Friday 2nd December 2016

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Murgor President André Tessier on Ontario gold assays of 1.16 g/t over 118m

“The Golden Arrow project is about 55 kilometres east of Timmins, just south of the town of Matheson. It’s a project that was in operation for two years in 1981 and 1982. They mined a small open pit there, but they quit operations when the price of gold just didn’t allow them to make any money. Since then it’s been privately owned, and we’ve negotiated with the private company in Timmins, Victoria Gold Mines, to actually get in there, find some ore and hopefully be mining it again in the near future. Victoria Gold Mines owns the rights to the property, so we’re now in the earn-in phase of the option agreement.

“The recent results are showing a great, great width, and we’re dealing with hundred-metre-wide ore intercepts and near-surface 50-to-175 metres vertical depth right underneath the current infrastructure. So, especially with the current metal prices, I think there’s potentially open-pit mining and underground mining as well.

“This is an advanced exploration play. The drilling on the property dates from the 1940s, and we have to basically drill it all over again. So far, we’ve got almost 5,000 metres drilled ourselves. We’re going into a new drilling phase, and we’re going to go 5,000 metres at a time. By the end of the year, we’ll probably be looking at anywhere between 5,000 and 10,000 metres of new drilling.

“The deepest drill hole on the property was intercepted about 150 metres vertical, and so far we’ve got two kilometres of that structure to be tested. It’s a bit premature to be talking about resource estimates now, but we’ll probably be looking more into that near the end of 2011.

“The project is permitted for a bulk sample of 100,000 tonnes as it is. Should we prove more resources I think we probably would be teaming up with a contract mining operation and we’d work the property that way. Of course there are some mills in the area that are underutilized and we’re hoping to send our ore to those mills.

“We’re looking at lots and lots of drilling over the next few years to prove more and more resource. The deposits have a striking resemblance to the Young-Davidson mine that’s held by Northgate south of us, although that deposit is obviously much larger with about 2.8 million ounces [of contained gold].”

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