Teras Provides Corporate Update
Calgary, AB / TNW-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:
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|Teras Resources Inc. | |
|Peter Leger, President| |
|(403) 262-8411 | |
|(403) 852-0644 | |
|Email: pleger@teras.ca| |
|Website: www.teras.ca | |
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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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