Ressources Minières Pro-Or Inc.

Ressources Minières Pro-Or Inc.

August 23, 2010 09:00 ET

Pro-Or Grants Option to Everett for 50% Interest in Menarik Poly-Metallic Property

MONTREAL, QUEBEC, CANADA--(Marketwire - Aug. 23, 2010) - Ressources Minieres Pro-Or Inc. ("Pro-Or") (TSX VENTURE:POI) wishes to announce that they have entered into a mineral property option agreement (the "Option Agreement") whereby Pro-Or has granted to Everett Resources Ltd. an option to acquire an undivided 50% interest in and to Pro-Or's Menarik poly-metallic property (the "Property") located in the James Bay area of the Province of Quebec. Under the terms of the Option Agreement, to earn a 50% interest, Everett must issue to Pro-Or 4,500,000 common shares in the capital of Everett over two years and incur $5,000,000 in exploration and development work on the Property over a period of three years.

The Menarik Property is located in northwestern Quebec, approximately 45 kilometers to the south east of the town of Radisson. It comprises a contiguous group of 67 claims, for a total area of 3,062 hectares, fully owned by Pro-Or, free of any royalties Pro-Or, to date, has incurred expenditures in the order of $6,900,000 on the Property.

The Menarik property is best known for its chromite deposits, even though many poly-metallic and precious showings have also been discovered. A 43-101 compliant estimate of chromite resources made in 2006 by the consultant Group Roche from Quebec City and updated in 2009 by Yvan Bussières, P.Eng. indicated a total of measured and indicated resources exceeding 6.2 million metric tons grading on average 7.69% Cr2O3.

Based on a compilation report by Pro-Or's geologist, Yvan Bussieres, five different types of mineralization have been indentified on the Menarik Property. The Menarik ultramafic intrusion contains stratiform chromitite formations, massive sulphides and nickel-copper concentrations in the altered zones. Gold showings and mineralized felsic volcanic were found on the edges. The chromitite formations are similar to the South African Archean stratiform orebodies (Bushveld complex UG2 horizons). The massive sulphides are similar to the South African Bushveld complex Merensky reef and to Labrador's Voisey's Bay formation. The Ni-Cu concentrations in the altered zones look like Ontario's Armit Lake property. The gold showings are similar to the Cadillac-Larder Lake Archean gold deposits and the mineralized felsic volcanics are similar to Noranda's Horne Mine.

This news release has been prepared jointly by Everett and Pro-Or with the geological content reviewed and approved by Yvan Bussieres, P.Eng., geology, a qualified person under NI 43-101.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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