Plexmar Resources Inc.

Plexmar Resources Inc.

November 16, 2006 12:40 ET

Plexmar: Final Contract Signed For Acquisition of Escondida Project

SAINTE-FOY, QUEBEC--(CCNMatthews - Nov. 16, 2006) - Plexmar Resources Inc. (TSX VENTURE:PLE), is pleased to announce that its newly formed subsidiary, Plexmar Ecuador S.A., has signed the final contract for the acquisition of the Escondida project in Ecuador. The project covers 84,110 hectares in the cordillera del Condor near Aurelian's Resources Fruta del Norte discovery and Corriente Resources Mirador deposits.

"With the contract finally signed, Plexmar can now focus on the exploration program, especially in the area where the 396.0 g/t Au sample was found." Says Guy Bedard, president

Details of the transaction were revealed in the Sept.28 press release. During its due diligence process on the Escondida concessions, Plexmar took 44 samples, 12 returned anomalous values of gold and the best values were: 14.2 g/t, 38.4 g/t, 91.4 g/t and 396.0 g/t Au confirming the high potential of the area. The samples are located on the Escondida II concession adjacent to Aurelian's ground and approximately 8 kilometers northwest of Fruta del Norte.

A field program is on-going on the Escondida II concession and others to evaluate the source of the high grade samples and quickly delineate potential drill targets. The program is under the supervision of S. Amireault, P.Geo.,

This transaction needs to be approved by the TSX Venture Exchange.

Also, the Company has granted 350,000 incentive stock options to a key consultant of the Company at a price of $0.73 for a period of two (2) years.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.

120 M shares outstanding

Contact Information

  • Plexmar Resources Inc.
    Guy Bedard
    Paradox Public Relations