Hi Mr ou Mme ,
MURGOR RESOURCES ANNOUNCES CLOSING OF $1.6 MILLION PRIVATE PLACEMENT
- Issues 1,600,000 Flow-Through Shares to
Mavrix at $1.02 per Share
Montreal, Québec - December 6, 2007 –
Murgor Resources Inc. (TSX-V: MGR) announces that it has completed a
private placement by issuing 1,600,000 “flow-through” common shares to Mavrix
of Toronto, Ontario at a price of $1.02 per share, for total proceeds to Murgor
of $1,632,000.
Under applicable securities legislation and policies of the TSX Venture
Exchange, the shares issued in the private placement are subject to a hold
period expiring on April 6, 2008.
As a result of the private placement, there are 20,463,155 common shares of
Murgor issued and outstanding.
“Since Murgor signed its six agreements with HudBay Minerals, Mavrix
has recognized the value of Murgor’s new assets and has been a strong supporter
of the Corporation. Murgor is extremely pleased to count on the support
of Mavrix.” Says Andre C. Tessier, President and CEO of Murgor. “These
funds will help Murgor to complete its definition drilling at the Hudvam and
Wim deposits, in preparation for feasibility studies in 2008 and 2009. Management
at Murgor is dedicated to complete this work as soon as possible to take
advantage of this cycle of high metal prices.”
Murgor will use the proceeds from the private placement to explore its
properties in Manitoba and Saskatchewan, where Murgor has now secured a total
of five drill rigs to start its exploration and definition drilling programs in
January of 2008. The drills will be mobilized on the Hudvam and Wim
properties in early January of 2008 where pre-feasibility studies are
underway. In late-February or early-March, one drill will be moved by
helicopter onto the Fon, Tyr, Flin-D and Snow-H properties to test high
potential VTEM and InfiniTEM geophysical anomalies detected during the 2007
exploration programs. Exploration work in 2008 will include more than 25,000 metres of
drilling, 4,500 line kilometres of helicopter borne VTEM over the Flin-D and
Snow-H properties, additional deep penetration ground EM surveys and a basal
till geochemical survey at Snow-H.
Meanwhile, drilling continues at the Wim property and geochemical results are
pending for 10 drill holes. These results will be released as soon as
they become available.
FOR FURTHER INFORMATION ON MURGOR, PLEASE VISIT OUR WEBSITE AT WWW.MURGOR.COM OR CONTACT:
André C. Tessier, President & CEO
MURGOR RESOURCES INC.
Tel: (613) 546-7503 or 1-888-891-3330
Fax: (613) 546-7318
E-mail: info@murgor.com Web site: www.murgor.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.
