Welcome to the
June 2008 edition of Murgor's Monthly newsletter. This newsletter
provides a summary of Murgor's key exploration activities and management
decisions that have taken place during the month of May 2008 and parts of the
month of June 2008. An update on upcoming activities is also
provided.
This month's report was delayed to incorporate a discussion on Murgor's press
release from yesterday about the Wim deposit.
MAY 2008 EXPLORATION ACTIVITIES:
Murgor completed its winter drilling program during the break-up months
of April and May of 2008. A total of 100 drill holes were completed,
totalling 30,303 metres during the winter drilling program..
Hudvam: Thirty
(30) boreholes for a total of 9,345m from January to April 2008.
Wim:
Sixty-one (61)
boreholes for a total of 18,271m from September 2007 to April 2008
Fon:
Two boreholes
for a total of 703 metres in March 2008.
Flin-D: Five
boreholes for a total of 1,528.5 metres in March and April 2008.
Snow-H: Two boreholes for a
total of 456 metres in April and May 2008.
After the completion of the drilling program in early May, the rest of the
month was spent on demobilization of drilling equipment, completion of core
logging and sampling, follow-up borehole geophysics, compilation of drill data,
final three-dimensional modelling of the deposits for the upcoming 43-101
resource estimates at Wim and Hudvam, and report writing for assessment
purposes.
Murgor has now received and made public all its new results from the Wim and
Hudvam projects (see the press releases on the Murgor website at www.murgor.com). Assay results
from the Flin-D and Snow-H drilling programs are still pending.
All available drill hole data was sent to Golder Associates so new NI 43-101
compliant resource estimations at the Wim and Hudvam deposits can be completed
this summer. The use of arms-length, independent consulting firms to do
this work, is required by 43-101 regulations. Obviously, Murgor is
predicting an increase of the resource, as stated in a press release dated June
18, 2008.
WIM PROPERTY:
The final assay results from the Wim drilling program were received and made
public by way of a press release on June 18th, 2008. All available
data was compiled and sent to Golder Associates for the new 43-101 compliant
resource estimate that will take into account the large extensions of the
deposit as defined during the course of our most recent drilling program.
Assessment reports were completed on May 27th and were submitted to the
Government of Manitoba for filing. Metallurgical work is underway and is
scheduled for completion this summer.
NEW POTENTIAL RESOURCE AT WIM:
On June 18, Murgor issued a press release to inform the investment community
that Murgor personnel has estimated the additional new potential at the Wim
deposit, pending the new 43-101 compliant resource calculation.
The results are fantastic! Essentially, we estimate that the Wim
copper-gold and silver resource may be twice as large as previously estimated,
with grades over 2% copper and 2 g/t gold. This is mineralization with an
in situ value of well over $200 per tonne, in a mining district where cost of
mining and refining is approximately $100 per tonne.
Indeed very good and exciting results. All of us at Murgor are eagerly
anticipating the new 43-101 estimate.
HUDVAM PROPERTY:
The final assay results from the Hudvam drilling program were received and were
made public by way of press releases on May 8th and 15th, 2008.. All
available data was compiled and sent to Golder Associates for the new 43-101 compliant
resource estimate. Work for the 43-101 estimate is ahead of schedule
and should be available shortly. Assessment reports were completed on
May 27th and were submitted to the Government of Manitoba for filing.
Metallurgical work is underway and is scheduled for completion this summer.
The Hudvam drilling program was also very successful. A new zone was
discovered (see press release dated May 8th, 2008) returning 2.17 g/t
Au, 1.11 % Cu, 0.76% Zn, and 13.30 g/t Ag over 5.82 m. This new zone
is situated 275 metres away from the known mineralization and demonstrates the
potential for growth at Hudvam. Elsewhere, very high grade gold
intercepts were reported in press releases dated April 22nd and May 15th,
2008. Intercepts such as:
DDH HVS-08-41: 9.76
g/t Au, 0.74% Cu,
3.42% Zn, 18.91 g/t Ag
over 22.47 metres.
Incl : 25.56 g/t Au,
1.24% Cu, 3.67% Zn,
35.97 g/t Ag over 7.00
metres.
DDH
HVS-08-27: 7.07 g/t
Au, 5.92% Cu,
1.65% Zn, 48.16 g/t Ag over
6.33 metres.
DDH
HVS-08-29: 7.95 g/t
Au, 2.38% Cu,
0.63% Zn, 22.51 g/t Ag over
3.04 metres.
DDH
HVS-08-35: 5.55 g/t
Au, 1.29% Cu,
2.07% Zn, 13.68 g/t Ag over
2.03 metres.
DDH
HVS-08-43: 9.65 g/t
Au, 2.72% Cu,
3.40% Zn, 28.29 g/t Ag over
2.95 metres.
DDH
HVS-08-39: 8.86 g/t
Au, 0.62% Cu,
0.53% Zn, 9.22 g/t Ag
over 18.45 metres.
Incl : 11.05 g/t
Au, 0.74% Cu,
0.66% Zn, 11.21 g/t Ag over
14.65 metres.
DDH
HVS-08-40: 2.95 g/t Au,
1.19% Cu, 0.25% Zn,
12.65 g/t Ag over 19.93
metres.
Incl : 8.44 g/t Au,
2.05% Cu, 0.06% Zn,
22.91 g/t Ag over 4.95
metres.
DDH
HVS-08-49: 6.24 g/t Au,
0.65% Cu, 0.99%
Zn, 10.49 g/t Ag over 16.22
metres.
Incl : 11.02 g/t Au,
0.86% Cu, 0.80% Zn,
14.35 g/t Ag over 8.13 metres.
FON PROPERTY:
Two drill holes were completed this winter at the Fon property and borehole
Pulse EM surveys were completed in May.
Borehole MSK08-001 tested a large Infinitem anomaly located immediately
east of the Abbott Lake copper zone. The borehole intersected 3-7%
disseminated pyrite in a 10 metre wide unit of altered fragmental
rhyolite. The low pyrite content does not explain the conductor but a
borehole Pulse EM survey detected a strong conductor at 300 metres down the
hole. This conductor is interpreted as being caused by a sizeable metallic
source located below the current trace of the hole. This anomaly will be
drill tested in the future.
Borehole MSK08-002 targeted a shallow VTEM anomaly in the structural
footwall of a longer formational conductor, approximately two kilometres east
of the Fon deposit. No significant assay results were obtained with this
borehole.
FLIN-D PROJECT:
A total of 1,528.5 metres in five (5) boreholes were drilled at Flin-D in March
and April 2008, and Borehole Pulse EM surveys were completed in May.
Borehole MSK08-003 aimed at testing a VTEM anomaly located approximately
1 kilometre to the east of the Tyr Cu deposit. The anomaly is explained by a 50
cm sulphide band at 104 m. All assays are pending.
Borehole MSK08-004 tested a VTEM anomaly located 5.3 kilometres west of
the Tyr Cu deposit. The conductor was explained by three (3) weakly to
strongly conductive sulphide bands. All assays are pending.
Borehole MSK08-005 tested a 300 metre-long VTEM anomaly with great
conductivity thickness and associated with a disrupted magnetic
signature. The drill hole intersected a sulphide conductor. All
assays are pending.
Borehole MSK08-006 tested a ground TDEM anomaly on the northern western
portion of the Flin-D project area at Gifford Bay. This borehole
intersected strongly altered gneiss and the anomaly was explained by a sulphide
conductor. All assays are pending. The BHPEM survey was carried-out in
the hole and an off-hole conductor was detected. Additional interpretation is
underway.
Borehole MSK08-007 tested the continuation of the same TDEM anomaly
drilled with MSK08-006. This borehole intersected heavily altered gneiss
and the anomaly was explained by a sulphide conductor. All assays are
pending.
SNOW-H PROJECT:
A total of 456 metres in two (2) boreholes was completed on the Snow H
project. The two boreholes were drilled in the central part of the Snow-H
project area, targeted on Infinitem anomalies defined during the 2007 winter
geophysical survey.
Borehole MMB08-001 was designed to follow-up an intersection of 0.57 m @
2.69% Zn and 0.24% Cu reported in borehole ROS-10 by HudBay Minerals Inc. in
2006. The borehole intersected altered gneiss and the geophysical anomaly
was explained by a sulphide conductor with quartz veins. All assays are
pending.
Borehole MMB08-002 tested a ground INFINITEM anomaly south of MMB08-001.
The hole intersected strongly altered gneisses and the anomaly was explained by
a three (3) metre interval consisting of 5-7% pyrrhotite. All assays are
pending.
FINANCING:
On May 6th, Murgor closed a private placement raising $2.3 million
dollars (see press release dated May 5th, 2008). All proceeds will go to the
exploration efforts in the Flin Flon belt of Manitoba and Saskatchewan.
APPOINTMENTS:
Ms. Isabelle Gauthier, CA: Vice-President Finance:
On May 14th, Murgor appointed Ms. Isabelle Gauthier to the position of
Vice-President of Finance.
Ms. Gauthier is a C.A. and a graduate from Universite du Quebec a Montreal
(UQAM). She has been a member of the Ordre des Comptables Agrees du
Quebec since 1998. From 1996 to 2006, she worked for the Chartered
Accountant firm of Raymond, Chabot, Grant, Thornton as an auditor where she
gained a solid experience in management and financial reporting for mining
companies. Since 2006, Ms. Gauthier has been responsible for all
accounting duties with SearchGold Resources Inc. and Golden Share Mining
Corporation, two public companies in the junior mining sector, based in Montreal.
She is now Chief Financial Officer for both companies.
Ms. Gauthier brings over 12 years of experience in financial accounting and
auditing for public companies and her hiring shows Murgor's dedication to
building a solid management team to complement the Company's highly experienced
technical team.
Mr. Mark P. Eaton: Director:
Murgor is very pleased to welcome Mr. Mark Eaton as a new Director
of the Corporation.
Mr. Eaton is a graduate of Hull University in England. From 1985 to 1995,
he worked in London, U.K. in institutional equity sales for several leading
Canadian investment dealers. In 1995, Mr. Eaton worked in U.S.
institutional equity sales for Tucker Anthony in Boston, then moved on to New
York, where from 1996 to 1998, he served as Vice President of Global Mining
Sales for Robert Fleming Ltd., a London based Merchant Bank. While at
Robert Fleming Ltd., Mr. Eaton's responsibilities included the marketing of
global mining and commodity research.
From 1998 to 2007, Mr. Eaton held the position of Managing Director of Global
Mining Sales, a division of CIBC World Markets of Toronto Canada.. During this
time Mr. Eaton also held the position of Manager of U.S. Equity Sales for CIBC
World Markets.
More recently, Mr. Eaton was a Partner and Director of Loewen Ondaatje
McCutcheon Ltd., a Toronto-based investment dealer where he was also in charge
of Sales and Research.
Mr. Eaton is also on the Board of Directors of UEX Corporation, a
Vancouver-based uranium exploration company trading on the TSX.
Mr. Eaton counts over 20 years of experience in equity capital markets
specializing in the resource sector. He will be a great asset to Murgor,
complementing Murgor's experienced technical team with his knowledge of
Corporate Finance and the market place.
IN CLOSING:
This
last winter, Murgor has focussed particularly on the Wim and Hudvam properties
to advance the projects to feasibility as soon as possible. So far, the
two copper-gold projects are advancing ahead of schedule and the results are
extremely rewarding. In the next few months, Murgor will continue
to advance the projects with new 43-101 resource estimates that should prove an
increase in the resources of both deposits. Murgor is also planning the
completion of metallurgical studies at both deposits this summer.
This summer, Murgor is also concentrating on compilation work at the Fon,
Flin-D / Tyr and Snow-H projects, taking into account new drilling and
geophysical results gathered from November to the end of May 2008. This
compilation should serve to outline new targets and better guide Murgor's
2008-09 drilling program, as pieces of the puzzle come together.
Market conditions continue to be poor and companies such as Murgor remain
grossly undervalued. Meanwhile, copper and gold prices are very strong
and predicted to stay strong for at least the next decade as developing
countries such as China are urbanizing. The ingredients for a bright
future are there for Murgor and other future producers.
Buy low, sell high. Need I say more?
Continue to log on to www.murgor.com for more up to date
details on the Corporation.
Thank you for your interest in Murgor Resources and for your continued
support.
Respectfully submitted,
Andr� C. Tessier, P.Eng, P.Geo
President, CEO
June 19, 2008.
This newsletter includes certain "forward-looking statements". All
statements other than statements of historical fact, included in this
newsletter, 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.
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