CEO Quarterly reports
May 2008

Welcome to the May 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 April 2008.   An update on upcoming activities is also provided. 

APRIL 2008 EXPLORATION ACTIVITIES:

A total of 1326 metres in seven boreholes were drilled during the month of April 2008 at the Hudvam, Flin D, and Snow H projects. Drilling ended at Hudvam on April 2nd with the completion of borehole HVS08-050.  A total of 990 metres in four boreholes were completed at Flin-D and 312 metres in two boreholes were completed at the Snow-H project.

Murgor is waiting for the final assay results for the Hudvam and Wim projects.  The data of the Hudvam and Wim projects are being prepared and verified prior to sending them to Golder Associates for the new resource estimate at both deposits.  It is anticipated that the new resource estimate for both Hudvam and Wim deposits will be available later this summer.

Exploration drilling continued in Saskatchewan and started in Manitoba with one helicopter-supported drill rig.  Helicopter borne VTEM anomalies were tested at the Flin-D project in the Gifford Bay area and in the Tyr deposit area (both in Saskatchewan).  Bore-hole Pulse-EM (BHPEM) surveys were carried out in the boreholes where the anomaly remains unexplained or where the holes intersected mineralization of interest.  All results are pending. 

WIM PROPERTY:

At month-end, only a few assay results were missing from the boreholes drilled in 2008 at Wim.  Once all the results are received, they will be subjected to Murgor’s QA/QC procedure and released as soon as possible.  Essentially, the 2007-2008 drilling programs extended the mineralization of the Wim main zone to surface.

The data of the Wim deposit is being prepared and verified prior to sending them to Golder Associates for the new 43-101 compliant resource estimate.  It is anticipated that the new resource estimate at Wim will be available later this  summer, after the release of the resource estimate at Hudvam.

A wildlife distribution study was carried-out over the Wim project and air quality monitors were installed on the site for baseline environmental studies.

HUDVAM PROPERTY:

The 2008 definition and exploration drilling program ended on April 2nd with the completion of exploration borehole HVS08-050.  To date, Murgor has drilled 13,556 metres at the Hudvam project (4,211 metres in 2007 and 9345 metres in 2008).  Only 23.15 m was drilled during the month of April to complete borehole HVS08-050.

At month-end, only a few assay results were missing from the boreholes drilled in 2008 at Hudvam.  Once all the results are received, they will be subjected to Murgor’s QA/QC procedure and released as soon as possible.  Initial results were released by Murgor in press releases dated March 11th and 20th, April 22nd and today May 8th, 2008

Initial results show very high gold grades to complement the copper, zinc and silver values.  Some of the best assay results received during the month include:
 
                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. 


Murgor’s New Discovery at Hudvam:

Murgor also made an important new discovery at the Hudvam deposit during the winter drilling.  Exploration borehole HVS08-44, drilled between Zone 1 and Zone 3 on a conceptual geological target, returned 2.17 g/t Au, 1.11 % Cu, 0.76% Zn, and 13.30 g/t Ag over 5.82 m.  The new intersection is located more than 275 metres to the west of Zone #1 at a vertical depth of 300 metres.


Furthermore, a Bore-hole Pulse-EM (BHPEM) survey identified an off-hole conductor interpreted to lie approximately deeper and to the west of the borehole, suggesting some size to the new lens.  Additional drilling is warranted to test the potential of this sector situated between Zone 1 and Zone 3.

In other news at Hudvam: a wildlife distribution study was carried-out and air quality monitors were installed on the site for baseline environmental studies.

FON PROPERTY:

Murgor has not yet received assay results from drill holes MSK08-001 and MSK08-002 drilled during the month of March at the Fon property. 

Borehole MSK08-001 was designed to test a large Infinitem anomaly detected to the east of the Abbott Lake zone, at a vertical depth of 250 metres.  The borehole intersected a unit of altered fragmental rhyolite with 3-7% disseminated pyrite from 336.17 and 346.22 metres which corresponds to the targeted Infinitem anomaly.  The sulphide content does not, however, explain the conductor.

A borehole Pulse EM survey detected a long wavelength off-hole anomaly near 300 metres down the hole. This anomaly is interpreted as being caused by a sizeable source located at least 30 metres below the current trace of the hole.  This anomaly will need follow-up drilling.

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.  Assay results are pending but no significant results are expected.

FLIN-D PROJECT:

Drilling was completed on the Flin D project on April 21st.  A total of 990.5 metres in four (4) boreholes were drilled during the month for year-to-date total of 1,528.5 metres.  The total amount of drilling completed in Saskatchewan in 2008 is 2,231.5 metres.  The drill rig was demobilized to the Snow H project at the end of the month (April 21st to 25th) to execute the 2008 exploration drilling program on this project.

Borehole MSK08-004 was designed to test a VTEM anomaly located some 5.3 kilometres west of the Tyr Cu deposit, along the same intrusive-volcanic contact.  At the end of March, this borehole was at depth of 194 metres and had intersected a total of three (3) weak to strong sulphide conductors.  All assays are pending.

Borehole MSK08-005 was drilled on a three line 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 was targeting a good ground TDEM anomaly on the northern western portion of the Flin-D project area at Gifford Bay.  This borehole intersected strongly altered gneiss containing garnet, cordierite, sillimanite, anthophyllite, and biotite in various amounts.  The targeted TDEM anomaly was intersected from 236.09 to 238.23 metres down the hole and explained by a sulphide conductor. All assays are pending.  A BHPEM survey was carried-out in the hole and geophysical interpretation is pending.

Borehole MSK08-007 was targeting the continuation of the same TDEM anomaly drilled with MSK08-006, at Gifford Bay.  This borehole intersected heavily altered gneiss containing botite-garnet-cordierite-sillimanite in variable amounts.  A sulphide conductor was intersected From 186.27 to 187.04 metres which explains the targeted TDEM anomaly.  All assays are pending.

SNOW-H PROJECT:

A total of 312 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.  This target coincides also with a 2 kilometre-long INFINITEM anomaly.  The borehole intersected actinolite-plagioclase-biotite-chlorite gneiss and quartzofeldspathic-biotite gneiss. The INFINITEM anomaly was explained by a sulphide conductor with quartz veins.  All assays are pending and a bore-hole Pulse EM survey is planned as a follow up. 

Borehole MMB08-002 was designed to test a ground INFINITEM anomaly south of MMB08-001. This anomaly corresponds to a 1 kilometre-long body of high conductance, flanking a magnetic body.

At the end of April 2008, this borehole was still in progress.

FINANCING:

Anytime Murgor raises money it is not a decision that is made lightly. Financings are used for the long term sustainability of the Company.

Unfortunately the market conditions have not treated junior mining companies well, as a whole, over the past year. With the current market conditions, those companies that continue to advance their projects forward with aggressive exploration programs, need to raise funds at conditions that are not ideal.  The bottom-line is, in order to keep the companies moving forward, money is required. 

In April, Murgor was faced with this decision while confronted with a weak stock price due to poor market conditions and compounded by the divesture of Murgor stock by institutional holders who are converting to cash during these uncertain times.  Murgor needed the money to continue drilling to further its exploration and to commission reports such as 43-101 resource estimates etc., none of which are inexpensive propositions, but Murgor must stay focused on the long term goals of the Company.

With that in mind Murgor elected to raise $2.3 million dollars in late April, through a private placement.  The financing was closed on May 6th.  

IN CLOSING:

Murgor is staying focussed on its goals.  Exploration programs are going extremely well and so far, Murgor has reached all the exploration milestones set when it acquired the Flin Flon group of properties from HudBay Minerals in late 2006.

Here are a few milestones achieved by Murgor during the last 17 months:
        •    Murgor completed over 36,000 metres of drilling,
        •    Murgor advanced its exploration projects through strategic, multi-disciplinary exploration work.

Although the market conditions are poor, metal prices remain high.  The rise of metal prices is predicted to continue as foreign mining projects are halted and/or delayed due to political decisions.  As stated in the Globe and Mail (Wednesday, April 30, 2008): “The political decisions that have taken a toll on mining companies trying to develop projects in risky jurisdictions will help keep metal prices strong, creating an added boon for miners already in production…”. 

Murgor intends to be in the producer category in the short term, in one of the most mining-friendly jurisdiction in the world: Manitoba. 

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,
         
                André C. Tessier, P.Eng, P.Geo
                President, CEO
                May 08, 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.