Murgor Resources completes US$6 million private placement

On December 15, 2006, Murgor Resources Inc. announced that it had completed its previously announced private placement of flow-through units and non-flow-through units. The placement was completely over-subscribed with the agent having exercised their 20% over-allotment option. The gross proceeds to Murgor are $6 million. At the closing, Murgor issued 16 million flow-through units at a price of $0.25 per unit, for gross proceeds to the company of $4 million. Murgor also issued 10 million non-flow-through units at a price of $0.20 per unit, for gross proceeds of $2 million. Loewen, Ondaatje, McCutcheon Limited acted as lead agent for the private placement, with Desjardins Securities Inc. also forming part of the selling group. Murgor is a Canadian mineral exploration and development company engaged in the exploration for economic precious and base metal deposits. The net proceeds of this private placement will be used to further advance Murgor's exploration projects in the Flin Flon belt of Manitoba and Saskatchewan, and for general capital purposes. Fasken Martineau advised Loewen, Ondaatje, McCutcheon in this transaction with a team comprised of Craig Brown, Robert Eberschlag, Dan Fabiano and student-at-law Christine Gallo.