Tres-Or agreement for Duvay property
Tres-Or agreement for Duvay property
2010-06-23 17:35 PT - Property Agreement
Shares issued 74,366,530
TRS Close 2010-06-21 C$ 0.08
The TSX Venture Exchange has accepted for expedited filing documentation of an option agreement dated May 13, 2010, between Tres-Or Resources Ltd. and Sementiou Inc. (insider -- Sylvain Gauthier) whereby the company has been granted an exclusive right and option to acquire up to a 100-per-cent interest in and to Duvay gold property located in the Abitibi greenstone belt, northwest of Amos, Que.
The company may earn an undivided 40-per-cent interest in the property by paying the sum of $115,000 cash and issuing 250,000 shares, and by incurring expenditures on the property totalling $275,000 on or before Sept. 30, 2010. The company can acquire a further 10-per-cent interest for a total of 50-per-cent undivided interest by issuing a total of 500,000 shares (by June 30, 2011) and by incurring exploration work expenditures of $1-million (by June 30, 2011). Further, the company will pay the sum of $225,000 on or before June 30, 2011. Having acquired the 50-per-cent interest, the company has the option to earn a further 15-per-cent interest by completing a 43-101-compliant technical report on the property. The company will have earned a 65-per-cent undivided interest in the property by completing a 43-101-compliant report and issuing 500,000 shares within 24 months of the signing of the option agreement.
On having deemed to have acquired a total of 65-per-cent undivided interest in the property the company can earn a further 15-per-cent interest for a total of 80-per-cent interest by incurring $4-million in expenditures. The company has the right to acquire the remaining 20-per-cent interest by effecting a merger, amalgamation or other form of business combination with the optionor, or the company can purchase any or all of the 20-per-cent interest by paying the sum of $1-million for each 1-per-cent interest in the property to be purchased.
The property is subject to a gross metals royalty (GMR) in entitling the holder to 1.5 per cent (where gold is $800 (U.S.) per ounce or less) and 2 per cent (where gold is $800 (U.S.) per ounce or greater).