Xplore Appoints Exploration Growth Expert to the Board

Rhea-AI Summary

Xplore Resources Corp. (TSXV: XPLR) has appointed John Newell to its Board of Directors. Newell brings over 35 years of capital markets experience and 25 years in financing and managing resource exploration companies. He currently serves as President and CEO of Golden Sky Minerals. This appointment coincides with Xplore's preparations to drill its flagship Surge lithium project in northern Ontario. Additionally, Xplore has closed the Surge North property transaction, issuing 1,500,000 common shares and paying $75,000 to the vendor, who retains a 2% NSR, half of which can be bought for $750,000.

Positive

• Appointment of John Newell with 35 years of capital markets experience.
• John Newell's role as current President and CEO of Golden Sky Minerals.
• Preparation to drill Xplore's flagship Surge lithium project.
• Closure of the Surge North property transaction.
• Issuance of 1,500,000 common shares and $75,000 payment to the property vendor.

Negative

• The vendor retains a 2% NSR on the Surge North property.

Vancouver, British Columbia--(Newsfile Corp. - June 19, 2024) - Xplore Resources Corp. (TSXV: XPLR) ("Xplore" or the "Company") is pleased to announce the appointment of John Newell to the Xplore Board of Directors. Mr. Newell has over 35 years of capital markets experience, with nearly 25 years financing and managing successful resource exploration and development companies. He has an unbroken track record of delivering shareholder growth and is currently serving as President and CEO of Golden Sky Minerals Corp., a well-funded junior explorer focused on discovering new precious metal and copper projects in Canada. Mr. Newell is also a regular contributor and guest commentator for a range of mining and investment publications. He joins Xplore as the Company prepares to drill its flagship Surge lithium project in northern Ontario, Canada.

Dominic Verdejo, President, and CEO for Xplore, commented, "I am delighted to welcome John Newell to the Xplore Board of Directors, who joins at a very exciting time for the Company. As an expert in the junior resource sector, Mr. Newell's deep experience in resource company financing and leadership will further enhance Xplore's Board, and we look forward to working with him during what promises to be a catalyst-filled period of growth."

The Company also advises that it has closed the Surge North property transaction announced in its June 6, 2024 news release. The Company issued 1,500,000 common shares and paid $75,000 to the vendor of the property. The vendor retains a 2% NSR on the property, half of which can be purchased by the Company at any time for $750,000.

About Xplore Resources

Xplore Resources is a North American lithium exploration company listed on the TSX Venture Exchange under symbol XPLR. The Company has a prospective land package in the emerging Root Bay lithium district located in northwest Ontario. Xplore's flagship property is the Surge lithium project, on trend and near two lithium deposits and just 25 m from a new lithium discovery. The Company is led by a highly experienced management team with a strong track record of growing shareholder value.

ON BEHALF OF THE BOARD OF DIRECTORS,

Dominic Verdejo, CEO
Xplore Resources Corp.

For further information on Xplore, contact:
Telephone: 604-678-5308
Email: info@xploreresources.com
Website: www.xploreresources.com

Neither the TSXV nor its Market Regulator (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information and Statements

Statements contained in this press release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. The words "anticipate," "significant," "expect," "may," "will" and similar expressions are intended to be among the statements that identify Forward-Looking Information. Forward-Looking Information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, assumptions that general business and economic conditions will not change in a materially adverse manner and all requisite information will be available in a timely manner. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, risks related to unforeseen delays; general economic, market or business conditions, regulatory changes; timeliness of regulatory approvals, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this Forward-Looking Information. The Company does not assume the obligation to revise or update this Forward-Looking Information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/213525

FAQ

Who was appointed to the Xplore Board of Directors on June 19, 2024?

John Newell was appointed to the Xplore Board of Directors on June 19, 2024.

What is the significance of John Newell's appointment to Xplore Resources?

John Newell brings over 35 years of capital markets experience and 25 years in financing and managing resource exploration companies, enhancing Xplore's leadership as it prepares for growth.

What project is Xplore Resources preparing to drill?

Xplore Resources is preparing to drill its flagship Surge lithium project in northern Ontario.

What did Xplore Resources issue as part of the Surge North property transaction?

Xplore Resources issued 1,500,000 common shares and paid $75,000 to the vendor as part of the Surge North property transaction.

What financial terms were involved in the Surge North property transaction?

The vendor retains a 2% NSR on the property, half of which can be purchased by Xplore Resources for $750,000.