Teras Provides Corporate Update
14 March 2014 - 11:01PM
Access Wire
Calgary, AB / ACCESSWIRE / March 14, 2014
/ Teras Resources
Inc. ("Teras" or the "Company") (TRA.V): is
pleased to announce the appointment of Paul Stubbe as Vice
President of Project Development. Mr. Toby Mancuso has resigned as
Vice President of Project Development effective March
13th, 2014.
Mr. Paul Stubbe has more than
30 years of experience in the mineral exploration and mining
industries. Mr. Stubbe holds a Bachelor of Science degree in
Geological Engineering from the Colorado School of
Mines.
For the past three years Mr. Stubbe has been the Project
Geologist/Manager of the Cahuilla Project in Imperial County,
California. He has designed and directed the exploration drilling
programs which are credited with locating the highest grade gold
intercepts found to date on the project. He also developed a
comprehensive integrated geologic model of the epithermal
gold-silver system at Cahuilla that will be used to further guide
exploration and development programs.
Mr. Stubbe began his career as an exploration geologist
with Westmont Mining Inc. conducting grassroots exploration for
gold deposits in Nevada's prolific Carlin Trend. He has extensive
experience in porphyry copper exploration and development as a
consulting geologist with Magma Copper Company at Ruth, Nevada and
with BHP Tintaya in South America at their copper mine in southern
Peru. Mr. Stubbe has explored for base and precious metals on six
of the seven continents and has organized several programs
integrating geophysical, geochemical and geologic data resulting in
the successful targeting, drilling and delineation of mineral
resources. Although his primary focus has been the search for gold
and copper deposits, Mr. Stubbe also has experience in uranium
exploration and on diamond projects in northern Canada.
Paul Stubbe comments "It is an
exciting time to be part of a project that is rapidly expanding its
resource base guided by sound geologic modelling. From analysis of
the core drilled at the end of last year, we now recognize that a
system of high grade veining exists at Cahuilla. The recent core
drill information suggests they were emplaced in a conglomerate
sequence that was later covered by volcanic rocks that mask their
existence from the present surface. I am optimistic our current
drill program will take Cahuilla to a new level".
Teras recently received
results from some petrographic analyses done on two of the higher
grade intervals in drill hole CAH-0303, which was recommended and
managed by Dr. William C. Bagby: technical advisor to Teras' board
of Directors. The petrography shows that native gold, electrum
(gold-silver), and argentite (a silver-bearing mineral) occur
within quartz-adularia veins. This is a validation of Teras'
exploration concept that higher grade gold and silver zones occur
where the hydrothermal fluids boiled resulting in gold and silver
deposition. Our current core drill program is targeted to test one
of many sheeted vein zones for higher grade mineralization. The
current drill program is anticipated to be completed at the end of
this month and the results will be released once received from
Inspectorate laboratory in Reno Nevada.
Peter Leger, president and CEO
for Teras comments "Paul has played an integral part over the past
three years in assisting the company develop the geologic model at
Cahuilla and gaining an understanding of its structure, we are
pleased to have the continuity of Mr. Stubbe to carry on the
excellent performance of Mr. Toby Mancuso to develop
Cahuilla.
Subject to regulatory
approval, the Company is granting to Mr. Paul Stubbe, under the
terms of its stock option plan, options to purchase up to 200,000
common shares at a price of $0.30 per share. The options will vest
over a two year period and have an expiry date of March 14th,
2019.
Teras continues to focus on
delivering shareholder value by developing its Cahuilla project in
Imperial County, California. As of March
11th, 2014 the company completed 3
diamond core holes of its current angled drill program with
respective depths of 500, 650 and 600 feet and currently on the
4th hole with a target depth of 500 feet.
It is anticipated we will begin shipping core to Inspectorate Lab
in Reno Nevada the first part of next week. The results of the
drilling will be released once received.
About Teras
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 and volcanic host rocks with numerous sheeted
high-grade quartz veins. Teras filed a NI 43-101 compliant
technical report with an indicated resource of 1.0 million plus
ounces of gold and 11 million plus ounces of silver on its Cahuilla
project (70.148 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). The Company has a goal to increase the grade
and tonnage of the resource and develop the project for future
mining operations.
Dale A Vitone P. Eng.,
registered with the Association of Professional Engineers of
Ontario, Alberta and Northwest Territories and a director of 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. Mr. Vitone has reviewed and
verified the mining scientific and technical information contained
in this news release.
For
further project and corporate information, contact:
--------------------------
|Teras Resources Inc. | |
|Peter Leger, President| |
|(403) 262-8411 | |
|(403) 852-0644 | |
|Email: pleger@teras.ca| |
|Website: www.teras.ca | |
| | |
--------------------------
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 news release.
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 are forward-looking
information. Generally, forward-looking information may be
identified by the use of forward-looking terminology such as
"plans", "goals", " expects" or "does not expect", "proposed",
"potential", "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 diamond drilling program being conducted by the
Company and the timing of results of such program; the potential of
the Company's Cahuilla project to develop into a mining operation;
and the Company's goals for the Cahuilla project. 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 availability of
third parties to conduct and evaluate the results of the diamond
drilling program; the actual results of exploration projects and
current exploration programs being equivalent to or better than
estimated results in technical reports or prior exploration
results; and future costs and expenses being based on historical
costs and expenses, adjusted for inflation. 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. A description of other assumptions used to
develop such forward-looking information and a description of other
risk factors that may cause actual results to differ materially
from forward-looking information can be found in the Company's
disclosure documents on the SEDAR website at
www.sedar.com. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking 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.
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