Canterra Minerals Corporation

Canterra Minerals Corporation

April 24, 2013 08:00 ET

Canterra Minerals Corporation: Work Programs Commence at Highland and East Manhattan Projects in Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 24, 2013) - Canterra Minerals Corporation (TSX VENTURE:CTM) (the "Company" or "Canterra") announced today that field work has begun at both the Highland and East Manhattan gold/silver properties, located in western and central Nevada, respectively. Canterra may earn up to a 70 percent interest in each project pursuant to option agreements entered into with Bravada Gold Corporation (TSX VENTURE:BVA) ("Bravada"). (See news release dated March 4, 2013) Bravada is operator for both projects.

At Highland, a soil-sampling survey and a gravity geophysical survey have been completed which will assist in further refining drill targets previously identified by extensive IP and magnetics geophysical data beneath a thin layer of gravel. The Highland Project has been expanded to a total of approximately 800 hectares as a result of the staking an additional 33 lode claims. An initial drill permit application has been approved by the Bureau of Land Management for a Phase I reverse-circulation drilling program. This program is tentatively scheduled to commence later this summer.

At East Manhattan, a detailed ground magnetic geophysical survey has been completed in order to refine drill targets and to identify new targets. A previously submitted drill permit application is expected to be approved by the US Forest Service in June, with a Phase I reverse-circulation drilling program tentatively scheduled to begin after receipt of the permit.

Walter Melnyk, P. Eng. and Vice-President of Exploration for the Company, has reviewed and approved the content of this news release.

The Company also wishes to announce the granting of incentive stock options to certain directors, officers, employees and/or consultants to purchase up to 3,000,000 common shares under the Company's Incentive Stock Option Plan. The options will be granted for a period of five (5) years, commencing on April 24, 2013, exercisable at a price of $0.10 per share.

Canterra is proposing to amend the expiry date of 13,153,266 outstanding warrants (the "Warrants") from June 21, 2013, to June 21, 2014, subject to TSX Venture Exchange approval. The Warrants will remain exercisable into common shares at a price of $0.25 per common share.


Randy Turner, President & CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • Canterra Minerals Corporation
    Randy Turner
    President & CEO
    604-687-1448 (FAX)