Murgor closes $120,000 first tranche of placement

2008-11-14 13:59 ET - News Release

Mr. Andre Tessier reports

MURGOR RESOURCES ANNOUNCES FIRST CLOSING OF $403,000 PRIVATE PLACEMENT

Murgor Resources Inc. has held a first closing of a private placement by issuing 1.2 million flow-through common shares to an accredited investor of Toronto, Ont., at a price of 10 cents per share, for gross proceeds to Murgor of $120,000. Each share is accompanied by one-half of a common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of Murgor at a price of 25 cents per share until Nov. 5, 2009, and thereafter at a price of 40 cents per share until Nov. 5, 2010.

The sale of the 1.2 million flow-through shares represents the first tranche of a private placement of up to 4,038,000 flow-through shares, for maximum gross proceeds to Murgor of $403,800. Murgor expects that a final closing of the private placement will take place on or about Nov. 18, 2008.

In connection with the private placement, Murgor paid a finder's fee to Toll Cross Securities Inc. of Toronto, Ont., of $7,200, representing 6 per cent of the gross proceeds raised in the first closing of the private placement.

Under applicable securities legislation and the policies of the TSX Venture Exchange, the securities issued at the first closing of the private placement are subject to a hold period expiring on March 6, 2009.

Murgor will use the proceeds from the private placement to explore its properties in Manitoba and Saskatchewan.

As a result of the first closing, there are 30,542,780 common shares of Murgor issued and outstanding.

The accompanying table shows the total 43-101 compliant resource for Murgor's Hudvam, Wim and Fon deposits.

 NI 43-101 COMPLIANT RESOURCE FOR MURGOR'S HUDVAM, WIM AND FON DEPOSITS

                              Tonnage                Grade(*)
             Project    
                          Metric tonnes    Cu%     Zn%   Au g/t   Ag g/t
Indicated 
resource  
              Hudvam          854,076     1.22    1.78    3.82     13.84
              Wim           2,776,787     1.94     0.3    1.88      7.53
                            ---------          
              Total         3,630,863
                                           Metal content
             Project    
                             Cu (lb)      Zn (lb)     Au (oz)    Ag (oz)
Indicated 
resource  
              Hudvam      23,007,640   33,541,359     104,930    379,928
              Wim        118,762,524   18,365,339     167,838    672,246
                         -----------   ----------     -------  ---------          
              Total      141,770,164   51,906,698     272,768  1,052,174

                              Tonnage                Grade(*)
             Project    
                          Metric tonnes    Cu%     Zn%   Au g/t   Ag g/t
Inferred  
resource  
              Hudvam         502,901      0.79    1.33   3.25       6.96
              Wim            445,999      1.12    0.43   2.11       5.06
              Fon          4,543,126      0.25    3.73      -      10.88
                           ---------          
              Total        5,492,026
                                           Metal Content
             Project    
                             Cu (lb)      Zn (lb)     Au (oz)    Ag (oz)
Inferred  
resource  
              Hudvam       8,758,802   14,745,831      52,548    112,534
              Wim         11,012,528    4,228,024      30,256     72,556
              Fon         25,039,440  373,588,445           -  1,752,761
                          ----------  -----------      ------  ---------          
              Total       44,810,770  392,562,301      82,804  1,937,851

*Based on a 2-per-cent-copper-equivalent cut-off grade at Wim and Hudvam,
 and a 1-per-cent-zinc cut-off grade at Fon.

We seek Safe Harbor.

Hg