Teras Resources Inc.

Teras Resources Inc.

August 06, 2009 09:30 ET

Teras Engages Childers and Issues Options

CALGARY, ALBERTA--(Marketwire - Aug. 6, 2009) - Teras Resources Inc. ("Teras" or the "Company") (TSX VENTURE:TRA): Peter Leger, President and Chief Executive Officer of Teras is pleased to announce the engagement of Mr. Ricky Childers to assist with the Company's Watseca mine project.

Teras has been reviewing historical data collected over the past 12 months for the Watseca mine project, and in particular, the historical data of the Company's mill that is located on the property (the "Mill"), and has decided to pursue developing the Watseca mine project. Over the past few months the Company has been preparing the Mill for operation in order to run sample tests in the coming weeks. The investigation to date has guided management of the Company to pursue the development of the Watseca mine as well as test the processing of surface material as to its grade and economics.

Teras is pleased to have engaged Mr. Childers who will consult and work closely with the Company in developing the Mill circuit as well as conducting tests of the surface material. Mr. Childers will play an important role in the opening of the Watseca mine if and when the Company deems appropriate to do so.

Mr. Childers has over 30 years of mining and mill work experience. He has worked extensively underground as well as in above ground mining operations. Mr. Childers' experience includes all aspects of mining including timbering, roof bolting, stoping, drilling, blasting etc. Further, Mr. Childers is well versed in mill operations in which he has built and ran mills to extract Gold and Silver. Teras is pleased with the value Mr. Childers has shown to date and looks forward to working with Mr. Childers in developing the Watseca mine.

Subject to regulatory approval, the Company has granted to Mr. Childers, under the terms of its stock option plan, options to purchase up to 200,000 common shares at a price of $0.12 per share. The options will vest over an 18 month period releasing as to 1/6 every 3 months. The expiry date of the options will be 5 years from the date of issuance, being August 5, 2014.

About Teras

Teras' vision is to acquire and advance properties with established technical merit. The Company's exploration work will be focused on detailed diamond drilling programs with the goal of proving resources with an NI 43-101 compliant resource report.

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. 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, 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. 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.

Contact Information

  • Teras Resources Inc.
    Peter Leger
    (403) 852-0644
    Email: pleger@teras.ca
    Website: www.teras.ca
    Stirling Investor Relations
    Sam Grier
    (403) 512-6802
    (403) 802-0766 (FAX)