Calgary, Alberta–(Newsfile Corp. – July 16, 2020) – Teras Resources Inc. (TSXV: TRA) (“Teras” or the
“Company”) and Mr. Joe Carrabba President / CEO, is pleased to announce that it intends to complete
a non-brokered private placement of up to 20,000,000 units (each a “Unit”) at a price of $0.05 per Unit
for gross proceeds of up to $1,000,000, subject to approval of the TSX Venture Exchange. Each Unit will
consist of one common share (a “Common Share”) and one Common Share purchase warrant (a
“Warrant”). Each Warrant is exercisable into one Common Share at a price of $0.075 per share for a
period of two years from the issuance of such Warrant. A finder’s fee and/or finder warrants may be paid
on the gross proceeds of all or any portion of the private placement.
Mr. Joseph Carrabba, President and CEO for Teras comments “The majority of the proceeds will be
used to refine the large database of information Teras has accumulated over the years. The results of the
improved database will be the basis for reevaluating the resource model. Teras will provide an update to
its shareholders on the positive advancements it has made over the past few months”.
For further details on the private placement, please contact the Company. All securities issued in
connection with the private placement will be subject to a hold period of four months and one day from
the date of closing.
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:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be
forward-looking information. Generally, forward-looking information may be identified by the use of
forward-looking terminology such as “plans”, ” expects” or “does not expect”, “proposed”, “is expected”,
“budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases, or by the use of words or phrases which state that
certain actions, events or results may, could, would, or might occur or be achieved. In particular, this
press release contains forward-looking information regarding: the ability to raise the capital needed for
the companies Cahuilla project, the development and advancement of the Cahuilla project, the
development of the geologic model in respect of the Cahuilla project, the development of further drill
plans in relation to the Cahuilla project and the potential of the Cahuilla project to develop into a mining
operation. This forward-looking information reflects the Company’s current beliefs and is based on
information currently available to the Company and on assumptions the Company believes are
reasonable. These assumptions include, but are not limited to, the actual results of exploration projects
being equivalent to or better than estimated results in technical reports or prior exploration results, future
costs and expenses being based on historical costs and expenses, adjusted for inflation, the ability of
the Company to obtain acceptable financing, market acceptance of its exploration programs and
projects; consistent and favorable commodity prices; and regulatory acceptance of the Company’s
geologic models . Forward-looking information is subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied by such forward-looking information.
Such risks and other factors may include, but are not limited to: the early stage development of the
Company and its projects; general business, economic, competitive, political and social uncertainties;
commodity prices; the actual results of current exploration and development or operational activities;
competition; changes in project parameters as plans continue to be refined; accidents and other risks
inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory
approvals; changes in legislation, including environmental legislation, affecting the Company; timing and
availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of
qualified, skilled labour or loss of key individuals. Although the Company has attempted to identify
important factors that could cause actual results to differ materially from those contained in forwardlooking information, there may be other factors that cause results not to be as anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on forward-looking information. The
Company does not undertake to update any forward-looking information, except in accordance with
applicable securities laws.