Tres-Or (Ghana) Limited Enters Into a Profit Sharing Agreement
4/7/2009 12:37:40 PM -
Tres-Or Resources Ltd. (the "Company") (TSX VENTURE:TRS) is pleased to announces that its wholly owned subsidiary Tres-Or (Ghana) Limited ("Tres-Or Ghana") has entered into a profit sharing agreement (the "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.
While the Agreement contemplates the Parties providing services to a number of projects, initial efforts will be in connection with the Agudee 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. 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 related to the Agudee Project equally.
ON BEHALF OF THE BOARD OF DIRECTORS OF TRES-OR RESOURCES LTD.
Laura Lee Duffett, President and Director
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