Tres-OR Receives Approval FOR the Amended and Restated Option ON It’S Fontana GOLD Project IN Québec
Tres-Or Office | 1934 – 131 Street | White Rock, B.C. | Canada V4A 7R7
Tel: 604-541-8376 | www.tres-or.com
TRES-OR RECEIVES APPROVAL FOR THE AMENDED AND RESTATED OPTION ON
IT’S FONTANA GOLD PROJECT IN QUÉBEC
Vancouver, B.C. – January 19 , 202 2 - Tres-Or Resources Ltd. (“ Tres-Or” or the
“Company”) (TSXV: TRS, OTCPK: TRSFF) announces that it has received TSX Venture
Exchange approval for an Amended and Restated Option A greement with Kiboko Gold
Inc. ("Kiboko") as per Tres-Or news release dated December 1, 2021.
About the Fontana Gold Project
The Fontana Gold Project located 16 km northeast of Amos, Québec was expanded to
include Tres-Or’s Duvay and Chenier gold project areas, and additional land was staked
to increase the project to more than 100 km2 of prospective terrain. The Project represents
a camp-scale opportunity for a discovery in the heart of Canada’s most prolific mining
district, the Abitibi gold belt.
Tres-Or’s Fontana Gold Project has a tremendous quantity of historic data ranging from
small scale mining to recent exploration drilling. The data includes geologic mapping,
detailed geophysics and geochemistry, bulk sampling, and assay data from more than
700 diamond drill holes dating back to 1937. Kiboko has this extensive dataset and
indicated to the Company that it is in the process of planning, budgeting, financing, and
pursuing an IPO listing to acquire Tres-Or’s interest in this property.
About the Amended and Restated Option Agreement
Under the new amended and restated option agreement Kiboko is granted a one stage
option to acquire all the Company's interest in the Fontana Gold Project claims subject to
certain royalty interests.
To exercise this Amended and Restated Option Kiboko must:
(a) return 2,000,001 Tres-Or common shares and return for cancellation 1,000,001
warrants of the Company previously issued to Kiboko;
(b) on or before June 30, 2022, complete an initial public offering of Kiboko securities
having gross proceeds of a minimum of $3,000,000 (the "IPO"); and
(c) within 30 days of the closing of the IPO pay $350,000 to Tres-Or and issue to the
Company shares of Kiboko (the "Kiboko Shares") having a value of $1,500,000 based
upon a share price equal to the price at which Kiboko's common shares were issued in
the IPO. The Kiboko Shares are to be subject to a 12 month hold period and such other
restrictions as are imposed under the po licies of the BC Securities Commission and the
TSX Venture Exchange. Notwithstanding these restrictions the Company may distribute
some or all the Kiboko Shares to its shareholders effective December 31, 2022.
It is the intention of the Company’s Board of Directors to distribute the Kiboko shares
received under this agreement to Tres-Or shareholders on a pro-rata basis, which will be
subject to further TSX Venture Exchange submissions and approvals. The record d ate
Tres-Or Office | 1934 – 131 Street | White Rock, B.C. | Canada V4A 7R7
Tel: 604-541-8376 | www.tres-or.com
upon which the distribution is based will be determined once the Kiboko shares have been
issued to Tres-Or.
The completion of this Kiboko agreement effectively separates Tres-Or’s gold property
assets from its current diamond property assets. Tres-Or will continue to focus on the
exploration and development of its Quebec diamond assets (refer to Tres-Or news release
November 16, 2021 - Macrodiamond drill program completed at the Guigues diamond
pipe) and continues to evaluate additional diamond project opportunities.
On behalf of the Board of Directors
“Laura Lee Duffett”
Laura Lee Duffett,
President and CEO
For further information
Laura Lee Duffett, President & CEO: +1 (604) 541-8376 – [email protected]
Dean Claridge, Business Development: +1 (604) 688-8700
Website: 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 or accuracy of this news release.
About the Company
Tres-Or Resources Ltd. is a Canadian resource company focused on exploring for
diamonds and gold resources in the Témiscamingue and Abitibi regions of Québec and is
listed on the TSX Venture Exchange under the trading symbol “TRS”. Additional
information related to the Company is available on SEDAR and on the Company’s website
(www.tres-or.com).