Under the terms of the exploration and option agreement, which remains subject to regulatory approvals, Cartier will have the option to earn an interest of up to 100% in the Benoist project, which hosts the Pusticamica gold deposit.
"Murgor is very pleased to enter into this
agreement with such a solid partner as Cartier," said
Andre Tessier, President and CEO of Murgor Resources.
"This agreement is part of Murgor's strategy to
concentrate its exploration efforts on its main asset at
the Golden Arrow deposit east of Timmins, Ontario, where
Murgor is continuing to expand the gold resource."
Under the terms of the agreement signed March 2, 2012,
Cartier will have a first option to earn a 51% undivided
interest in the project by: (i) paying $100,000 in cash and
by issuing 250,000 common shares to Murgor upon receipt of
regulatory approval (ii) issuing 250,000 common shares to
Murgor and incurring exploration expenditures aggregating
$3,000,000 by March 1, 2015. In addition, Cartier will have
a second option to earn the remaining 49% undivided
interest in the project by issuing 500,000 common shares
and incurring additional exploration expenditures
aggregating $3,000,000 by March 1, 2018. The project is
also subject to a 2.5% NSR payable to previous vendors of
which a 1.5% NSR can be bought back by Cartier for a
consideration of $1,500,000. Murgor retains a 1% NSR
royalty on the project with no buyback option.
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)