Mann Platinum/Palladium Project, Ontario, Canada

During the quarter the Company completed an Option Agreement on April 10, 2000 to purchase an undivided 100% interest in the Mann Township Platinum/Palladium property located 47 kilometres northeast of Timmins, Ontario.  Consideration includes cash payments of $20,000 and 150,000 common shares of which $15,000 has been paid upon the signing of the agreement.  A further $5,000 cash (paid) and 50,000 common shares with a hold period to April 10, 2001 were issued upon Exchange acceptance of the agreement.   The balance of 100,000 common shares will be payable in two blocks of 50,000 shares each upon completion of Phase I and II exploration work programs.

The vendor will retain 3% Net Smelter Return (NSR) of which the Company may purchase 1% for $1,000,000 anytime prior to commercial production.  In addition, the Company will issue 100,000 common shares of the Company immediately prior to commercial production.  These provisions are subject to further Exchange review and acceptance.  

The Company has been actively engaged in discussions concerning joint venture participation in the Mann Project to assist in advancing the project.

The Mann Project is situated within the Mann complex, a large, layered ultramafic intrusion, which extends for 40 kilometres of strike length with a width greater than 1.5 kilometres. Preliminary work carried out on the property has uncovered PGE in-situ mineralization.  The PGE mineralization includes rock-saw channel samples which returned weighted average grades as follows: 

        Channel A-B average 0.654 grams/tonne PGE+Au over 12.20 metres

        Channel C-D average 0.574 grams/tonne PGE+Au over 14.00 metres

        Channel E-F  average 0.594 grams/tonne PGE+Au over 22.00 metres

Results from one drill hole 91-1, located 450 metres south of the channel samples returned a weighted average grade of 0.238 grams/tonne over 10.7 metres.

The PGE mineralization represents a new exploration target for the Mann complex.  An interesting geologic feature on the Mann Project is that the PGE’s are concentrated in a clinopyroxenite unit and are associated with only trace sulphides.  The clinopyroxenite unit is medium grained, hydrothermally altered and ranges between 14 to 30 metres in thickness and over 500 metres in length.

According to Good (1999), “the close special association of hydrothermal clinopyroxene, chlorite, and sulphides plus platinum-group minerals implies a hydrothermal origin for the PGE mineralization.  The apparent controls on the transport and deposition of PGE are similar to those of other PGE deposits of hydrothermal origin, such as the platiniferous pipes of the Bushveld Complex.”

The Company is very encouraged by the highly anomalous PGE values obtained in preliminary sampling on the Mann Project. A two phase exploration program is planned to evaluate the PGE potential and Ni-Cu sulphide potential of the property.  Currently, a detailed mapping, sampling and prospecting program with magnetometer, HLEM, and IP geophysical surveys is in the planning stages.  The first phase of exploration is intended to sufficiently advance the project to outline priority drill targets.

Shallow River, Shallow River East and Botany Base Metal Project, Ontario, Canada

The Company filed detailed assessment work from the Phase I exploration work completed January 2000 on the Shallow River Project, which encompasses the Shallow River East and Botany Options. The Phase I exploration program consisting of 15 kilometres of linecutting, 11.1 kilometres of horizontal loop electromagnetic (HLEM) surveys and 13 kilometres of magnetometer surveys has outlined a continuous conductor running through the Shallow River East grid (approximately 2.4 kilometres in length). In addition, a "quadrature only" HLEM response was identified on the Botany project, co-incident with a strong geobotanical anomaly that extends for 1.6 kilometres and has returned values up to 22,100 ppm zinc. 

This exploration program successfully outlined the potential eastward continuation of a prospective zinc-bearing felsic volcanic horizon previously identified in drill core from the contiguous Shallow River project. A rhyolite porphyry unit with highly anomalous zinc mineralization was intersected in two holes, 75 metres apart along the same section on the eastern edge of the property.  Significant intervals include 1.0% zinc over 6.9 metres and 1.0% zinc over 5.0 metres, including 2.55% zinc over 1.0 metre. Previous drilling to the west intersected 1.5% copper over 0.9 metres.  Moderate to strong CaO depletion in the rhyolite porphyry was identified which may be indicative of a semi-conformable alteration zone related to a volcanogenic massive sulphide (VMS) alteration system.  The prospective horizon remains open along strike to the east and to the west.

Further exploration is recommended to evaluate the base metal potential of the Shallow River, Shallow River East and Botany projects.  A multi-phase exploration program including linecutting, mapping, prospecting, further HLEM and magnetometer geophysical surveys and diamond drilling will further evaluate the potential for VMS mineralization. The Company is actively pursuing joint venture participation in the project to assist in advancing the project opportunity.

El Jazmin Project, Chihuahua, Mexico

On September 24, 2000 the Company announced the termination of an Option Agreement to acquire an interest in the El Jazmin property, Chihuahua, Mexico from VendTek Systems Inc. (formally EAV Ventures Corp.).  Tres-Or opted to terminate the agreement pursuant to paragraph 12 of the Option Agreement and Amendment Agreement and has no further obligations. The Company’s wholly owned Mexican company, Minera Tres-Or S.A. de C.V. is a fully registered incorporated company with the Direccion General de Minas and remains a corporate asset.  The Company is continuing to review additional project opportunities in Mexico.

CORPORATE , FINANCE AND INVESTOR RELATIONS ACTIVITIES

The Company completed an equity private placement of 216,667 units, each unit consisting of one common share at $0.15 and one non-transferable share purchase warrant which can be purchased anytime up until March 31, 2001 at $0.15 per share.  The Company will use the proceeds towards exploration of its Shallow River base metal projects, Mann platinum/palladium project and for general working capital.

The Company does not have any investor relations contracts.  Investor relations is managed by the Directors and includes daily contact with shareholders and attendance at industry conferences and trade shows.  Other investor relations activities include maintaining the Company’s web site, preparation and dissemination of documentation packages.