ROUYN-NORANDA, QUEBEC -- Explor Resources Inc. (TSX VENTURE: EXS) (the "Corporation") wishes to announce that the Board of Directors of the Corporation ("Board of Directors") have conditionally adopted a new Stock Option Plan ("Stock Option Plan"), to become effective upon approval by the shareholders of the Corporation at the Annual General Meeting of shareholders to be held on December 16, 2008 and upon receipt of final approval by the TSX Venture Exchange Inc. A copy of the proposed Stock Option Plan will be available from the President of the Corporation upon request or by reading the Schedule attached to the Information Circular filed on November 24, 2008 on SEDAR at www.sedar.com. The Corporation proposes to replace the fixed 20% stock option plan with a rolling 10% stock option plan. Under the rolling 10% stock option plan, the Corporation may grant options to acquire common shares of the Corporation equal to 10% of the issued and outstanding shares from time to time subject to the terms and conditions prescribed by the TSX Venture Exchange Inc. and applicable securities laws.
On behalf of the Board and as President, J.D. Christian Dupont.
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 Company is headquartered in Quebec and was incorporated in Alberta in 1986.
Explor Resources Inc. is a public listed company trading on the TSX Venture (EXS).
This press release was prepared by Explor Resources Inc. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts: Explor Resources Inc. Christian Dupont President 800-388-8668 or 819-797-4630 819-797-6050 (FAX) www.explorresources.com Explor Timmins Office 877-264-1273 or 705-264-1273 705-264-1717 (FAX)
SOURCE: Explor Resources Inc.