Explor Resources and Brunswick Resources Amend Letter of Intent for the Acquisition of Chester Copper Property
June 20 2014 - 4:30PM
Marketwired
Explor Resources and Brunswick Resources Amend Letter of Intent for
the Acquisition of Chester Copper Property
ROUYN-NORANDA, CANADA--(Marketwired - Jun 20, 2014) - Explor
Resources Inc. ("Explor" or the "Corporation")
(TSX-VENTURE:EXS)(OTCQX:EXSFD)(FRANKFURT:E1H1)(BERLIN:E1H1)
announce that the letter of intent (the "Letter") relating to the
option granted to Brunswick Resources Inc., ("Brunswick") to
acquire from Explor the Chester copper property (the "Property")
has been amended. The general term of the Letter were previously
announced by press releases dated April 17 and April 22, 2014
(Brunswick Resources).
The Letter sets out the general terms pursuant to which it was
proposed that Brunswick acquires the right to earn 100% interest
from Explor in the Property. The terms of the Letter were modified
to adjust the purchase price to the current markets conditions. 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 shall grant to Brunswick 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
$40,000, of which $10,000 at closing of the transaction; ii)
issuance of a total of 5,000,000 common shares of Brunswick, of
which 1,000,000 at closing of the transaction; iii) Brunswick shall
assume the remaining financial obligation of $100,000 to previous
owners; and iv) Brunswick shall complete a work program of
$500,000, with a minimum of $100,000 during the first year of the
option agreement. Upon the completion of these conditions over a
period of three years, Brunswick will have acquired a 100% interest
in the Property. There are remaining NSR royalties in favor of
previous owners on the Property.
It should be noted that this is a Non-Arm's Length Transaction
as Christian Dupont is the president and CEO and Rodrigue Tremblay
is the CFO of both Explor and Brunswick and Mario Colontonio and
Geoffrey Carter are both directors of Explor and Brunswick. Closing
of the transactions contemplated in the Letter is subject to the
final approval of the TSX Venture and to the approval of the
disinterested shareholders of Brunswick and Explor. The annual and
special meeting of shareholders of Brunswick shall be held on
August 12, 2014 and Explor's annual and special meeting of
shareholders will be convened to be held sometimes at beginning of
this fall.
Explor Resources Inc. is a publicly listed company trading on
the TSX Venture (EXS), on the OTCQX (EXSFD) and on the Frankfurt
and Berlin Stock Exchanges (E1H1).
This Press Release was prepared by Explor. Neither the TSX
Venture Exchange 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.
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.
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 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.
Christian Dupont, President888-997-4630 or
819-797-4630819-797-6050www.explorresources.cominfo@explorresources.com