Tres-Or Options Pascalis Area Gold Properties to Pershimco
30 March 2011 - 8:30PM
Marketwired Canada
Tres-Or Resources Ltd. ("Tres-Or") (TSX VENTURE:TRS) and Pershimco Resources
Inc. ("Pershimco") (TSX VENTURE:PRO)(FRANKFURT:BIZ) are pleased to announce an
Option Agreement (the "Agreement") for Pershimco to acquire six (6) Pascalis
area claim blocks that surround Pershimco's Courville Gold Project in the Val
d'Or-Malartic Gold Mining Camp. The Pascalis area claims and showings are
located approximately 45 km northeast of Val-d'Or within the Abitibi belt of
northwestern Quebec and include several historic gold showings reported from
previous exploration work programs. For details refer to map of the Pascalis
area claims http://www.tres-or.com/images/gallery/pascalis.jpg
Under the terms of the Agreement, Pershimco can earn up to 100% of the Pascalis
area properties over a three (3) year period subject to a 2.0% Net Smelter
Return (NSR) where Pershimco can buy-back 1.0% NSR for one million and retains
the first right to buy-back the remaining 1.0% NSR. The properties under option
are jointly held by Tres-Or and its 50% partner, Sementiou Inc.
In order to complete the earn-in, Pershimco has agreed to pay $50,000 cash on
signing and issue 50,000 shares of Pershimco subject to Exchange approval of the
Agreement. Pershimco has also committed to spend $500,000 in exploration work
over a 24 month period. In addition, 12 months after signing of the Agreement,
Pershimco has agreed to pay $50,000 cash and issue 50,000 shares and in 24
months, will pay $100,000 cash and issue 100,000 common shares of Pershimco. To
complete the earn-in, Pershimco has agreed to spend a further $500,000 in
exploration work to acquire a 100% interest subject to a 2.0 % NSR.
The Agreement is subject to TSX Venture Exchange approvals.
On behalf of the Board of Directors,
Laura Lee Duffett, President and CEO
About Tres-Or Resources Ltd.:
Tres-Or Resources Ltd. (TSX VENTURE:TRS) is a Canadian resource company
exploring gold, base and precious metals and diamond projects in Ontario and
Quebec. Tres-Or's experienced team has proven success in exploration through to
discovery and mine development. Additional information related to the Company is
available at: www.tres-or.com.
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