SOURCE: Dianor Resources Inc.

November 22, 2005 10:53 ET

Threegold Acquires Base Metal Property

VAL-D'OR, QC -- (MARKET WIRE) -- November 22, 2005 -- Dianor Resources Inc. (TSX-V: DOR) is pleased to announce that Threegold Resources Inc., Dianor's wholly owned subsidiary, has optioned the Vital base metal property located on the Gaspé Peninsula, Quebec. The Vital property is composed of 16 mining claims totaling 983.9 hectares and situated in the vicinity of the towns of Ste-Anne-des-Monts, Murdochville and New Richmond.

Dianor is in receipt of a NI 43-101 technical report on the Vital property prepared by Mr. Jean-Pierre Cloutier, P. Geo. The report recommends a work program consisting of an initial exploration phase of prospecting, geological mapping, stripping and geophysics followed by diamond drilling. The total budget for the work program amounts to $500,000.

The exploration history of the property dates back to the early 1910s when lead-zinc boulders were found on the shores of the Berry Creek. The source of the mineralization was traced back to the current Vital Property. Over the years, some 50 veins and mineralized zones were discovered on the property with exploration carried out through drifting in the mineralization from shallow shafts and adits. These operations resulted in a small-scale production of ore for which no records have survived.

The current exploration focus is on the copper mineralization discovered on the property by Mr. Vital Arsenault, a local prospector and businessman from Bonaventure, Quebec. The veins and breccias are mineralized with chalcopyrite, pyrite, hematite and magnetite. Confirmation of the copper content was obtained through routine assaying at a commercial lab, however these results are deemed non-representative due to the coarseness of the mineralization.

According to the terms of option agreement signed, Threegold will acquire a 100% interest in the Vital property by making a cash payment of $50,000 at signing, issue 300,000 common shares to the seller over a three-year period and expend $300,000 in exploration expenditures on the property. A 250,000 common share bonus will be granted at the pre-production stage, with 500,000 common shares granted at production. The seller retains a net smelter return royalty (NSR) of 2%, half of which may be bought back by Threegold for $1,500,000. Upon payment of $50,000, Threegold will have acquired a 50% interest in the property with the balance to be acquired upon the foregoing terms.

Dianor also announces that its Board of Directors has granted options in respect of an aggregate of 800,000 common shares of Dianor in accordance with the terms of its Stock Option Plan at an exercise price of $0.40 per share to seven employees, three consultants, three directors and two officers.

Dianor is an innovative exploration company focused on diamond exploration. The Company has entered into option/joint ventures in Quebec and Ontario with numerous exploration companies to explore for and discover diamond deposits.

Threegold Resources Inc. is a wholly owned subsidiary of Dianor and is focused on non-diamond exploration.

You can also visit our Web Site: www.dianor.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • For further information, please contact:

    Mr. John Ryder, P.Geo.
    President
    Dianor Resources Inc.
    Tel.: (819) 825-7090
    Fax: (819) 825-7545
    E-Mail: info@dianor.com

    Mr. Daniel Duval
    Chairman of the Board
    Dianor Resources Inc.
    Tel.: (819) 825-7090
    Fax: (819) 825-7545
    E-Mail: info@dianor.com

    Mr. Sylvain Laberge
    E-mail: slaberge@renmarkfinancial.com
    Renmark Financial Communications
    Tel: (514) 939-3989
    Fax: (514) 939-3717