are attached to this press release on Murgor's website and can be viewed at www.murgor.com.
Mr. Andre C. Tessier, P.Geo (On) and P.Eng (Qc),
President and CEO of Murgor Resources Inc. and a "Qualified
Person" as defined by NI 43-101, is responsible for the
technical information in this news release.
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.
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.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)
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