Ressources Minières Pro-Or Inc.

Ressources Minières Pro-Or Inc.

December 10, 2010 14:03 ET

Ressources Minieres Pro-Or Inc.: Update on St-Augustin Plant Activities

Everett Resources Option Agreement Amendment

MONTREAL, QUÉBEC--(Marketwire - Dec. 10, 2010) - PRO-OR (TSX VENTURE:POI) is actively pursuing its Platinum Group Elements (« PGE ») production phase at its Saint-Augustin-de-Desmaures, Quebec, pilot plant.

Since July 2010, the plant operates 12 hours a day using locally bought catalytic converters ("CCs"). Mr. Léo-Guy Morrissette, Vice-President and Operations Manager of the St-Augustin plant has been ensuring the procurement of CCs from local suppliers. Purchases to date amount to $130,000. Since July there has been some plant stoppages for various reasons, one of which is a pressure drop in the reactor. The origin of the problem took some time in being identified. There was also a need to replace certain ventilator parts. The latest production report from the plant indicates that the problems have been resolved and the plant is operational. 

A first shipment of three PGE (Rhodium, Platinum and Palladium) concentrate, produced during this period was shipped to the refiner a few weeks ago. The processing of 692.5 kg of CC material produced 9.868 ounces of Platinum, 9.465 ounces of Palladium and 1.894 ounces of rhodium generating revenues of US$24,457.45. This amount is lower than anticipated and is attributable to the reactor and ventilator problems which have now been remedied. To confirm this, Pro-Or must wait for the results of the next shipment to the refiner expected before the end of 2010.

The St-Augustin team, led by Mr. Morrissette, has lost one member. Mr. Alexandre Hébert, metallurgist, which has been with Pro-Or for 4 years has tendered his resignation for personal reasons. Pro-Or wishes to thank Mr. Hébert for his participation in the research and development of the PGE recuperation process.

The Corporation also wishes to announce that it has amended the Option Agreement signed with Everett Resources Ltd. They now have until April 30, 2011 to complete $500,000 of exploration work ( or drilling) called for under the Agreement. According to Everett's management this very important drilling stage should begin by the start of February 2011. In accordance with the Agreement Everett must complete $5 million of exploration work on the Menarik property by the end of August 2013.

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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