Explor Resources Inc. (TSX VENTURE:EXS) has announce that the Company has obtained from Teck Resources Ltd. 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.
Source: Explor Resources Inc.