CALGARY, ALBERTA--(Marketwired - Oct 17, 2013) - Teras
Resources Inc. ("Teras" or the
"Company") (TSX VENTURE:TRA)(OTCQX:TRARF): Teras
is pleased to report the final deposit of $2,613,996 received from
the exercise of outstanding warrants. In October 2010 the company
completed a financing whereby it issued 5,666,666 units at $0.30
which included a warrant to purchase one common share for a price
of $0.55 with an expiry date of October 15th, 2013. The
company is pleased to announce that the balance of the outstanding
warrants have been exercised and the company has received full
payment.
Peter Leger, President and CEO of Teras Resources, commented "We
are very grateful for the financial support and appreciate the
continued confidence of our loyal shareholders who have exercised
their warrants. We are proud of the progress we have made in tough
market conditions and will continue to work hard to increase
shareholder value. The exercise of these warrants strengthens our
balance sheet and overall financial position, further ensuring we
have sufficient resources to advance our flagship project
Cahuilla."
About Teras
The Company 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 demonstrates the potential for
a large-scale, bulk 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 1.2 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 an aggressive plan to
increase the grade and tonnage of the resource and develop the
project for future mining operations.
This press release may contain "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 potential of the
Cahuilla Project; the potential of geophysical programs on the
Cahuilla Project; the potential to expand the resource, to identify
new targets and to identify high grade zones and structures; the
timing of and potential of drilling and exploration programs,
surveys, studies and developments; and the potential for finding
high grade deposits.
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; continued success in drilling
and exploration programs and geological and geophysical studies at
the Cahuilla project; successful studies in mining techniques and
metallurgy; commodity prices continuing at today's prices or
rising; obtaining the necessary funding to carry out recommended
work programs, exploration and studies; and continued success in
obtaining permits. Additional assumptions can be found in the
Company's disclosure documents on the SEDAR website.
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 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.