Kingston, Ontario, June 29, 2010 – Murgor Resources Inc. (TSX-V : MGR) announces that SIDEX Limited Partnership and La Société de Développement de la Baie-James (SDBJ), two Quebec institutional funds, have completed the early exercise of all their 3,342,222 warrants to acquire an aggregate of 3,342,222 common shares of the Company for net proceeds of $367,644. SIDEX and SDBJ respectively acquired 2,222,222 and 1,120,000 common shares. These warrants were acquired by SIDEX and SDBJ in June 2009 in connection with a private placement (see press release June 29, 2009). No fee or commission of any kind has been paid in connection with this warrant exercise.
“We very much appreciate the support of SIDEX and SDBJ as long-term equity partners" said Andre Tessier, President and CEO of Murgor Resources. "This additional investment adds to Murgor's long-term financial stability and will help in pursuing our exploration endeavours in Quebec, Manitoba and Ontario."
As a result of this subscription, there are 69,972,090 common shares of Murgor issued and outstanding.
About SIDEX Limited Partnership (Diversification of Exploration Investment Partnership)
SIDEX was established by the Government of Quebec and the Solidarity Fund QFL. The mission of SIDEX is to invest in companies engaged in mineral exploration in Quebec in order to diversify Quebec's mineral base, encourage new exploration models, stimulate investment for new commodities in existing districts and open new territories with high potential for discovery.
About Société de Développement de la Baie-James
The SDBJ is a Québec crown corporation recognized for developing the economic potential of the James Bay territory in compliance with the principles of sustainable development. In the mining sector, the SDBJ is contributing to the renewal of mineral resources and the sustainability of the mining industry by working to increase total investment in mineral exploration in the territory.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development company focused on copper, zinc and gold deposits. The company owns a 100% interest in the Wim and Hudvam deposits, adjacent to the Snow Lake and Flin Flon mining districts of Manitoba. HudBay Minerals Inc. (TSX:HBM) can exercise a 65% buyback right on the deposits by carrying Murgor to production. Murgor is also exploring an exceptional portfolio of gold properties in the proven mining districts of Abitibi, Quebec and Red Lake Ontario. Murgor also generates revenues through a 1% NSR royalty in the Barry Gold Mine, and its interest in the advanced Windfall Gold Project in Quebec.
The table below shows the total 43-101 compliant resource for Murgor's Hudvam, Wim and Fon deposits.
For statement of resources, see Murgor Press Releases: Feb. 20, 2007 for Fon; Aug. 28, 2008 for Hudvam and Sept. 09, 2008 for Wim.
Mr. Andre Tessier, P.Eng, P.Geo. and President & CEO for Murgor Resources Inc. is a Qualified Person as defined by NI-43-101 and reviewed the technical information presented in this press release.
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
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.
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.
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