Explor Resources Inc.

Explor Resources Inc.

May 18, 2010 16:10 ET

Explor Adds European Representation to the Board

ROUYN-NORANDA, QUEBEC--(Marketwire - May 18, 2010) - Explor Resources Inc.(TSX VENTURE:EXS) is pleased to announce the appointment of Mr. Andrew Malim to the Board effective May 18, 2010.

Mr. Malim is an experienced mining corporate finance executive with over 30 years dedicated to the financing and management of mining companies. He has a strong working knowledge of geology and geologic structures and has been associated with a number of significant mining discoveries in Canada including the Blackdome Mine and the SNIP high-grade underground gold mining discoveries in British Columbia and several copper properties in Africa.

In 1981, he founded the Lion Mining Group which until 2004, acted as financier both as principal and agent to numerous mining companies and projects. Lion Resource Management Ltd, prior to being acquired by Arlington Securities Ltd in 2004, managed the well-known 'Midas' mining funds. He is currently CEO of Scarab Capital Partners LLP, a London based FSA regulated resource finance and fund advisory business. His associate in Scarab, Owen Ryan, was until recently head of business development of Anglo American Plc.

In October 2009, Andrew wrote an in-depth report on Explor Resources ('The Scarab Report') in which he concluded that the Explor property portfolio is one normally owned by a major. He has agreed to join the Explor board because he believes that results to date entirely justify his conviction that in due course the portfolio will yield at least one world class gold discovery provided investors are patient and realistic as to the timeframe and cost of proving up the Hollinger McIntyre model, which is our primary target on our Timmins West Porcupine property. 

Mr. Malim will be granted 500,000 stock options at a price of $0.50 per option, and as well an additional 500,000 stock options at an exercise price of $0.92 per option. The options are valid for a period of five years from the date of grant. The appointment of Mr. Malim is subject to the approval of the TSX Venture Exchange.

Mr. Malim will act as an independent director and represent Explor to our European shareholders and as well act as an advisor to the president and CEO. The existing Board would like to welcome Mr. Malim and trust that his past and future contribution will bring continued success to Explor Resources.

About Explor Resources Inc.

Explor Resources Inc. is a Canadian-based natural resources company with mineral holdings in Ontario, Québec, Saskatchewan and New Brunswick. Explor is currently focused on exploration in the Abitibi Greenstone Belt. The belt is found in both provinces of Ontario and Québec with approximately 33% in Ontario and 67% in Québec. The Belt has produced in excess of 180,000,000 ounces of gold and 450,000,000 tonnes of cu-zn ore over the last 100 years. The Company is headquartered in Québec and was incorporated in Alberta in 1986.

This document may contain forward-looking statements relating to Explor's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Explor's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Explor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

Explor Resources Inc. is a public listed company trading on the TSX Venture (EXS).

This press release was prepared by Explor Resources Inc. Neither the TSX Venture Exchange Inc nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Explor Resources Inc.
    Christian Dupont, President
    800-388-8668 or 819-797-4630
    819-797-6050 (FAX)
    Investor Relations: Michael D'Amico
    Bay Street Connect Inc.