FRANC-OR RESOURCES CORPORATION
TSX : FOR

FRANC-OR RESOURCES CORPORATION

May 24, 2006 11:39 ET

Franc-Or Announces Extension of Expiry Date on Newmont Subscription Receipts

MONTREAL, CANADA--(CCNMatthews - May 24, 2006) - Franc-Or Resources Corporation (TSX:FOR) is pleased to announce that it has received regulatory approval to extend the expiry date to July 18, 2006 for the conversion of the 22, 932,100 remaining Subscription Receipts originally issued on July 12, 2004, pursuant to a private placement agreement between Franc-Or and Newmont Mining Corporation (NYSE:NEM). This proposed extension was announced on May 11, 2006 (see press release 06- 03).

The remaining Subscription Receipts will be automatically exercised into the underlying Units when Newmont is satisfied that at least one gold property presented by Franc-Or in Russia qualifies as a key property. Under the present extension, if no such property interest is acquired by July 18, 2006, the remaining private placement proceeds held in an escrow account will be returned to Newmont whereupon the Subscription Receipts will be cancelled for no further consideration.

Franc-Or and Newmont continue to monitor the status of the Bugdainskoe Au-Mo-W-Pb-Zn-Ag property in southeast Siberia, where the government-owned mining company with whom Franc-Or has been dealing is undergoing a broad re-structuring, making the timing of the completion of a Definitive Agreement uncertain.

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of Franc-Or, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Franc-Or's expectations are the risks detailed herein and from time to time in the filings made by Franc-Or with securities regulators.

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