Teras Appoints Mr. Gordon Glenn to its Board of Directors
27 June 2014 - 10:30PM
Access Wire
Calgary, AB / ACCESSWIRE / June 27 2014 / Teras
Resources Inc. ("Teras" or the "Company") (TRA.V): is
pleased to announce the appointment of Mr. Gorden
Glenn to its Board of Directors. Mr. Jim Hutch has resigned as a
Director of the company. We are pleased Mr. Hutch has joined our
Advisory board remaining a valuable asset to the
company.
Peter Leger,
President and CEO for Teras comments, "We are very pleased
and would like to welcome Mr. Gorden Glenn to the Teras team and
its Board of Directors. Mr. Glenn brings years of mining,
exploration and capital market experience to the company. Mr. Glenn
resides in Toronto which will assist Teras in providing direct
company presence in the capital markets moving forward."
Mr. Glenn has over 25 years of mining, exploration and capital
markets experience. Mr. Glenn received his BScH in Geological
Sciences from Queen's University in 1988. Following that he spent 9
years in industry as a project geologist with Inmet Mining and
Kennecott Canada Inc. where he developed and managed grassroots and
advanced exploration programs, completed resource estimates and
contributed to feasibility studies. Between 1997 and 2004 Mr. Glenn
was a mining equity analyst at various financial institutions
including GMP Securities and RBC Capital Markets covering small and
large capitalization precious and base metal mining companies.
In 2005 Mr. Glenn joined TD Securities Investment Banking team
where he was instrumental in re-establishing the mining investment
banking team as Vice-President & Director. Between August 2010
and December 2011, Mr. Glenn was the Managing Director of Mining
Investment Banking for Desjardins Securities. Following a
successful career in investment banking advising North American and
International mining and metals companies on debt and equity
financing, mergers and acquisitions and corporate strategy and
restructurings. Mr. Glenn returned to industry as a corporate
director, consultant and senior executive to build companies and
create shareholder value.
He is currently Chairman, President & CEO of Minnova Corp.
(formerly Aurgica Gold Corp.) where he successfully restructured
and re-organized the company to preserve and enhance shareholder
value. Mr. Glenn currently sits on the boards of Entree Gold Inc.,
Geodex Minerals Ltd., Source Exploration Corp. and Aurora Gold
Corp.
Subject to regulatory
approval, the Company granted to Mr. Glenn 300,000 options to
purchase common shares of the Company under the Company's stock
option plan. The options have an exercise price of $0.16 per share
and will vest over an 18 month period releasing as to
1/6 every 3 months. The expiry date of the options will be 5 years
from the date of issuance, being June 27, 2019.
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 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.
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 reviews mining
scientific and technical information contained in our news
releases.
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.
SOURCE: Teras Resources Inc.
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