International Explorers and Prospectors Inc. signed a letter of intent to acquire China Goldcorp Ltd. (TSXV:CAU.H) in a reverse merger transaction on November 15, 2013. It is expected that each shareholder of IEP will receive one common share of China Goldcorp for each IEP common share held resulting in the current shareholders of China Goldcorp holding approximately 19.6% of the common shares of the combined entity and the current shareholders of IEP holding approximately 80.4% of the common shares of the resulting issuer upon completion of the transaction. Upon completion of the transaction, it is expected that Charles Beaudry will serve as President and Peter Colbert will serve as Chief Financial Officer of the Resulting Issuer. In addition, it is anticipated that the Board of Directors of the Resulting Issuer shall be reconstituted to consist of five Directors. It is currently intended that the board will be comprised of, Peter Crossgrove, Michael Daren, Thor Eaton, Ned Goodman and Charlie Kuo.

The transaction is subject to requisite regulatory approval, approval of International Explorers Board and shareholders, obtaining financing, approval of the TSX Venture Exchange and standard closing conditions, including the execution of a definitive agreement, completion of due diligence investigations to the satisfaction of each of China Goldcorp and IEP, IEP must complete a private placement for minimum gross proceeds of CAD 1.5 million at an anticipated issue price of CAD 0.75 per FT Share. China Goldcorp is not required to obtain shareholder approval for the transaction.

As of December 18, 2013, International Explorers and Prospectors Inc. signed definitive agreement to acquire China Goldcorp Ltd. (TSXV:CAU.H) in a reverse merger transaction.

Corey MacKinnon of Heenan Blaikie LLP acted as legal advisor to China Goldcorp Ltd. Richard A. Pharand, Q.C. acted as legal advisor to International Explorers and Prospectors Inc.