EXPLOR Resources Inc. (fka EXS.TSX.V)

[douginil]

Explor Resources Signs Option Agreement for the Sale of the Chester Property

ROUYN-NORANDA, Quebec, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Explor Resources Inc. (“Explor” or the "Corporation") (TSX-V: EXS, OTC PK: EXSFF, FSE & BE: E1H1) announces that it has signed an option agreement with Puma Exploration Inc. “Puma”) to sell the Chester Copper and VMS, located in the Northumberland County, Province of New Brunswick.

The option agreement sets out the general terms pursuant to which it is proposed that Puma acquires the right to earn 100% interest from Explor in the Property. The property is comprised of three mineral claims totaling 163 mineral units. The Property is located in the Northumberland County, 70 km southwest of Bathurst, New Brunswick and 50 km west-northwest of Miramichi, New Brunswick, within the Bathurst Mining Camp. This area has an extensive history in base metal production from VMS deposits.

The Option to earn a 100% interest in the Property

Explor has granted to Puma the sole and exclusive right and option, over a three-year period, to acquire the Property for the following considerations: i) payment to Explor of an aggregate of $300,000 and ii) Puma shall complete a work program of $1,100,000 on the property, with a minimum of $250,000 during the first year of the option agreement. Upon the completion of these conditions over a period of three years, Puma will have acquired a 100% interest in the Property. Explor will also retain a 2% NSR royalty on the property. Puma will assume the remaining NSR royalties on the Property in favour of previous owners.


Not yet on the Explor website
Read more at:
https://ceo.ca/@nasdaq/explor-resources-signs-option-agreement-for-the-sale