Teras Resources Inc.

Teras Resources Inc.

April 07, 2011 08:30 ET

Teras Receives Advanced Drill Permit for Its Cahuilla Project

CALGARY, ALBERTA--(Marketwire - April 7, 2011) - Teras Resources Inc. ("Teras" or the "Company") (TSX VENTURE:TRA): Teras is pleased to announce that the Company has received the required permits to drill an additional 200 holes at 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. For further information on the Cahuilla project refer to the NI 43-101 technical report entitled "Cahuilla Property 43-101 Technical Report," dated October 25, 2007 prepared by Todd Wakefield, MAusIMM of AMEC E&C Services filed on Sedar on November 15, 2007.

The Company is currently in the process of engaging a core drilling contractor to conduct a much more comprehensive drilling program of the high-grade veins: scheduled to begin as soon as possible. The main purpose of this program will be to test the surface dimensions of the veins and their down dip extensions with a series of gridded core holes to develop continuity and increase the precious metal mineralization which will be defined in a new NI 43-101: anticipated to be completed later this year.

The immediate interests of the company is to core drill the outcropping vein on High Grade Hill and build upon the many high-grade gold/silver intercepts that were encountered in historical drilling as well as the portable core program completed in January 2011. A summary of assay results from the portable core program was reported on the March 01, 2011 press release. The preliminary portable core program consisted of fourteen shallow core holes and was drilled for the purpose of obtaining a precursory look at the gold and silver mineralization in the high-level, banded epithermal vein material. 

The Company, along with its partner Consolidated Goldfields Corp., also plans to initiate a substantial reverse circulation drilling program in the near future that will test many other high-grade veins that have been intersected throughout the project area. In addition, reverse circulation drilling will focus on the development and expansion of the disseminated mineralization that was defined by historic drilling and calculated by Mine Development Associates of Reno, Nevada for Kennecott Corporation in 1995.

"Receiving the drill permit for an additional 200 holes is a very significant step in advancing the Cahuilla Project. This will allow the Company to further define the high grade veins and disseminated precious metals which will substantially add to the existing known mineralization" states Mr. Peter Leger - President and CEO for the Company.

Thomas E. Callicrate B.Sc., Professional Geologist, Vice-President Exploration of the Company, 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.

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. In particular, this press release contains forward-looking information regarding the issuance of a Phase 2 drilling permit. 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, the requirements for the issuance of drilling permits being similar to the requirements of previously obtained drilling permits 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

  • For further project and corporate information, contact:
    Teras Resources Inc.
    Peter Leger, President
    (403) 262-8411
    (403) 852-0644 (FAX)