Teras Resources Inc.

Teras Resources Inc.

February 22, 2010 09:00 ET

Teras Receives TSX Venture Approval for Cahuilla Gold Project Earn-In and Provides Further Information on the Cahuilla Gold Project

CALGARY, ALBERTA--(Marketwire - Feb. 22, 2010) - Teras Resources Inc. ("Teras" or the "Company") (TSX VENTURE:TRA): Further to press releases dated October 8, 2009, February 8, 2010 and February 11, 2010, respectively, Peter Leger, President and Chief Executive Officer of Teras, is pleased to announce that the TSX Venture Exchange has given Teras final approval for the earn-in agreement (the "Earn-In Agreement") with Consolidated Goldfields Corporation ("Consolidated"), see press release dated February 11, 2010.

Teras and Consolidated are pleased to announce that they are currently in the process of finalizing the exploration/development budget and will inform shareholders in the near future as to the intended work to be completed and time schedules. The work program is anticipated to be underway on site in March 2010. Environmental permits have been completed for the first phase of the exploration/development program and no potential problems were uncovered. Drilling permits were finalized in January 2010 and have been submitted to the proper regulatory agencies for final approval. 

Teras and Consolidated are excited to begin the exploration/development program and will keep our shareholders informed as the project advances and results are received.

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
    Stirling Investor Relations
    Sam Grier
    (403) 512-6802
    (403) 802-0766 (FAX)