murgor.com | MGR : TSX-V
KINGSTON, ON, March 13, 2013 /CNW/ - Murgor Resources Inc. (TSXV: MGR) is pleased to announce that it has entered into a binding agreement to sell a 1% net smelter return (NSR) royalty Letter of Intent to sell its 1% Net Smelter Return (NSR) Royalty interest in the Barry-1 Property to Gold Royalties Corporation for a cash consideration of $450,000. The Barry-1 Property comprises 14 claims which cover the Barry Gold Deposit, located approximately 190km northeast of Val d'Or, Québec. The Barry Gold Deposit is presently owned by Metanor Resources Inc. Closing of the transaction is expected to occur on or before March 22, 2013.
"The sale of our 1% NSR Royalty at Barry is part of Murgor's strategy to divest of certain dormant assets to finance its exploration and administrative costs by non-dilutive means. Other assets considered for divestiture are certain interests in the Windfall Gold Property of Quebec and in Murgor's 100% owned Wim and Hudvam copper-gold-zinc deposits in Manitoba. Murgor is pleased to be dealing with Gold Royalties Corporation which offered us an all cash, quick closing to this transaction," stated Andre C. Tessier, President and CEO of Murgor Resources.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development Company focused on gold and copper exploration in Canada. The company owns a 40% interest in the Golden Arrow Gold Mine in Ontario and 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 Windfall Gold Project in Québec.
The table below shows the total 43-101 compliant resource for Murgor's Hudvam and Wim deposits.
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| INDICATED RESOURCE |
Project |
Tonnage |
Grade* |
Metal Content |
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Metric Tonnes |
Cu % |
Zn% |
Au g/t |
Ag g/t |
Cu (lb) |
Zn (lb) |
Au (oz) |
Ag (oz) |
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Hudvam |
854,076 |
1.22 |
1.78 |
3.82 |
13.84 |
23,007,640 |
33,541,359 |
104,930 |
379,928 |
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Wim |
2,776,787 |
1.94 |
0.3 |
1.88 |
7.53 |
118,762,524 |
18,365,339 |
167,838 |
672,246 |
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TOTAL |
3,630,863 |
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141,770,164 |
51,906,698 |
272,768 |
1,052,174 |
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| INFERRED RESOURCE |
Project |
Tonnage |
Grade* |
Metal Content |
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Metric Tonnes |
Cu % |
Zn% |
Au g/t |
Ag g/t |
Cu (lb) |
Zn (lb) |
Au (oz) |
Ag (oz) |
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Hudvam |
502,901 |
0.79 |
1.33 |
3.25 |
6.96 |
8,758,802 |
14,745,831 |
52,548 |
112,534 |
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Wim |
445,999 |
1.12 |
0.43 |
2.11 |
5.06 |
11,012,528 |
4,228,024 |
30,256 |
72,556 |
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TOTAL |
948,900 |
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19,771,330 |
18,973,856 |
82,804 |
185,090 |
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* Based on a 2.0% copper equivalent cut-off grade. |
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For statement of resources, see Murgor Press Releases: Aug. 28, 2008 for Hudvam and Sept. 09, 2008 for Wim. |
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) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Murgor Resources Inc.
For further information:
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
