TRES-OR ACQUIRES GOLD PROJECTS IN QUEBECTres-Or acquires Abitibi option from Sementiou
2010-01-21 16:44 ET - News Release
Ms. Laura Lee Duffett reports
TRES-OR ACQUIRES GOLD PROJECTS IN QUEBEC- NEWS RELEASE FOR DISSEMINATION
ACQUISITION OF PRECIOUS METALS PROJECTS IN QUEBEC
Tres-Or Resources Ltd. has entered into a property option agreement dated Dec. 21, 2009, with Sementiou Inc., whereby the optionor granted the company the exclusive right to acquire up to an undivided 76-per-cent right, title and interest in several groups of project claims in the Abitibi-Temiscamingue region of northwestern Quebec.
Tres-Or has paid $40,000 and reimbursed the optionor for work performed on the properties in 2009. Tres-Or has also committed to expend $200,000 in work over the next 18 months, to follow up on priority project results. It has agreed to pay a total of either $50,000 in cash or shares, or a combination of both, within one year of the signing the option agreement to complete a 51-per-cent earn-in. Tres-Or can elect, within 90 days of the earn-in, to acquire a further 25-per-cent interest for a total of 76-per-cent interest by paying $20,000 and completing further exploration expenditures of $100,000 within 12 months of such election. On completion of these terms, a joint venture agreement shall be entered into with Tres-Or holding a vested, 76-per-cent interest and the optionor holding a 24-per-cent interest in the Quebec projects. Tres-Or is the project operator.
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