Explor Resources Inc.
TSX VENTURE : EXS

Explor Resources Inc.

December 20, 2010 18:00 ET

Explor Resources Inc.: Extension of the Destor Property Acquisition Agreement

ROUYN-NORANDA, CANADA--(Marketwire - Dec. 20, 2010) - Explor Resources Inc. (TSX VENTURE:EXS) is pleased to announce that the Company has obtained from Teck Resources Ltd. ("Teck") a one-year additional extension to realize the exploration work scheduled in the acquisition agreement dated February 6, 2007. To be granted this additional one-year extension to acquire a 100 % interest in the property, Explor will issue 50,000 units in favour of Teck, each unit is composed of one common share and one share purchase warrant for a two-year period at an exercise price of $0.60. The securities that will be issued pursuant to this agreement will be subject to a hold period of four months. This agreement is subject to the approval of the TSX Venture Exchange.

The Destor Property is located in located in the central part of Destor township approximately 30,6 km north of Rouyn-Noranda, Quebec. Excellent access is provided by Highway 393 that traverses the northern part of the property and connects to the town of Duparquet, Quebec. The property consists of 10 mining claims covering an area of approximately 279 hectares.

The property is located in a greenstone belt approximately 1 km north of the Porcupine Destor Fault Zone, a major structure which is spatially related to several major gold deposits. Numerous faults, shears and other structural features closely related to the main Porcupine Destor Fault Zone occur on the claim group. The two most significant faults on the claim group are the Duquesne and the Lepine Lake Faults.

The Destor Property is located halfway between the former Beattie Gold Mine and the Aiguebelle mine. The southern portion of the Destor Property hosts similar sheared and faulted feldspar porphyries which host the past-producing Duquesne mine located 1,6 km along strike to the east.

Explor has completed a VTEM survey on the property and compiled all known public and private geological data. Several high priority targets have been generated and a 10 hole, 2500 meter drill program is planned on the property. Drilling will commence once the ground is frozen and the property can be accessed.

Chris Dupont P.Eng is the qualified person responsible for the information contained in this release.

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

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

About Explor Resources Inc.

Explor Resources Inc. is a Canadian-based natural resources company with mineral holdings in Ontario, Quebec, 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 Quebec with approximately 33% in Ontario and 67% in Quebec. 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 Quebec 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 filling. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not 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.

Contact Information

  • Explor Resources Inc.
    Christian Dupont
    President
    888-997-4630 or 819-797-4630
    819-797-6050 (FAX)
    www.explorresources.com
    or
    Investor Relations:
    Stratastar Marketing Group LLC
    Gary Lindsey
    720-273-6224