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by Will Purcell

The critical and specialty minerals stocks box score was a horrible 31-147-152 on Wednesday as the TSX Venture Exchange fell 31 points to 830. Well, one has to admire her tenacity: Laura Lee Duffett's Tres-Or Resources Ltd. (TRS), last at 5.5 cents when it was halted in July, is doggedly sticking with diamonds. The company has upped its definite maybe of a deal to a definitive share exchange agreement with a private numbered Ontario company owned by TEC Holding LP. The deal will give Tres-Or ownership of the Stonecutter diamond property, just northeast of Wawa in Northern Ontario.

Yes, Tres-Or must issue 54.54 million shares to the shareholders of TEC Holding LP, and since Tres-OR has just 25 million shares currently issued, this becomes a reverse takeover transaction. "Aha!" you snort, expecting to bid Ms. Duffett adieu, as she readies to leave her long-running role as the company's chief executive officer. Well, not so fast: While the backers of TEC Holding will control half the expanded Tres-Or's stock, its participation in the company's affairs will be to nominate two directors to the five-person board. Further, Ms. Duffett, one of the other three, will stay on as CEO. Also staying on will be Ken Johnson and Martin Doyle.

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