MANITOBA - MURGOR RESOURCES of Montreal has signed four separate agreements to acquire 100% interest in the Fon, Wim, Hudvam and Tyr polymetallic properties from Winnipeg's HUDSON BAY EXPLORATION & DEVELOPMENT, a subsidiary of HUDBAY MINERALS. The properties cover an area of 5,368 ha in the Flin Flon and Snow Lake districts. The properties have zinc-copper-gold-silver potential.
"Murgor's strategy," said president and CEO Andr Tessier, "is to accelerate its working commitments to earn a 100% interest in these properties prior to the deadline stipulated in the agreements. This would allow Murgor to potentially start production on the deposits as soon as possible independently or by entering into a joint venture with HudBay."
The agreement commits Murgor to payments of $1.16 million in cash and its shares over four years. Murgor also agrees to spend a total of $8.05 million exploring the properties during that period.
The two companies are also discussing terms of agreements covering the Snow H and Flin D exploration properties. Murgor would agree to spend $5.0 million in exploration expenses over a five-year period on those prospects. Check www.HudBay.com or www.Murgor.com for further news.
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