Murgor Resources announces the early exercise of warrants by SIDEX and SDBJ funds for proceeds of $367,644

KINGSTON, ON, June 29 /CNW Telbec/ - Murgor Resources Inc. (TSX-V: MGR) announces that SIDEX Limited Partnership and La Société de Développement de la Baie-James (SDBJ), two Quebec institutional funds, have completed the early exercise of all their 3,342,222 warrants to acquire an aggregate of 3,342,222 common shares of the Company for net proceeds of $367,644. SIDEX and SDBJ respectively acquired 2,222,222 and 1,120,000 common shares. These warrants were acquired by SIDEX and SDBJ in June 2009 in connection with a private placement (see press release June 29, 2009). No fee or commission of any kind has been paid in connection with this warrant exercise.

"We very much appreciate the support of SIDEX and SDBJ as long-term equity partners," said Andre Tessier, President and CEO of Murgor Resources. "This additional investment adds to Murgor's long-term financial stability and will help in pursuing our exploration endeavours in Quebec, Manitoba and Ontario."

As a result of this subscription, there are 69,972,090 common shares of Murgor issued and outstanding.

About SIDEX Limited Partnership (Diversification of Exploration Investment Partnership)

SIDEX was established by the Government of Quebec and the Solidarity Fund QFL. The mission of SIDEX is to invest in companies engaged in mineral exploration in Quebec in order to diversify Quebec's mineral base, encourage new exploration models, stimulate investment for new commodities in existing districts and open new territories with high potential for discovery.

About Société de Développement de la Baie-James

The SDBJ is a Québec crown corporation recognized for developing the economic potential of the James Bay territory in compliance with the principles of sustainable development. In the mining sector, the SDBJ is contributing to the renewal of mineral resources and the sustainability of the mining industry by working to increase total investment in mineral exploration in the territory.

About Murgor Resources

Murgor Resources Inc. is a mineral exploration and development company focused on copper, zinc and gold deposits. The company owns a 100% interest in the Wim and Hudvam deposits, adjacent to the Snow Lake and Flin Flon mining districts of Manitoba. HudBay Minerals Inc. (TSX: HBM) can exercise a 65% buyback right on the deposits by carrying Murgor to production. Murgor is also exploring an exceptional portfolio of gold properties in the proven mining districts of Abitibi, Quebec and Red Lake Ontario. Murgor also generates revenues through a 1% NSR royalty in the Barry Gold Mine, and its interest in the advanced Windfall Gold Project in Quebec.

The table below shows the total 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
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                        Tonnage                   Metal Content
               Project ------------------------------------------------------
                         Metric
                         Tonnes      Cu (lb)    Zn (lb)    Au (oz)    Ag (oz)
    INDICATED ---------------------------------------------------------------
    RESOURCE  ---------------------------------------------------------------
               Hudvam   854,076  23,007,640 33,541,359    104,930    379,928
              ---------------------------------------------------------------
               Wim    2,776,787 118,762,524 18,365,339    167,838    672,246
              ---------------------------------------------------------------
              ---------------------------------------------------------------
               TOTAL  3,630,863 141,770,164 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
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                        Tonnage                   Metal Content
               Project ------------------------------------------------------
                         Metric
                         Tonnes      Cu (lb)    Zn (lb)    Au (oz)    Ag (oz)
    INFERRED  ---------------------------------------------------------------
    RESOURCE  ---------------------------------------------------------------
               Hudvam   502,901   8,758,802  14,745,831    52,548    112,534
              ---------------------------------------------------------------
               Wim      445,999  11,012,528   4,228,024    30,256     72,556
              ---------------------------------------------------------------
               Fon    4,543,126  25,039,440 373,588,445         -  1,752,761
              ---------------------------------------------------------------
              ---------------------------------------------------------------
               TOTAL  5,492,026  44,810,770 392,562,301    82,804  1,937,851
    -------------------------------------------------------------------------
    * Based on a 2.0% copper equivalent cut-off grade at Wim and Hudvam,
        and a 1.0% Zn cut-off grade at Fon

    For statement of resources, see Murgor Press Releases: Feb. 20, 2007 for
    Fon; Aug. 28, 2008 for Hudvam and Sept. 09, 2008 for Wim.

Andre C. Tessier, P.Geo., P.Eng. and President & CEO for Murgor Resources Inc. is a Qualified Person as defined by NI-43-101 and is responsible for this press release.