Tres-Or Options Pascalis Area Gold Properties to Pershimco
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/30/11 -- 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.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Contacts:
Tres-Or Resources Ltd.
Dominic Spedaliere
Corporate Communications
604-688-8700
604-688-8884 (FAX)
info@tres-or.com
www.tres-or.com