Teras Resources Inc.

Teras Resources Inc.

June 27, 2008 16:15 ET

Teras Resources Inc. Provides Corporate Update to Its Shareholders

CALGARY, ALBERTA--(Marketwire - June 27, 2008) - Peter Leger, President and Chief Executive Officer of Teras Resources Inc. ("Teras" or the "Company") (TSX VENTURE:TRA) would like to provide its shareholders with a Corporate update.

In early June 2008, Teras engaged Gradient Geophysics Inc., of Missoula Montana to do a Ground Magnetic survey on its Tuco property located in Mineral County Nevada. The purpose of the survey is to identify potential anomalies as well as compare results from historical data on the property. The work program expenditure keeps Teras in good standing on both its Tuco and Tombstone properties. The survey is expected to be completed by the end of June or the early part of July and Teras will provide the results of the survey to its shareholders in the near term.

Teras plans to initiate a Ground magnetic survey on its Spanish Canyon property located in Nye County Nevada within the next two weeks. The purpose of the survey is to identify potential anomalies as well as possibly selecting drill targets for a fall program.

Teras has renewed its drilling permit for its Watseca property which is located in Madison County Montana. Teras had identified 4 drill hole locations in the summer of 2007; however, could not find a drill rig to drill the holes as to the specifications the Company required. The mining sector was extremely busy in 2007 and drill rigs were extremely hard to find for smaller drilling jobs. Teras has plans to continue exploring the Watseca project and will be required to raise addition capital to initiate its drill program on the Watseca.

In the fall of 2007, Teras was expecting to receive a drilling permit on its Golden Jubilee project located in Granite County Montana. The property has a history of the decline into the mine filling with water each spring season. In the past, the water was pumped out of the entry and the underground workings allowing access to the mine. Teras has been working with regulatory departments within Montana to identify a solution to discharging the water which would allow Teras to continue exploring its Golden Jubilee property.

Teras has accepted the resignation of its CFO, Trent Fedak. Teras would like to thank Mr. Fedak for his efforts and wish him all the best in his endeavours. Teras is currently seeking a new Chief Financial Officer.

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 and proving resources with an NI 43-101 compliant resource report.

Stock Symbol TRA on the TSX-Venture Exchange

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. 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, 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.

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)