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Greenstone Belt - The richest in Canada per km²

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posted on Mar 12, 2008 06:30AM
Press Release Source: Murgor Resources Inc.

Murgor's initial drilling results return golden surprise at the Hudvam copper-gold-zinc deposit, Manitoba.
Tuesday March 11, 10:05 am ET

MONTREAL, March 11 /CNW/ - Murgor Resources Inc. (MGR: TSX-V) today announced that it has received geochemical results from six drill holes at the Hudvam copper-gold-zinc deposit in Manitoba. Two holes are infill drill holes aimed at upgrading the current Mineral Resource at Hudvam from Inferred to Measured and Indicated, and four holes are definition drill holes aimed at extending the limits of the known mineralization. Three of the four definition drill holes intersected ore-grade material and will ultimately increase the resource at Hudvam. Since January of 2008, Murgor has completed 21 drill holes at the Hudvam deposit (a total of 8,056 meters) and drilling is active on site. Results from the next 15 drill holes completed to date are still pending. A longitudinal section will be attached to this press release on Murgor's website at www.murgor.com.

The results from the first six drill holes are highlighted by unusually high gold values that supplement the copper, zinc and silver values. Best assay results are as follows (a complete list of results is shown at the end of this press release):

	        DDH HVS-08-22: 8.46 g/t Au, 0.50% Cu, 0.40% Zn, 4.84 g/t Ag over 2.84 	        metres.  	        DDH HVS-08-23: 4.37 g/t Au, 4.66% Cu, 5.79% Zn, 41.23 g/t Ag over 	        5.00 metres.  	        DDH HVS-08-24: 12.90 g/t Au, 6.20% Cu, 3.68% Zn, 46.36 g/t Ag over 	        1.14 metres.  	        DDH HVS-08-26: 17.48 g/t Au, 0.34% Cu, 0.79% Zn, 23.66 g/t Ag over 	        3.15 metres.  	        DDH HVS-08-28: 2.63 g/t Au, 1.76% Cu, 0.14% Zn, 11.13 g/t Ag over 	        1.43 metres. 	    
Andre C. Tessier, President & CEO of Murgor Resources reports: "These are exceptional gold values for any gold deposit, so to obtain these gold values in a polymetallic deposit is even more exciting. This winter's drilling program at Hudvam has been very encouraging and additional results are expected shortly. Metallurgical and geotechnical drill holes have been completed in preparation for the pre-feasibility study and, infill and definition drilling is nearly completed. We have now freed one helicopter supported rig for exploration drilling at Murgor's grassroots projects with another rig at Hudvam starting to drill exploration targets at the property scale. Management and exploration staff at Murgor are looking forward to the upcoming results."

Murgor would also like to report that a detailed compilation and 3D modelling of the Hudvam deposit has led to the definition of several high priority exploration targets in the immediate area of the currently defined copper-gold-zinc Mineral Resource at Hudvam.

In February of 2007, Murgor completed a NI 43-101 compliant resource estimate at Hudvam. The resource estimation doubled the historical resource for copper and zinc and increased the gold and silver resource by more than 145% relative to historical resources. A new NI 43-101 compliant resource estimate is planned for the summer of 2008. The current 43-101 Inferred resource at the Hudvam deposit stands at (please see SEDAR for the full report):

	    ------------------------------------------------------------------------- 	    CUT-OFF             TONNAGE                       GRADE 	    GRADE(x)             (Tons)       Cu          Zn          Au          Ag 	    ------------------------------------------------------------------------- 	    2% Cu Equiv(xx)   1,315,000    1.17%       1.71%    2.94 g/t   10.49 g/t 	    -------------------------------------------------------------------------  	    ------------------------------------------------------------------------- 	                                                   CONTAINED METAL 	                               Cu (lbs)    Zn (lbs)     Au (oz)     Ag (oz) 	    ------------------------------------------------------------------------- 	                             30,778,000  44,720,000     111,000     403,000 	    -------------------------------------------------------------------------  	    (x)  Copper equivalent grade. 	    (xx) Copper equivalencies based on the 	         following price of metals: Copper (Cu) = USD$1.10 per 	         pound, Zinc (Zn) = USD$0.60 per pound, Gold (Au) = USD$475.00 per troy ounce, and Silver (Ag) = USD 	         $6.00 per troy ounce. 	    
The mineralization at Hudvam consists of solid sulphide to sulphide breccia with variable amounts of gold bearing pyrite, pyrrhotite, chalcopyrite and sphalerite. The ore lenses trend NNE and dip steeply at 75-80 degrees towards the SE and would be amenable to long-hole mining. There is a 312 meter long ramp at the deposit that could now be rehabilitated for quick development.

The Hudvam property consists of 18 claims covering 1,714 hectares, located approximately 47 kilometers northeast of the Town of Flin Flon in Manitoba. Murgor is earning a 100% interest in the property from HudBay Minerals Inc. (HBM: TSX). HudBay has the right to buyback of up to 65% of the property.

Chemical analyses reported in this press release were performed by TSL Laboratories in Saskatoon. Base metals were analyzed through atomic absorption spectrometry after a multi acid digestion whereas gold was analyzed by fire assay Atomic Absorption using a 30g charge, with gravimetric finish for assays greater than 3 g/t. Sampling and analytical procedures are subject to a comprehensive Quality Assurance and Quality Control program that includes duplicate samples, blanks and analytical standards.

The Qualified Person in the field, as defined by NI-43-101, was Neil W. Richardson P.Geo. and Manager of Central Canada Exploration for Murgor Resources Inc. Andre C. Tessier, P.Geo. (On), P.Eng. (Qc) and President CEO of Murgor Resources is the Qualified Person responsible for this news release.

	                   TABLE OF 2008 RESULTS TO DATE AT HUDVAM  	    ------------------------------------------------------------------------- 	                                          HORI- 	    HOLE-ID    FROM     TO  LENGTH  TRUE ZONTAL    AU     AG  CU   ZN  Cu_eq 	    ------------------------------------------------------------------------- 	                (m)     (m)   (m)  WIDTH  WIDTH  (g/t)  (g/t) (%)  (%)   (%) 	    ------------------------------------------------------------------------- 	    HVS08-022 208.16  211.00  2.84  2.22  2.30   8.46   4.84 0.50 0.40  3.20 	    ------------------------------------------------------------------------- 	              214.87  218.35  3.48  2.73  2.83   1.11   3.82 0.45 0.38  0.93 	    ------------------------------------------------------------------------- 	              262.10  262.50  0.40  0.32  0.33   0.58   8.50 0.18 2.81  1.33 	    ------------------------------------------------------------------------- 	    HVS08-023 301.12  306.12  5.00  3.39  3.51   4.37  41.23 4.66 5.79  8.13 	    ------------------------------------------------------------------------- 	              332.15  334.25  2.10  1.43  1.48   3.28   1.99 0.24 0.62  1.44 	    ------------------------------------------------------------------------- 	              367.00  368.80  1.80  1.23  1.28   1.33  12.23 1.50 0.59  2.17 	    ------------------------------------------------------------------------- 	              375.25  376.75  1.50  1.03  1.07   3.14   3.72 0.30 0.22  1.34 	    ------------------------------------------------------------------------- 	    HVS08-024 252.15  253.29  1.14  0.74  0.77  12.90  46.36 6.20 3.68 11.56 	    ------------------------------------------------------------------------- 	              327.61  328.24  0.63  0.42  0.43   1.44  11.07 0.74 1.63  1.78 	    ------------------------------------------------------------------------- 	    HVS08-025        Metallurgical Hole - Metallurgical assays pending 	    ------------------------------------------------------------------------- 	    HVS08-026 205.50  208.65  3.15  2.36  2.45  17.48  23.66 0.34 0.79  5.99 	    ------------------------------------------------------------------------- 	              235.45  235.79  0.34  0.26  0.27 109.90   6.70 0.12 0.76 33.38 	    ------------------------------------------------------------------------- 	    HVS08-027                          Assays Pending 	    ------------------------------------------------------------------------- 	    HVS08-028 285.21  286.65  1.43  0.94  0.98   2.63  11.13 1.76 0.14  2.66 	    ------------------------------------------------------------------------- 	    HVS08-029                          Assays Pending 	    ------------------------------------------------------------------------- 	    HVS08-030                  Geotechnical Hole - No samples 	    ------------------------------------------------------------------------- 	    HVS08-031                        Zone is dyked out 	    ------------------------------------------------------------------------- 	    Copper Equivalencies based on Gold (at) $600/oz, Silver (at) $12.00/oz, 	    Copper (at) $1.50/lbs and Zinc (at) $0.80/lbs 	    
	    A map of the Hudvam deposit is available at 	    http://files.newswire.ca/476/Hudvam_Map.pdf  
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.
	    The TSX Venture Exchange has not reviewed and does not accept 	    responsibility for the adequacy or accuracy of 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 Or Michael Joyner, Investor Relations - The Equicom Group, Tel: (416) 815-0700 ext. 275, or 1-800-385-5451, E-mail: mjoyner@equicomgroup.com

 


Source: Murgor Resources Inc.

Mar 13, 2008 05:56AM

Mar 13, 2008 08:01AM
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