Explor Resources Inc. (TSX VENTURE:EXS)(OTCQX:EXSFF)(FRANKFURT:E1H)(BERLIN:E1H) is pleased to announce that it has signed a Memorandum of Understanding with the Flying Post First Nation of Nipigon Ontario and the Mattagami First Nation of Gogama Ontario with respect to the Timmins Porcupine West Property.
The MOU will serve as a framework to govern the relationship between Explor and the First Nations in accordance with their intention of further building a relationship characterized by cooperation and mutual respect, in connection with the development of the Timmins Porcupine West Property. This represents an important milestone in moving the project forward and we welcome our new partners.
The MOU sets out the areas in which Explor and the First Nations have agreed to work together notably on mutual key interests such as environmental protection, employment and business opportunities, education and training for the First Nations communities.
Chris Dupont, President and CEO of Explor Resources, stated that “Explor is committed to working in partnership with the First Nations in the development of the Timmins Porcupine West Property. Explor looks forward to building a strong relationship with the First Nations that will be beneficial to both parties.”
In order to instill a relationship with the First Nations, Explor will issue 500,000 common shares to both the Flying Post and the Mattagami First Nations. This issuance of equity enables the Flying Post and the Mattagami First Nations to become shareholders and participate in the success of Explor Resources as Explor moves the Timmins Porcupine West Project to the next phase in the development of the property. This issuance of shares is subject to the approval of the regulatory authorities.
The Timmins Porcupine West Gold Property consists of 185 unpatented mining units and 3 patented claims located in the Bristol and Ogden Townships in the Timmins-Porcupine Mining Camp for a total 3,200 hectares. The property is contiguous with Lakeshore Gold West Timmins Mine. Highway 101 bisects the property and provides access from the city of Timmins located 13 km to the east.
The property has been explored since 1927 by numerous ground geophysical surveys and diamond drilling of up to 111 holes. In 1984, Dome Exploration discovered and delineated a gold mineralized zone that was approximately 350 meters long and 45 meters wide and is open below 350 meters of vertical depth. The drill program on the Timmins Porcupine West Property is on-going.
About Explor Resources Inc.
Explor Resources Inc. is a Canadian-based natural resources company with mineral holdings in Ontario, Quebec, 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 Quebec with approximately 33% in Ontario and 67% in Quebec. 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. The Corporation was continued under the laws of Alberta in 1986 and has had its main office in Quebec since 2006.
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