Quaterra Provides Update on Duke Island
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/28/11 -- Quaterra Resources Inc. (TSX VENTURE: QTA)(NYSE Amex: QMM) today announced that Copper Ridge Explorations Inc. has terminated its option on the Duke Island project in southeast Alaska.
Copper Ridge had an option to acquire 65% of the Duke Island project subject to certain spending commitments. The project will now revert entirely to Quaterra and the Company will examine various options for the future course of action for the property.
Quaterra Resources Inc. (TSX VENTURE: QTA)(NYSE Amex: QMM) is a junior exploration company focused on making significant mineral discoveries in North America. The Company uses in-house expertise and its network of consultants, prospectors and industry contacts to identify, acquire and evaluate prospects in mining-friendly jurisdictions with the potential to host large and/or high-grade base and precious metal deposits.
On behalf of the Board of Directors,
Dr. Thomas Patton, President and CEO, Quaterra Resources Inc.
Some statements contained in this news release are forward-looking statements within the safe harbor of the Private Securities Litigation Reform Act of 1995. These statements generally are identified by words such as the Company 'believes', 'expects', and similar language, or convey estimates and statements that describe the Company's future plans, objectives or goals. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further information regarding risks and uncertainties which may cause results to differ materially from those projected in forward-looking statements, are included in filings by the Company with securities regulatory authorities. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The Company does not undertake to update any forward-looking statement that may be made from time to time except in accordance with applicable securities laws. References may be made in this press release to historic mineral resource estimates. None of these are NI 43-101 compliant and a qualified person has not done sufficient work to classify these historic estimates as a current mineral resource. They should not be relied upon and Quaterra does not treat them as current mineral resources.
Expanded information on the Company's projects is described on our website at www.quaterra.com.
The TSX Venture Exchange and the American Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
Contacts:
Quaterra Resources Inc.
Gerald Prosalendis
604-641-2746
corpdev@quaterra.com
www.quaterra.com