Xplore Resources Announces Acquisition of Valk Property in British Columbia
Xplore Resources Announces Acquisition of
Valk Property in British Columbia
Toronto, Ontario--(Newsfile Corp. - November 5, 2020) -
Xplore Resources Corp
.
(TSXV: XPLR)
(
"Xplore
or "the Company"
), announces that it has entered into an agreement to acquire a 100%
interest in the Valk Project in British Columbia.
Under the terms of the Agreement, dated November 2, 2020, Xplore shall acquire a 100% interest in the
Valk Project by making a cash payment of C$ 100,000.00 and issuing 1.0 million shares of Xplore to
Longford Capital Corp. ("Longford") on closing. Longford will maintain a 2% NSR Royalty on any future
metal production. In addition, The Company also announces that it has renegotiated the Finder's Fee
Agreement with Westridge Management International Ltd. ("Westridge"). Under the terms of the revised
Finder's Fee Agreement, Westridge shall receive a one-time cash payment of C$ 5,000.00 as payment
for their services with respect to the acquisition of the Valk Project. This payment shall terminate said
Finder's Fee Agreement with no further obligations to Xplore.
The Company also advises that Mr. Robert Brain has resigned from the Board of Directors due to a
judicial appointment.
Wes Hanson, President and CEO of Xplore, stated,
"We are pleased to announce the acquisition of
the Valk Project, an early stage exploration project, with defined copper anomalies yet to be fully
explored. The acquisition provides us with a keystone project in a stable jurisdiction with
demonstrated copper potential and allows us to prudently proceed with exploration investment on a
timetable that we control. We regret to bid Robert farewell but are fully supportive of his decision, which
was mandated by his judicial appointment. He was an invaluable contributor to the Company's growth
and its successful transition to a publicly listed company. His efforts on behalf of our shareholders are
greatly appreciated. On behalf of the Board of Directors, I'd like to thank Robert for all his efforts. We
also wish to congratulate him on his judicial appointment and offer our sincere best wishes to him in
all his future endeavours."
About Xplore Resources (TSXV: XPLR)
Xplore Resources is a Toronto based mining exploration company listed on the TSX Venture Exchange
under symbol XPLR and is focused on the acquisition and development of copper and gold projects in
the Americas. The Company is led by a highly experienced management team and is comprised of
industry experts with executive and senior management experience in geology, banking, private equity,
investor relations and law.
Valk Project
The Valk Project consists of 1,614 Ha and is located within the Nanaimo Mining Division, British
Columbia, approximately 20 Km NW of Port Hardy. The Project is road accessible via an extensive
network of provincial highways, local roads, and logging roads. Soil geochemistry and surface rock
sampling have identified anomalous copper, vanadium and gold mineralization within rocks of the
Karmutsen Formation. Valk is located 25 km north of the historic Island Copper Mine (345 Mt @ 0.41%
Cu) and the North Island Copper and Gold Project (Indicated resource of 305 Mt @ 0.21% Cu).
ON BEHALF OF THE BOARD
"Wesley C. Hanson"
President & CEO
For further information, please contact:
Phone: +1 647-362-9675
Email:
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in
any jurisdiction
ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), AND MAY NOT BE OFFERED OR
SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
1933 ACT.
Notice on forward-looking statements:
Information set forth in this news release contains forward-looking statements. These statements
reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees
of future performance. Xplore cautions that all forward-looking statements are inherently uncertain and
that actual performance may be affected by a number of material factors, many of which are beyond
Xplore's control. Such factors include, among other things: risks and uncertainties relating to Xplore's
ability to complete the proposed Transaction; and other risks and uncertainties, including those to be
described in the Filing Statement to be filed by Xplore on
SEDAR.com
. Accordingly, actual and future
events, conditions and results may differ materially from the estimates, beliefs, intentions and
expectations expressed or implied in the forward-looking information. Except as required under
applicable securities legislation, Xplore undertakes no obligation to publicly update or revise forward-
looking information.
###
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