Kingston, Ontario, August 24, 2009 - Murgor Resources Inc. (MGR: TSX-V) announces that the closing of its previously-announced private placement to China Nonferrous Metals Exploration Corp. ("CNME") will be held on August 31, 2009. At closing, CNME will purchase 8,100,000 common shares of Murgor at a price of $0.10 per share, for proceeds to Murgor of $810,000. Murgor will use the proceeds from the private placement primarily for working capital and corporate purposes.
In connection with the private placement, Murgor may issue up to 486,000 common shares to one individual as a finder's fee.
About China Nonferrous Metals Exploration Corp.
China Nonferrous Metals Exploration Corp. is a Canadian corporation majority-owned by Chinese shareholders. It seeks to invest in mineral exploration and development opportunities in Canada .
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development company focused on copper, zinc and gold deposits. The company is earning a 100% interest in three deposits, adjacent to the Snow Lake and Flin Flon mining districts of Manitoba, from HudBay Minerals Inc. (TSX:HBM). Murgor is also exploring an exceptional portfolio of gold properties in proven mining districts of Canada, owns a 1% NSR royalty in the Barry Gold Mine and an interest in the advanced Windfall Gold Project in Quebec.
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 the proposed financing, payments to HudBay, 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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