Vancouver, B.C. May 1, 2017 Explorex Resources Inc. (the “Company” or “Explorex”) (Canadian Stock Exchange: EX:CSE) is pleased to announce it has optioned out its 100% owned Arlington project to Clarmin Exploration Inc. (“Clarmin”), a private British Columbia company planning a public listing.
The Company also wishes to announce that it has initiated a focus on securing and exploring for metals that are strategic to the alternative energy sector. Arlington is located in the Arrow Boundary District of south-central B.C. and covers ground just north of the historic Beaverdell Mining camp and the past producing Carmi mine. The project hosts 10 Minfile occurrences that are associated with structurally controlled polymetallic Ag-Cu- Pb-Zn +/- Au veins. In this deposit style, mineralization can occur in virtually any host and forms steeply dipping, narrow tabular to splayed veins and commonly occur as sets of parallel and offset veins.
Key Deal Terms
• Clarmin will pay an aggregate of $105,000 (of which $10,000 has been paid)
• Clarmin will issue a total of 500,000 shares to Explorex over a 3 year period
• Clarmin will incur $500,000 in Exploration Expenditures over a three-year period on the property.
The share issuances will be staged as to 200,000 shares on the second anniversary and 300,000 shares on the third anniversary of the agreement. Upon Clarmin earning a 100% interest, Explorex will retain a 1.5% NSR interest with Clarmin having the right to buyback a 1% NSR for a cash payment to Explorex of $1,000,000. New Strategy to Acquire Strategic Minerals After a period of review, the Company also announces that it has embarked on a programme to acquire and explore projects where key metals such as lithium, cobalt and other “alternative energy” metals are present and that are key ingredients in battery manufacturing. The Company’s’ effort’s will be guided by the extensive experience of it’s consultants who have been involved with lithium exploration for over 10 years.
The initial search will be focused on areas of permissive underlying geology, historical evidence of mineralization, and significant exploration upside in conjunction with a clear understanding of economic principles impacting a projects ability to add to shareholder value and its’ capacity to attract funding partners.
About Explorex Resources Inc.
Explorex is an exploration company with a current focus on the Silver Dollar project, BC, where it has entered into an option agreement to earn a 100% interest, subject to the favourable outcome of its ongoing due diligence period.
Explorex is also seeking additional metal exploration and development projects of merit elsewhere in North America The scientific and technical disclosure in this news release has been supervised and approved by R. Kemp P.Geo., a Qualified Person as that term is defined in NI 43-101.
On behalf of the board, Bill Wishart, President, CEO For further information, please contact Bill Wishart, President at firstname.lastname@example.org 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.