On September 29, 2011 Teras signed an Exploration and Earn-In Agreement with Consolidated Goldfields Corp., for the 35% balance of the Cahuilla project giving Teras 100% interest in the Project.
The Cahuilla Project is a large epithermal, paleo-hot springs system hosting multiple high grade veins that occur within an extensive body of disseminated gold-silver mineralization. For further information on the Cahuilla project refer to the NI 43-101 technical report entitled "Cahuilla Property 43-101 Technical Report," dated October 25, 2007 prepared by Todd Wakefield, MAusIMM of AMEC E&C Services filed on Sedar on November 15, 2007.
The terms of the agreement specify that Teras will have a 24 month Option to earn the 35% balance of the Cahuilla gold project and 100% interest in four other high ranking gold projects. Teras can exercise the option at any time within the 24 month period by issuing 10 Million common shares of the company to Consolidated and spending $1,000,000 in work commitment on the Cahuilla project within that period.
Further to press releases dated October 8, 2009 and February 8, 2010, respectively, Teras has entered into an earn-in agreement with Consolidated Goldfields Corporation ("Consolidated"), providing Teras with the exclusive option to earn a 65% undivided interest in their Cahuilla project. Pursuant to the terms of the Earn-In Agreement and subject to certain conditions being met in accordance with the Earn-In Agreement, Teras has issued 4,000,000 common shares to Consolidated and has deposited US$1,000,000 into an account for the exclusive use of exploration, development and maintenance expenditures on the Property. In addition, in order to exercise the option and earn its 65% interest in the Cahuilla project Teras must issue an additional 10,300,000 common shares to Consolidated and put an additional US$800,000 into the Account on or before the first anniversity date of February 8, 2010. The exercise of the option by the issuance of the additional common shares and the additional expenditure payment is at the sole discretion of Teras. If the option is not exercised, Teras will lose its interest in the Properties.
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