SOURCE: Consolidated Goldfields Corporation

February 16, 2011 09:42 ET

Teras Moves Forward With Earn in on the Cahuilla Project and Issues Shares to Consolidated

RENO, NV--(Marketwire - February 16, 2011) - Consolidated Goldfields Corporation (PINKSHEETS: CDGF) announces that pursuant to the terms of an earn-in agreement (the "Earn-In Agreement") entered into by Teras Resources Inc. ("Teras," TRA.V) with Consolidated Goldfields Corporation ("Consolidated") dated February 10, 2010, Teras has formally submitted $800,000US and issued 5,000,000 common shares to Consolidated to satisfy its second year work commitment on the Cahuilla Project. This completes the cash requirements for earning a 65% interest in the Cahuilla Project. The common shares were issued at a deemed price of $0.20 per share and subject to a four month hold period. The Earn-In Agreement provides Teras with the exclusive option to earn a 65% undivided interest in the Cahuilla Gold Project.

Certain information contained in this news release contains "forward- looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections. However, such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from such forward-looking statements. The Company disclaims any intent or obligation to update publicly any forward-looking statements set forth herein, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Consolidated Goldfields Corporation via Thomson Reuters ONE

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