Teras Resources Inc.

Teras Resources Inc.

June 22, 2010 09:00 ET

Teras Resources Inc. Joint Venture Partner Receives Lab Results From Samples at the Cahuilla Project

CALGARY, ALBERTA--(Marketwire - June 22, 2010) - Peter Leger, President and Chief Executive Officer of Teras Resources Inc. ("Teras") (TSX VENTURE:TRA) is pleased to announce that Consolidated Goldfields Corp. ("Consolidated") Teras' joint venture partner, see the News Release dated Feb 11, 2010, has received the results from McClelland Labs, Inc. of Reno, Nevada on the samples taken from its Cahuilla gold-silver project in Imperial County, California. The Cahuilla Project is a large epithermal, paleo-hot springs system hosting multiple bonanza-grade veins that occur within an extensive body of disseminated gold-silver mineralization hosting a historical 856,000 ounce gold resource (MDA Resource report October 1996).

Two bulk samples were collected during the current comprehensive mapping and sampling program which was initiated in April 2010. The bulk samples were collected from portions of the 40-foot wide High Grade Hill vein which is situated along the Modoc Fault, where one of the epithermal gold-silver veins outcrops on the surface. The exposed vein is composed of banded quartz replacing calcite and varies in width from 15 to 40 feet (4.3 to 12.2 meters) extending for approximately 300 feet (91.4 m) on High Grade Hill where a portion of the vein was mined in the mid-1990's. 

As reported by McClelland Labs, the first bulk sample assayed 0.372 ounces/ton gold and 2.04 ounces/ton silver (12.76 g/t gold and 69.90 grams/ton silver) while the second reported 0.587 ounces/ton gold and 2.18 ounces/ton silver (20.12 g/t gold and 74.80 g/t silver). The samples were processed using Metallic screen assays which include standard fire assay techniques with a gravimetric finish. 

Consolidated has initiated metallic screen analysis and gravity concentration testing of the high grade vein material and will then customize a more detailed metallurgical testing program based upon results and will develop future plans for collecting and processing additional larger bulk samples. 

The purpose of the bulk sampling program is to determine the most efficient and cost effective method for recovering precious metals from the high grade epithermal veins that have been recognized throughout the project area. Consolidated expects the results of the metallic screen analyses and gravity concentration testing of the high grade vein material within the next few weeks, at which point a more detailed metallurgical testing program based upon the preliminary results will be initiated. 

In 1988, Homestake collected ship samples from an 80-foot (24.4m) thick zone with a weighted average grade of 0.310 ounces/ton (10.6 g/t), which represented the discovery of the High Grade Hill epithermal vein (Report by Homestake Mining Company April 1987). A 25-foot (7.6m) channel sample collected by Consolidated across the same vein returned 0.850 ounces/ton Au (29.1g/t) and 8.88 ounces/ton Ag (304.1g/t) and selective sampling of a portion of the vein hosting copper mineralization assayed 5.65 ounces/ton Au (193.5g/t) and 11.21 ounces/ton Ag (383.9g/t). The sample was collected by a qualified person and taken directly to Inspectorate America Corporation Metals and Minerals Division in Sparks Nevada. The sample was processed using standard fire assays with a Gravimetric finish. Additional channel samples have been collected across the High Grade Hill vein and assays are pending.

The primary objective for Teras on the Cahuilla project is to develop a NI 43-101 resource on the project. For further information on the Cahuilla project, see the technical report dated October 25, 2007 entitled Cahuilla Property NI 43-101 Technical Report, prepared by Todd Wakefield MAusIMM of AMEC E&C Service and filed on Sedar on November 14, 2007.

Thomas E. Callicrate B.Sc., Professional Geologist 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. Callicrate has reviewed and verified the technical information contained in this news release


Teras' vision is to acquire and advance properties with established technical merit. Teras' exploration work will be focused on diamond drilling programs and 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, future costs and expenses being based on historical costs and expenses, adjusted for inflation and the acceptability of the newly appointed officers by the TSX Venture Exchange. 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, President
    (403) 852-0644
    Stirling Investor Relations
    Sam Grier
    (403) 229-2115
    (403) 802-0766 (FAX)