Calgary, Alberta--(Newsfile Corp. - June 15, 2020) - Mr. Carrabba, President and CEO of Teras Resources Inc. (TSXV: TRA) ("Teras" or the "Company"): is pleased to provide its shareholders with the following update:
Over the past several months, Teras has engaged several consultants to examine the database of our Company's flagship "Cahuilla Project" for advice and guidance regarding future drill programs to increase the current grade and global resource of the project. The study was comprehensive and led to optimistic findings with respect to delineating the high grade sheeted veins and locating new high priority drill targets.
Teras has now engaged two groups to work with the revised dataset for internal re-modelling of the existing 2012 NI 43-101 resource model. This newly updated information will assist the Company in its discussions both internally and externally with potential interested parties. The Company will update its shareholders in the near term as to its action plan for continued growth.
The Company has been in advanced discussions on potential transactions of its Montana properties. Teras will be receiving $50,000 USD in the near future for a 60-day due-diligence period on its Golden Jubilee project in Granite County, Montana. An acceptable outcome of the evaluation will lead to a potential sale in the near term.
Subject to the approval of the TSX Venture Exchange, Teras has extended Warrants set to expire on July 4, 2020. The Warrants will now expire on July 4, 2022. The Warrants carry an exercise price of $0.15 and were issued pursuant to a private placement which closed on July 4, 2017.
Mr. Carrabba, Director, President and CEO of Teras commented, "I am pleased with the progress and near-term outlook for Teras. I look forward to providing our shareholders with updates as we move forward in these exciting times with the robust price of gold."
Teras has granted 2,000,000 purchase options to Mr. Carrabba and other consultants of the Company in accordance with the Company's stock option plan. The options have an exercise price of $0.08 per share. The expiry date of the options will be 5 years from the date of issuance, which shall be June 12, 2025.
Teras has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of the options to the directors and officers of the Company (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization).
Teras is focused on developing its Cahuilla project located in Imperial County, California. The project encompasses an area of at least 3 km by 1.5 km and Teras believes that the Cahuilla project has the potential to develop into a mining operation consisting of altered and mineralized sedimentary host rocks with numerous sheeted high-grade sheeted quartz veins. Teras filed a NI 43-101 technical report with an indicated resource of 1.0 million ounces of gold and 11.9 million ounces of silver on its Cahuilla project (70 million tons at an average grade of 0.015 ounces per ton gold and 0.17 ounces per ton silver with a cut-off of 0.008 ounces per ton gold) and inferred class of 10 million tons grading 0.011 opt gold and 0.10 opt silver. Gold equivalent ounces are 1.2 million ounces in indicated class and 130,000 ounces in inferred class using a ratio of 55 silver ounces to 1 gold ounce. For further information on the Cahuilla project refer to the NI 43-101 technical report entitled "Cahuilla Property 43-101 Technical Report," filed with Sedar on November 27, 2012.
Dr. Dennis LaPoint, a qualified person under National Instrument 43-101 "Standards of Disclosure for Mineral Projects," and a Director for Teras is the Company's nominated qualified person responsible for monitoring the supervision and quality control of the programs completed on the Company's properties. Dr. LaPoint has reviewed and verified the mining, scientific and technical information contained in this news release. Dr. LaPoint is a registered geologist with the Society of Mining Engineers.
For further project and corporate information, contact:
Teras Resources Inc.
Peter Leger, Director / Senior Consultant
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