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Murgor earns 100% interest from HudBay at the Wim copper-gold and Hudvam gold-copper-zinc deposits in Manitoba
Murgor earns 100% interest from HudBay at the Wim copper-gold and Hudvam gold-copper-zinc deposit...
About this update from Hudbay Minerals Inc
[{"type":"text","content":"\n\n\n\nSep. 17, 2009 (Canada NewsWire Group) -- KINGSTON, ON, Sept. 17 /CNW Telbec/ -- Murgor Resources Inc. (MGR: TSX-V) today announced the completion of all its requirements to earn a 100% interest in the Wim copper-gold deposit and the Hudvam gold-copper-zinc deposit in Manitoba, by making its final cash and share payment to HudBay Minerals Inc (HBM: TSX).Murgor paid a cash amount of $225,000 and will issue 1,433,121 treasury shares at a price of $0.157 per share to Hudson Bay Exploration and Development Company Limited (HBED), representing the third and final anniversary payment under the previously-announced property option agreements entered into between the two companies on September 12, 2006. HBED is a wholly-owned subsidiary of HudBay Minerals Inc.\"We are very proud of our accomplishments at the Wim and Hudvam deposits,\" said André Tessier, President and CEO of Murgor Resources. \"During three short years, and under very difficult market conditions, our exploration increased the combined resource of both deposits by a factor of 125%. The deposits are more than twice as large as they were when Murgor entered into the agreements. The increase includes a 127% increase in the gold resource of the deposits and a 65% increase in the contained copper of the deposits. Our metallurgical work at both deposits also showed the mineralization from both deposits can be treated with excellent recoveries at HudBay's existing mills. The focus is now to bring the deposits to the development stage.\"Murgor will issue the shares at a price of $0.157 per share, representing the average closing price of Murgor's shares on the TSX Venture Exchange for the ten trading days prior to September 12, 2009. The issuance of the shares is subject to regulatory approval, including that of the TSX Venture Exchange.About the Wim Deposit:The Wim Deposit is located only 16 kilometers north of the Town of Snow Lake Manitoba where HudBay owns a concentrator that is currently on care and maintenance. The concentrator will be upgraded to treat the mineralization from the Lalor Lake Mine. The close proximity of the Wim deposit to existing infrastructure, combined with the shallow depth of the mineralization would allow for a quick development of the project with minimal capital expenditure and environmental footprint.In the past three years, Murgor inc...