KINGSTON, ON, May 27, 2013 /CNW/ - Murgor Resources Inc. (TSXV: MGR) is pleased to announce that it has accelerated two option agreements and concluded the sale of its Waconichi and Benoist gold properties in Quebec for total proceeds of $559,500. The Waconichi Property agreement was made with Northern Superior Resources Inc. while the Benoist Property agreement was concluded with Cartier Resources Inc.
At the Waconichi property, Murgor and Northern Superior have agreed to accelerate and modify an agreement dated June 5, 2012 whereby Northern Superior now acquires a 100% interest in Murgor's 306 claims covering 17,588 ha, in exchange for a one-time cash payment of $225,000. Murgor will retain a 1% net smelter return (NSR) royalty on 299 of the 306 claims subject to a buyback clause whereby Northern Superior may repurchase a 0.5% NSR for $1,000,000.
At the Benoist property, Murgor and Cartier have agreed to modify and accelerate an agreement dated March 2nd, 2012 whereby Cartier now acquires a 100% interest in Murgor's 98 claims covering 4,400 ha, in exchange for a one-time cash payment of $250,000 and by issuing 650,000 shares of Cartier to Murgor at a deemed price of $0.13 per share. Murgor will retain a 1% NSR on the 98 claim property which is host to the Pusticamica gold-copper deposit, with no buyback provision. Murgor will have to pay the sum of $83,625 to Cliffs Chromite Ontario as required in a previous agreement with Cliffs dated January 13, 2012.
Both agreements are subject to regulatory approval.
"The sale of the Waconichi and Benoist properties is part of Murgor's continued strategy to divest of certain dormant assets to finance its exploration and administrative costs through non-dilutive means. In the difficult market conditions we are currently experiencing, where equity financings are extremely dilutive if at all possible for junior mineral exploration companies, Murgor hold the distinct advantage of owning valuable assets including NSR Royalties and sizeable in situ mineral resources to ensure the company's long term viability. Other assets also considered for divestiture include certain interests in the Windfall Gold Property of Quebec, Murgor's 100% owned Wim and Hudvam copper-gold-zinc deposits in Manitoba, and Murgor's 40% interest in the Golden Arrow property east of Timmins Ontario." 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 100% interest in two gold-copper deposits in the Snow Lake and Flin Flon mining districts of Manitoba (see 43-101 compliant resource table below) and a 40% interest in the Golden Arrow Gold Mine in Ontario. The Company also owns a portfolio of NSR Royalties on properties in the Province of Quebec and an exceptional portfolio of exploration properties in proven mining districts of Canada.
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
