Tres-Or Announces Definitive Agreement to Acquire the Fontana Gold Project in Quebec
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/15/11 -- Tres-Or Resources Ltd. ('Tres-Or') (TSX VENTURE: TRS) and Globex Mining Enterprises Inc. ('Globex') (TSX: GMX)(FRANKFURT: GIM)(OTCQX: GLBXF) are pleased to announce that a definitive agreement for the acquisition of the Globex Fontana Gold Project has been completed (refer to news release dated July 5, 2011). Tres-Or has been granted an option (the 'Option') to acquire the interests of Globex in certain mineral claims in Quebec, being a 75% interest in 16 claims and a 100% interest in a further 6 claims, collectively known as the Fontana Gold Project. The interests of Globex in the Fontana Gold Project are subject to a 3% gross metals royalty and the 16 claims held by Globex as to 75% are also subject to a 15% net profits interest (the 'NPI'), both in favour of Globex. The Fontana Property is located 16km northeast of Amos in Duverny Township, Quebec and is proximal to the Company's advanced Duvay Gold Project and contiguous to the Company's East Mac property (http://www.tres-or.com/images/Fontana-Map-LRG.jpg).
In order to exercise the Option the Company is required to pay Globex $400,000 (of which $25,000 was previously paid as a non-refundable deposit) and is required to purchase the NPI from Globex for a total of $1,200,000, payable in increments over 84 months.
According to Quebec government reports describing the historic work carried out on Fontana, gold mineralization was discovered in veins in the Fontana Fault in the 1930's. Considerable work consisting of stripping, test pits, bulk testing and drilling has occurred on the Fontana Gold Project in subsequent decades of the 1940s, the 1980s, and 1990s. Gold mineralization is associated with pyrite and chalcopyrite rich quartz veins in the principal fault structures and associated fractures mapped on the property. Gold is often free gold and is erratic in distribution. Tres-Or has sponsored detailed structural mapping as a preliminary part of its evaluation and is compiling all the historic work associated with several mineralized gold zones and the noncompliant NI 43-101 historic resource estimates on the property into its proprietary Geographic Information System (GIS) database.
Laura Lee Duffett, President and CEO of the Company, a qualified person by the Standards of National Instrument 43-101, is overseeing the project and is responsible for the content in this news release.
On behalf of the Board of Directors,
Laura Lee Duffett, President and CEO
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
info@tres-or.com
www.tres-or.com