Explor Closes a Private Placement of $1,600,000

Marketwired

ROUYN-NORANDA, CANADA--(Marketwire - Feb 19, 2013) - Explor Resources Inc. (the "Corporation") (TSX VENTURE:EXS)(EXSFF)(E1H.F)(E1H.BE) is pleased to announce that it has closed a non-brokered private placement for a total amount of CDN $1,600,000.

The aggregate gross proceeds from the private placement represents the sale of: (i) 16,000,000 units of the Corporation issued on a non-flow-through basis (the "Units") sold at a price of $0.10 per Unit, where each Unit is comprised of one common share in the capital of the Corporation (a "Common Share") and three-quarters (3/4) of one common share purchase warrant (each whole warrant referred to as a "Warrant"). Each whole warrant entitles the subscriber to purchase one (1) additional common share of the Corporation at a price of $0.15 per share for a period of three years from the date of the closing. Should the volume weighted average closing price of the Corporation''s common shares, as traded on the TSX Venture Exchange, exceed $0.50 per common share for more than 60 consecutive trading days following the date that is four months and one day after the closing date, the Corporation may accelerate the term of the Warrants included in the Units to the date which us 20 days following the date a press release is issued by the Corporation announcing the reduced Warrant expiry term.

In connection with the private placement, the Corporation paid finder''s fees representing: (a) 4% of the gross proceeds in cash; (b) common share purchase warrants ("Finder Warrants") representing 5 Finder Warrants for every 100 Units sold to investors by reason of an introduction from the Finder; and (c) common shares totaling 5 common shares for every 100 Units sold to investors by reason of an introduction by the Finder. Each Finder Warrant entitles the holder to purchase one common share at a price of $0.10 per common share for a period of 3 years from the closing. Should the volume weighted average closing price of the Corporation''s common shares, as traded on the TSX Venture Exchange, exceed $0.50 per common share for more than 60 consecutive trading days following the date that is four months and one day after the closing date, the Corporation may accelerate the term of the Finder Warrants to the date which us 20 days following the date a press release is issued by the Corporation announcing the reduced Warrant expiry term.

The securities issued pursuant to the Private Placement are subject to a hold period of four months and a day from the date of closing. This placement is subject to the final approval of the TSX Venture Exchange.

Explor Resources invites investors to visit our booth at the following conference:

Booth #2122 at the Investor Exchange of the PDAC 2013 located in the south building of the Metro Toronto Convention Center from March 3 to March 6, 2012.

The management team at Explor Resources Inc. looks forward to having you join us.

Explor Resources Inc. is a publicly listed company trading on the TSX Venture (EXS), on the OTCQX (EXSFF) and on the Frankfurt and Berlin Stock Exchanges (E1H).

This Press Release was prepared by Explor. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

This Press Release, required by applicable laws, is not for distribution to U.S. News Services or for dissemination in the United States and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state Securities Laws, and may not be offered or sold in the United States or to U.S. Persons unless registered or exempt therefrom.

About Explor Resources Inc.

Explor Resources Inc. is a Canadian-based natural resources company with mineral holdings in Ontario, Québec, 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 Québec with approximately 33% in Ontario and 67% in Québec. 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 Corporation was continued under the laws of Alberta in 1986 and has had its main office in Québec since 2006.

Explor Resources Flagship project is the Timmins Porcupine West (TPW) Project located in the Porcupine mining camp, in the Province of Ontario. The TPW mineral resource includes: indicated: 212,800 ounces of gold (1,371,000 tonnes at 4.83 g/t Au) and inferred: 814,800 ounces of gold (7,122,000 tonnes at 3.56 g/t Au (Press Release dated June 06, 2012).

This document may contain forward-looking statements relating to Explor''s operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Explor''s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filling. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not placed on such forward-looking statements. Explor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

Contact:
Christian Dupont, President
888-997-4630 or 819-797-4630
819-797-6050
www.explorresources.com
Investor Relations: Gary Lindsey
Stratastar Marketing Group LLC
720-273-6224

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