Kingston, Ontario, April 1, 2010 - Murgor Resources Inc. (TSX-V : MGR) announces that it has completed a second and final closing of its previously-announced private placement in the amount of $370,700 by issuing 2,059,442 “flow-through” common shares at a price of $0.18 per share. Murgor will use the proceeds from this placement to explore its wholly-owned grassroots copper-gold projects in Manitoba and its new Red Lake gold properties in Ontario.
The sale of the 2,059,442 “flow-through” common shares represents the final tranche of a private placement of 4,185,442 “flow-through” common shares, for gross proceeds to Murgor of $753,379.56.
In connection with the private placement, Murgor paid finders’ fees to registered persons, in an amount equal to 7% of the proceeds from the sale of the “flow-through” shares through such registered persons.
The common shares issued by Murgor under the private placement are subject to a four-month hold period, in accordance with applicable securities laws and the policies of the TSX Venture Exchange. Following the final closing of the private placement, Murgor will have 66,029,868 outstanding common shares.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development company focused on copper, gold and zinc in Canada. The company owns a 100% interest in two deposits, adjacent to the Snow Lake and Flin Flon mining districts of Manitoba, and is earning a 100% interest in the Fon zinc deposit in Saskatchewan. The deposits were initially optioned from HudBay Minerals Inc. (TSX:HBM). Murgor is also exploring an exceptional portfolio of gold properties in proven mining districts of Canada such as the Red Lake Gold District of Ontario and the Chibougamau Gold-Copper District of 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.
Andre C. Tessier, P.Geo., P.Eng. and President & CEO for Murgor Resources Inc. is a Qualified Person as defined by NI-43-101 and is responsible for 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
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