Explor Resources Inks Deal With North-Sask Ventures Ltd. To Sell Certain Non Core Saskatchewan Mineral Claims
Explor Resources Inc. (TSX VENTURE: EXS) (the “Corporation”) wishes to announce that it has entered into an agreement to dispose of certain mineral claims in Saskatchewan. The purchaser is North-Sask Ventures Ltd. (a corporation owned by the parents of Randy Studer and Duane Studer). Other parties to the agreement include Randy Studer (former President and director of Explor Resources Inc.) and Duane Studer (former Chief Executive Officer and director of Explor Resources Inc. and Durama Enterprises Limited (a corporation owned by Randy Studer and Duane Studer). At the July 24, 2006 annual general meeting, Randy Studer and Duane Studer resigned as officers and directors. The Corporation is transferring Saskatchewan mineral claim # S100656, S101768, S1056229, S106805, S106807 and S106264. The consideration is $90,000 payable by surrender for cancellation of 200,000 common shares of the Corporation at a deemed value of $0.20 per share ($40,000) and offset of the debts owing to Durama Enterprises Limited of $50,000. No valuation was obtained. No finders fee was paid.
The Saskatchewan assets have been deemed non core assets. There are no defined mineral reserves or mining reserves on any of the properties. There are no mining operations on any of the properties. Generally, all of the properties consist of gold prospects. The following properties are being sold:
1) The Wedge Lake Property comprises 2 claims (S-105628 and S-105629) totaling 430 ha, located approximately 160 km northeast of La Ronge, Saskatchewan and 5 kilometres north-east of the Komis minesite at Waddy Lake. The Corporation as spent approximately $29,316 on exploration of the Wedge Lake property since 1999. The property is a gold prospect with two styles of gold mineralization documented on the property. The only “resource estimate” provided for the Wedge Lake Property is that of R. Netolitzky of Taiga Consultants Ltd. for Golden Rule Resources Ltd. who in 1986, calculate a “mineral inventory”, which indicated a Historical mineral resource of 675,000 tons at a grade of 0.15 oz/ton Au (to a depth of 175m). The average width of the mineralized zone ranges from 2.4 to 4.6 metres. Please note the historical mineral resources discussed above were not calculated as per the current National Instrument (NI) 43-101. Explor Resources has not completed the work required to verify the historical resource. The issuer is not treating the historical resource as a NI 43-101 defined resource as verified by a QP.
2) The Nistoassini Lake Property comprises one claim totaling 190 ha, (106805) located approximately 160 km northeast of La Ronge, Saskatchewan and 4.5 kilometres northeast of the Komis gold deposit at Waddy Lake, Saskatchewan. The property is 2 kilometres along strike to the west of the ’Wedge Lake property. The property is a gold-copper-zinc-silver (polymetalic) type prospect.
3) The Devils Lake Property comprises two claims totaling 520 ha (100656 and 101768), located approximately 90 km northeast of La Ronge, Saskatchewan adjacent to highway 102. The Corporation has spent approximately $298,600 on exploration of the Devils Lake Property since 1995. The property is a gold prospect.
4) The Gem Zone Property comprises one claim totaling 100 ha (106807), located approximately 50 km northeast of La Ronge, Saskatchewan at Lynx Creek, Saskatchewan. The property is a gold prospect.
5) The West Side Property comprises 1 claims totaling 160 ha (106,264), located approximately 50 km northeast of La Ronge, Saskatchewan. The Corporation has spent approximately $308,310 on the Westside Property since 1995.
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