Explorex Announces Closing Of Chrysler Cobalt Purchase Agreement And Results Of AGM

  • 2017

Vancouver, B.C. July 27, 2017; Explorex Resources Inc. (the “Company” or “Explorex”) (Canadian Stock Exchange: EX:CSE) is pleased to announce that it has closed the purchase agreement to acquire a 100% interest in the Chrysler Project, located in the Shinning Tree –Gowganda area of Ontario.The Property, totaling 11 claims (91 units), encompassing approximately 3,600 acres and is located primarily in North Williams and Ogilvie Townships, within the Larder Lake Mining Division of Ontario. The claims were recently staked by the property vendors based on favourable geology and nearby known mineral occurrences

This Property is considered to be highly prospective for high-grade cobalt and silver occurrences as the geological setting is similar to that of the Cobalt mining district which is known for its past producing high grade mines. Under the terms of the purchase, the Company has paid a total of $22,500 and issued a total of 200,000 shares to earn a 100% interest. All issued shares will have a statutory hold period of 4 months from the date of issuance; as well, 100,000 of the shares will have an additional 4-month hold period. The vendors will retain a 2% NSR, subject to a buyback of 1% for $1 million at any time.

The Company is also pleased to announce the results of its Annual General and Special Meeting of Shareholders held July 26, 2017 in Vancouver BC. The shares represented at the meeting were 28.29% of the issued shares with all motions receiving unanimous support by Explorex shareholders included the following:

  • Approval of the number of directors at four;

  • Election of all four nominees to serve as directors until the next annual meeting of shareholders of the Company, or until their successors are elected or appointed. Directors elected are William Wishart, Shelly Jensen, Gary Schellenberg and James Mustard;

  • Approval of the Company’s stock option plan; and

  • The Re-appointment of Davidson & Company, Chartered Accountants as the Company’s external auditor.

The Board of Directors wishes to thank the shareholders for their ongoing and continued support.

About Explorex Resources Inc.

Explorex is an exploration company with a recent focus on critical elements used in rechargeable battery technology, including cobalt and is also earning a 100% interest in the precious metal rich Silver Dollar project located within the historic Camborne Mining district of southern BC. Explorex is managed by an experienced team of professionals with a solid record of exploration success.

Bill Wishart,

President, CEO

For further information, please contact Bill Wishart, President at bill@explorex.ca or phone 604.609.0555.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance on forward looking statements.