Teras Provides Corporate Update and Announces the Cahuilla Technical Data Package is Now Available for Viewing
CALGARY, ALBERTA -- (Marketwired) -- 05/09/13 -- Teras Resources Inc. ("Teras" or the "Company") (TSX VENTURE: TRA) (OTCQX: TRARF) Teras is pleased to provide a corporate update for the Cahuilla gold/silver project in Imperial County, California. The comprehensive digital technical data package for Cahuilla is now available for viewing, which includes detailed geology, geophysics and geochemistry in addition to the NI43-101 compliant resource database. The technical data package will also incorporate substantial amounts of new, valuable information that is currently being generated to better define deep high grade drill targets that will be tested when drilling resumes in the second half of 2013.
The Company has engaged Dr. William C. Bagby, California PG 7396, AIPG CPG-11457, to lead a highly professional technical team to conduct a comprehensive review of the recent and historical data that has been generated for the Cahuilla project. In addition, Dr. Bagby has recommended various detailed geologic studies that will assist Teras in improving the quality and accuracy of the existing database, which will be used to more effectively locate new drill targets.
For example, Dr. Bagby and his team recommended that drill samples be re-assayed for silver using a four acid digestion technique instead of the original two acid digestion procedures used to analyse drill samples from Teras' recent drill campaigns. As reported in the May 2, 2013 press release, the four acid digestion results were 41% greater than the original two acid digestion assays, which may eventually result in a substantial increase in the silver resources. The Company is continuing to conduct additional silver analyses from other drill-hole intervals using the four acid digestion procedure.
Dr. Bagby concludes in his report that only a very small percentage of the potentially mineralized volume of this extensive gold and silver-rich geothermal system has been drill tested. He also indicates that there is considerable benefit to re-evaluating all Cahuilla geologic, geochemical, mineralogical, and geophysical data. Basically, the objective is to reconstruct a picture of the Cahuilla geothermal system when active, thereby allowing Teras geologists to better predict where high-grade gold and silver values may occur. Such compilation and re-evaluation of data is cost-effective and exceptionally important, reducing the risks associated with targeting deeper high grade gold/silver-bearing veins.
Peter Leger, President and CEO of Teras Resources remarked "We are happy to report that the digital technical data package for Cahuilla is now available for review by interested parties. The Company is also very pleased with the excellent work performed by Dr. Bill Bagby and his team. His findings have significantly improved our Cahuilla project by enhancing the technical database; and as a result, we can more confidently plan future drill programs focused on high grade precious metal targets. Having a well-respected and highly qualified person as Dr. Bagby involved with our Cahuilla project and the very positive feedback increases our confidence greatly in developing Cahuilla into a world class project similar to the Mesquite Mine which is a short distance away in the same county."
Dale A Vitone P. Eng., registered with the Association of Professional Engineers of Ontario, Alberta and North West Territories 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. Mr. Vitone has reviewed and verified the technical information contained in this news release.
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 cutoff of 0.008 ounces per ton gold). The Company has an aggressive plan to increase 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.
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.
Contacts:
Teras Resources Inc.
Peter Leger
President
(403) 262-8411 or (403) 852-0644
pleger@teras.ca
www.teras.ca