Xplore Resources Corp. announced that it has signed a non-binding letter of intent ("LOI") with Abitibi Royalties Inc. ("Abitibi") to earn a 100% interest in the 1,750 Ha Upper Red Lake Gold Project (the "Upper Red Lake"), located in the Red Lake Mining Division, ON., Canada. Under the terms of the LOI and subject to the completion of satisfactory mutual due diligence by Xplore and Abitibi within 30 days of signing of the LOI, and subject to certain conditions, including the subsequent entry into a formal option agreement (the "Acquisition Agreement"), Xplore will acquire a 100% ownership in the Upper Red Lake by completing the following: The Company obtaining all necessary approvals from the TSX Venture Exchange and, on execution of the LOI, Xplore shall issue to Abitibi CAD 62,500 in common shares of Xplore based on the daily volume weight averaged (the "VWAP") price of Xplore's shares as reported by the TSX.V, for the 14 day period preceding execution of the LOI; and on or before the first anniversary date of signing the Acquisition Agreement, Xplore shall issue to Abitibi CAD 125,000 in common shares of Xplore based on the VWAP price of XPLR's shares as reported by the TSX.V, for the 14 day period preceding execution of the anniversary date; and Xplore agrees to complete sufficient exploration work on the property to maintain the claims in good standing; and on completing the share issuance obligations, Xplore shall have earned a 100% interest in the Upper Red Lake minus a 1.5% net smelter return ("NSR") on any future metal production from the Upper Red Lake. The Upper Red Lake Gold Project consists of 12 contiguous mineral claims (1,720 Ha) located in the Birch-Uchi Greenstone Belt, within the Red Lake Mining Division of Ontario. The project, located approximately 60 kilometers ENE of Red Lake ON, is road accessible and largely lies along the NW boundary of Prosper Gold Corporations ("Prosper"), Golden Sidewalk Project. Prosper has identified several W to WNW trending anomalous gold trends within their land package, many of which to trend on to the Upper Red Lake claim package.