Tres-Or Resources Ltd.

Tres-Or Resources Ltd.

September 15, 2009 09:00 ET

Tres-Or (Ghana) Limited Progresses Toward Gold Production

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 15, 2009) - Tres-Or Resources Ltd. (the "Company") (TSX VENTURE:TRS) is pleased to provide an update on its operations in Ghana, West Africa. Tres-Or (Ghana) Limited ("Tres-Or Ghana") provides mining and related services in connection with the Agudee Gold Project, a group of concessions held by a local syndicate of companies located in the Atwina Mpanua District of the Ashanti Region in central Ghana. Tres-Or Ghana is assembling a 200 tonne per hour (tph) alluvial gold plant recovery system on-site. The contractors are Oasis Engineering Ltd. of Obuasi, a London based engineering firm. Oasis customers include Ashanti Goldfields, Newmont and Bogosso Gold.

Bulk sampling and test pitting of gold-bearing gravels at the Agudee site continues as ore pit development proceeds. Testing confirms over 95% mechanical recovery of gold which averages 20 to 22 carats from the source. Stripping ratios are fairly uniform with one to one and 1.5 to one being the average. The plant under development is a floating facility. Floating plants were first developed in New Zealand, where very stringent environmental laws exist and they are widely used in that country, as well as in the Yukon and northern British Columbia in Canada and other placer operations around the world.

The floating plant sits in a bedrock pond and is fed from shore by an excavator. The gold bearing gravels (ore) is processed on the barge. Gold is mechanically separated and concentrated and the remaining gravel or tailings are discharged from the rear of the barge while the excavator extracts and expands ore from the front of the barge. Using this method the ore pit is constantly moving forward and filling the pond behind, effectively reclaiming the mined ground as it moves forward. The "Floater" plant leaves a very small environmental footprint, as well as being a cost effective way of processing ore and eliminating separate tailings disposal. No chemicals or mercury is used in the recovery process.

Tres-Or Ghana has entered into a profit sharing agreement with a private Ghanaian company whereby the two parties (the "Parties") will collaborate in providing mining and related services to gold mining projects located in Ghana and will share the profits derived therefrom on a 50/50 basis. As consideration for providing turnkey mining and project administrative services on the Agudee Project, the Parties will collectively be entitled to 73% of the proceeds from the sale of any gold mined, to be split 50/50 between the Parties. Under the terms of the agreement Tres-Or Ghana is to fund the alluvial gold mining costs in stages, to a maximum of CDN$650,000, needed to place the Agudee Project into commercial production, following which the Parties will fund any additional expenditures equally. The Company has advanced its portion of the funding to move the project into commercial production.

Corporate Update

The Company also announces the grant of an aggregate of 3,200,000 options under the stock option plan to the Company's directors, advisors and consultants. Each such option may be exercised by the holder to purchase one common share of the Company at a price of $0.10 per share for a period of 4 years.


Laura Lee Duffett, President and Director

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

Contact Information

  • Tres-Or Resources Ltd.
    Laura Lee Duffett, P.Geo.
    (604) 541-8376
    Tres-Or Resources Ltd.
    Brian Biles
    (604) 688-8700