Ressources Minières Pro-Or Inc.
TSX VENTURE : POI

Ressources Minières Pro-Or Inc.

December 12, 2006 09:00 ET

Pro-Or Reports Third Quarter Results

- The Company's platinum-group recovery process enters Phase 3 of development - A 5,000-metre drilling contract is granted on the Menarik property in James Bay, Quebec - Working capital exceeds $1 million at September 30, 2006

MONTREAL, QUEBEC--(CCNMatthews - Dec. 12, 2006) - Ressources Minieres Pro-Or Inc. ("Pro-Or" or the "Company") (TSX VENTURE:POI), a Quebec-based mining exploration company, comments its results for the third quarter ended September 30, 2006. The Company posted a net loss of $208,883 for the third quarter of fiscal 2006 compared to a net loss of $66,873 for the same period last year. For the year to date, the net loss amounts to $362,499 compared to $155,217 for the same period last year. The greater net loss for this year is attributable to higher investor relations and engineering consulting fees paid out during this transition period for the Company.

"Pro-Or has reached a new stage in its development," stated Company President and Chief Executive Officer Pierre Gevry. "Our platinum-group metals (PGM) recovery process is showing good potential, and we now have the in-house capability to oversee the modification of the current plant to allow industrial-scale PGM recovery from concentrate. This has required a certain level of expenditure on both the operating and investor relations fronts in the past few months."

Subsequent to the end of the quarter, the Company announced that it was commencing work on upgrading its plant in Saint-Augustin-de-Desmaures, Quebec. The modifications involve process engineering and the addition of feed capacity, operating and processing peripherals to transform the pilot plant into an ongoing industrial operation to recover PGM from recycled catalytic converters. The work is carried out under the supervision of Phytronix Technology of Quebec City, and will take place over a six-month period.

In October, Pro-Or's PGM recovery process was the subject of an extensive report by US-based ResourceInvestor.com, a mining, drilling and piping industry news website. The article can be accessed at http://www.resourceinvestor.com/pebble.asp?relid=24812.

During the third quarter, the Company also continued exploring its Menarik chromite-nickel-copper-platinum property in James Bay, Quebec. A 5000-meter drilling program has started on the property, with 2,000 meters scheduled for completion by year-end and at least 3,000 additional meters to be drilled beginning next March.

About Pro-Or

Founded in 1986, Pro-Or is active in the exploration of mining properties with a view to commercial production. Its primary mining asset is the Menarik property, which hosts one of the largest known chromite deposits in North America. In the past five years, Pro-Or has also conducted R&D that has led to the development of two innovative, patented processes, one for upgrading chromite and another for recovery of platinum group metals from refractory ores and recycled catalytic converters. More information can be found on the Company's website at www.pro-or.com.

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Contact Information

  • Ressources Miniere Pro-Or Inc.
    Pierre Gevry, President
    514-849-7336
    www.pro-or.com