Teras Resources Inc.

Teras Resources Inc.

August 15, 2007 09:00 ET

Teras Resources Inc. Issues Shareholder Updates; Highlights Business Developments, Private Placements

CALGARY, ALBERTA--(Marketwire - Aug. 15, 2007) - Peter Leger, President and Chief Executive Officer of Teras Resources Inc. ("Teras") (TSX VENTURE:TRA) today released an update on corporate advancements.

- On July 31, 2007 Teras engaged Union Securities Ltd's Calgary office for sponsorship in relation to the LOI signed with Consolidated Goldfields. (Information on this LOI can be found in a press released June 12, 2007.)

- AMEC is currently preparing a National Instrument 43-101 on the main project pursuant to the LOI and is scheduled to have a draft of the report for our viewing by mid August 2007. Upon receipt of this document, Teras will submit the sponsorship agreement as well as the National Instrument 43-101 report to the TSX-V for approval.

- Teras has also received a National Instrument 43-101 technical report on its Tuco property and has submitted this to the TSX-V for approval. (Information on Tuco property acquisition can be found in a press release dated April 26th, 2007.)

- On August 8th, 2007, Teras closed a private placement of $550,000 which will be used to continue project development work on Teras' current projects, due diligence on the proposed transaction with Consolidated Goldfields and general working capital.

- Dale A. Vitone, B.Sc., P.Eng., is the company's nominated qualified person responsible for monitoring the supervision and quality control of the programs completed on the company's properties.

Teras will continue to update shareholders on the progress of corporate news, financings, and project developments. For further project and corporate information contact Peter Leger, President, at (403) 852-0644.

Stock Symbol TRA on the TSX Venture Exchange Inc.

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 Inc., the Alberta Securities Commission, the British Columbia Securities Commission and maintained on www.sedar.com.

The TSX Venture Exchange Inc. 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