Teras Resources Inc.

Teras Resources Inc.

December 05, 2007 18:15 ET

Teras Resources Inc. and Consolidated Goldfields Corporation Extend Letter of Intent

CALGARY, ALBERTA--(Marketwire - Dec. 5, 2007) - Peter Leger, President and Chief Executive Officer of Teras Resources Inc. ("Teras") (TSX VENTURE:TRA) would like to provide an update regarding the Letter of Intent ("LOI") with Consolidated Goldfields Corporation ("Consolidated").

Further to the LOI with Consolidated announced on October 29, 2007, Teras wishes to advise that the November 30th, 2007 deadline has lapsed as set out in the LOI. Teras and Consolidated have signed an amendment granting an extension until December 31, 2007. We are optimistic in our discussions with Consolidated and are pleased with the progress made to date.

Teras' vision is to acquire properties with established technical merit. The company's exploration work will be focused on detailed drilling programs and proving resources with an NI 43-101 compliant resource report.

Teras will continue to update shareholders on the progress of future corporate news, financings, and project developments.

Stock Symbol TRA on the TSX-Venture Exchange.

All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX-Venture Exchange, the Alberta Securities Commission, the British Columbia Securities Commission and maintained on www.sedar.com.

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

Contact Information

  • Teras Resources Inc.
    Peter Leger
    (403) 852-0644
    Email: pleger@teras.ca
    Website: www.teras.ca
    Stirling Investor Relations
    Sam Grier
    (403) 229-2115
    (403) 802-0766 (FAX)