TORO RESOURCES CORP. ("TRK")
BULLETIN TYPE: Property-Asset or Share Purchase Amending Agreement
BULLETIN DATE: June 27, 2012
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation in connection with an amendment to the option agreement relating to the Morgan Peak property (the "Property"). The amendment is being effected pursuant to the terms of an Amending Agreement dated June 6, 2012 between Toro Resources Corp. (the "Company"), Toro Resources Inc. (a wholly owned subsidiary of the Company. "TRI") and Minquest Inc. (the optionor of the Property. The "Optionor"). The Company, through its wholly owned subsidiary, has an option to acquire a 100% interest in the Property.
The terms of the amending agreement extend the deadline for completion of $450,000 of exploration expenditures on the Property on or before the third anniversary of the option agreement by one year to February 1, 2014. Such extension is subject to the requirement that if, during the period between the third anniversary and the fourth anniversary of the option agreement, the price of copper exceeds $3.90 per pound for a period of 20 consecutive business days, the Company must within 60 days of the first business day following the end of the pricing period, provide finances in the amount of $150,000 to the Optionor for a $150,000 drilling program to be carried out on the Property. If such a drill program is carried out, the Company will be entitled to deduct the amount of $150,000 from any future exploration expenditures required under the option agreement.
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