Mr. Peter Leger reports
TERAS COMPLETES ITS ACQUISITION AND ADDS HIGH PROFILE NEVADA PROJECT AND WORLD CLASS MANAGEMENT
Teras Resources Inc. has completed the merger/acquisition with NV Mines of Nevada, which was announced on April 24, 2018. Teras is now positioned, with its new management team and technical expertise, to take its projects to a new level focusing on its Cahuilla project.
Peter Leger, president and chief executive officer of Teras, remarked: "The acquisition is a big move forward. As well, we would like to formally welcome Mr. Steven Craig to the Teras management team. Mr. Craig has an excellent reputation in the minerals industry, being well respected throughout the mining community in bringing exceptionally high-quality projects forward. Our new team will focus on advancing Cahuilla to an entirely new level in a very timely manner. We now have the full-time expertise to evaluate, acquire, model and develop projects from exploration to mine production and negotiate high-profile transactions."
Steven D. Craig has over 44 years of experience as an economic geologist specializing in mineral exploration and development of all types of metal deposits. He has held several executive-level positions in exploration, development and mining companies, including Kennecott Exploration/Rio Tinto, Romarco, Gryphon Gold, Golden Phoenix Minerals and El Tigre Silver. He has worked in the United States and several foreign countries, including Mexico, Honduras, Peru, Brazil and Papua New Guinea. Most of Mr. Craig's work has been in the Western United States and Nevada, where he has either directed or been a participant in numerous gold deposit discoveries and mine expansions. He has gained extensive experience in mine permitting, compliance, National Instrument 43-101 resource modelling and related technical report requirements. Mr. Craig has occupied leadership positions ranging from mid-level to executive-level management within various companies. He is a CPG and holds an MS in economic geology.
Mr. Craig remarked: "It is with great professional pleasure for me to be joining Teras Resources and its management team. Teras's flagship property, the Cahuilla gold-silver project, is quite familiar to me as I directed one of the first drill programs on the deposit with Kennecott in the 1990s. Teras has made significant advances at Cahuilla since Kennecott held the project, and I am confident that, together, we can bring tremendous value to the company's shareholders in the near future. The vast majority of my professional career has focused on exploring and developing precious metal deposits in the Western United States and this experience will greatly assist in further advancing the project and giving Cahuilla the exposure it deserves."
Teras will issue 3,565,000 shares of its common stock to the shareholders of NV Mines in exchange for 100 per cent of the shares of NV Mines. Teras will own 100 per cent of NV Mines, which controls a high-profile project in Nevada known as the Clipper mine.
The Clipper claims are summarized as:
- High-grade shallow lead-silver system; historical direct shipping ore assayed 114.6 ounces per ton (3,925 grams) silver and 40.4 per cent lead;
- High-grade deeper Carlin-type gold system confirmed by drilling that intersected anomalous gold within classic Carlin-type alteration;
- Copper-zinc system with samples assaying up to 12.9 ounces per ton (441 grams) silver, 2.2 per cent copper, 1.4 per cent zinc that were intersected in historical drilling.
Teras is pleased to inform its shareholders that the TSX Venture Exchange has consented to the extension in the expiry date of the following warrants (private placement)
Number of warrants: 13,483,750
Original expiry date of warrants: July 4, 2018
New expiry date of warrants: July 4, 2019
Exercise price of warrants: 15 cents (unchanged)
These warrants were issued pursuant to a private placement of 13,483,750 shares with 13,483,750 share purchase warrants attached, which was accepted for filing by the exchange effective July 6, 2017.
The TSX-V has also consented to the extension in the expiry date of the follow warrants (private placement).
Number of warrants: 9,454,332
Original expiry date of warrants: July 22, 2018
New expiry date of warrants: July 22, 2019
Exercise price of warrants: 24 cents (unchanged)
These warrants were issued pursuant to a private placement of 9,454,332 shares with 9,454,332 share purchase warrants attached, which was accepted for filing by the exchange effective July 26, 2016.
About Teras Resources Inc.
Teras is focused on developing its Cahuilla project located in Imperial county, California. The project encompasses an area of at least three kilometres by 1.5 kilometres, and Teras believes that the Cahuilla project has the potential to develop into a mining operation consisting of altered and mineralized sedimentary host rocks with numerous high-grade sheeted quartz veins.
Dr. Dennis LaPoint, a qualified person under National Instrument 43-101, Standards of Disclosure for Mineral Projects, 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. Dr. LaPoint has reviewed and verified the mining, scientific and technical information contained in this news release. Dr. LaPoint is a registered geologist with the Society of Mining Engineers.
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