Teras Resources Inc.

Teras Resources Inc.

July 10, 2008 06:00 ET

Teras Resources Inc. Announces Termination of Letter of Intent to Complete Business Combination

CALGARY, ALBERTA--(Marketwire - July 10, 2008) - Teras Resources Inc., ("Teras") (TSX VENTURE:TRA) announces that the Letter of Intent (see news release dated June 26, 2008) for a proposed arm's length business combination (the "Proposed Transaction") of Boxxer Gold Corp. and with a wholly owned subsidiary of Prize has been collectively and jointly terminated by the parties.

Teras Resources Inc., is a Canadian junior resource company exploring its two Montana US, projects; the first known as the Golden Jubilee in Granite County and the second is a Patented property known as the Watseca which embraces a portion of the Rabbit Mining District in Madison County. Teras also holds three properties in Nevada US., in which it is currently engaged in exploring. The properties are known as the Tuco and Tombstone in Mineral County and Spanish Canyon located in the Grantsville mining district.

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.

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