MURGOR'S NEW NI 43-101
RESOURCE ESTIMATE INCREASES THE WIM COPPER-GOLD DEPOSIT BY 130%
Montreal, Quebec, September 09, 2008. Murgor Resources
Inc. (MGR: TSX-V) today announced the results of a new National
Instrument 43-101 compliant resource estimate on the Company's Wim copper-gold
deposit in Manitoba.
The new resource estimate at Wim highlights a 130% increase in tonnage over
historical estimates including a 60% increase in the contained copper and a
170% increase in the contained ounces of gold (based on a 2.0% copper
equivalent cut-off grade). Furthermore more than 85% of the new mineral
resource has been upgraded to the Indicated category. Work was
carried-out by Golder Associates Ltd, an internationally recognized consultant
firm, for Murgor.
"Two years ago, Murgor optioned this project with an historical
resource of 1.39 million metric tonnes. Since this time, Murgor has MORE
THAN DOUBLED this resource and successfully defined 85% of the new resource in
the Indicated category. More importantly, while the deposit remains
largely open at depth, the growth of the deposit to date was achieved towards
the surface, significantly improving the economics of this project,"
said Andr� Tessier, President and CEO of Murgor Resources "The Wim
resource estimate combined with the recent news at the Hudvam deposit, shows
Murgor's commitment to bringing these excellent potential projects to the next
stage in the very near term."
The newly estimated mineral resource is as follows:
INDICATED CATEGORY
CUT-OFF
TONNAGE
GRADE
CONTAINED METAL**
GRADE*
( Metric
Tonnes)
Cu
Zn Au
Ag
Cu
(lb) Zn (lb)
Au (oz) Ag
(oz)
2.0% Cu
Equiv
2,776,787
1.94% 0.30% 1.88 g/t 7.53
g/t 118,763,000
18,365,000 168,000 672,000
2.5% Cu Equiv.
1,805,382
2.20% 0.35% 2.30 g/t 8.56
g/t
87,564,000 13,931,000
134,000 497,000
* Copper
equivalent grade based on US$1.75 per lb. Copper, US$0.80 per lb. Zn, US$700
per oz Au and US$10 per oz Ag.
** Figures rounded to
nearest 1,000.
INFERRED CATEGORY
CUT-OFF
TONNAGE
GRADE
CONTAINED METAL**
GRADE*
( Metric Tonnes)
Cu
Zn Au
Ag
Cu
(lb) Zn
(lb) Au
(oz) Ag (oz)
2.0% Cu
Equiv
445,999
1.12% 0.43% 2.11 g/t 5.06 g/t
11,013,000
4,228,000
30,000 73,000
2.5% Cu
Equiv.
219,310
1.22% 0.47% 2.57 g/t 5.55
g/t
5,899,000 2,272,000
18,000 39,000
*
Copper equivalent grade based on US$1.75 per lb Copper, US$0.80 per lb Zn,
US$700 per oz Au and US$10 per oz Ag.
** Figures rounded to nearest 1,000.
This NI 43-101 compliant mineral resource estimate at Wim takes into account
the 18,266 metres in 61 drill holes completed on the property by Murgor in 2007
and 2008, in addition to the 68 historical drill holes on the deposit that were
validated by Murgor. The resource calculated by Golder was estimated
using a density weighted inverse square distance interpolation method, using
572 measured density values and 1,463 calculated density values with a mean of
2.96 g/cm3. Note: Mineral resources are not mineral reserves and do not have
demonstrated economic viability.
Due to the polymetallic nature of the Wim deposit, cut off grades are expressed
and calculated in copper equivalencies based on the following price of metals:
Copper (Cu) = USD$1.75 per pound, Zinc (Zn) = USD$0.80 per pound, Gold (Au) =
USD$700.00 per troy ounce, and Silver (Ag) = USD$10.00 per troy ounce.
The Wim resource estimate update, reported in this press release was directed
by Greg Grenough, P.Geo. and Paul Palmer, P.Eng, of Golder Associates Ltd; both
are Qualified Person as defined by NI-43-101. The NI 43-101 technical report
will be filed on SEDAR in its entirety within 45 days following the date of
this press release.
About the Wim Deposit:
The Wim Deposit is located approximately 16 kilometres north of the Town of
Snow Lake Manitoba where HudBay Minerals Inc. (HBM: TSX) operates a
concentrator to process ore from the Chisel North Deposit. The
concentrator currently operates below full capacity, particularly to process
copper ore. The close proximity of the Wim deposit to existing infrastructure,
combined with the shallow depth of the mineralization would allow for a quick
development of the project with minimal capital expenditure and environmental
footprint.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development company focused
on copper, zinc and gold deposits. Late in 2006, the company signed agreements
with HudBay Minerals (TSX:HBM), acquiring the right to earn a 100% interest in
three deposits. Murgor also acquired from HudBay a 50% interest in two highly
prospective grassroots properties, covering more than 1,850 square kilometres
adjacent to the Snow Lake and Flin Flon, Manitoba mining districts. The
exploration targets for Murgor consist of polymetallic massive sulphide
deposits in one of the most prolific greenstone belts in Canada and the world.
The table below shows
the total 43-101 compliant resource for Murgor's Hudvam, Wim and Fon deposits.
For more information, please visit Murgor's website at www.murgor.com or contact:
Andr� C. Tessier, President and CEO
Joanna Longo
MURGOR RESOURCES INC.
Investor Relations - The Equicom Group
Tel: (613) 546-7503 or 1 888 891-3330
Tel: (416) 815-0700 ext. 233 or 1 800 385-5451
Fax: (613) 546-7318
Fax: (416) 815-0080
E-mail: info@murgor.com
E-mail: jlongo@equicomgroup.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.
The TSX Venture Exchange
has not reviewed and does not accept responsibility for the adequacy or
accuracy of this press release.
