Teras Resources Inc.
TSX VENTURE : TRA

Teras Resources Inc.

August 31, 2010 08:30 ET

Teras Resources to Commence Drilling at the Cahuilla Project

CALGARY, ALBERTA--(Marketwire - Aug. 31, 2010) - Teras Resources Inc. ("Teras" or the "Company") (TSX VENTURE:TRA) is pleased to announce that the Company has obtained the approved permits to initiate its phase 1 drill program at the 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 see 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 primary objective of the Phase 1 drill program is to test for extensions of the high grade banded veins that were intersected in historical drill holes for the purpose of increasing high grade gold resources and the eventual completion of a NI 43-101 compliant resource report. A total of twenty drill holes have been permitted and average depths are estimated to be five hundred feet.

Thomas Callicrate, Vice-President, Exploration, is pleased to announce the Company selected and executed a drill contract with Sierra Madre Exploration Drilling Company, a well established drilling company that specializes in vein core drilling. Drilling is scheduled to commence early September 2010. Permitting for the second phase drilling has also begun in anticipation of conducting a much more extensive program, which is expected to commence in 2011.

Thomas E. Callicrate B.Sc., Professional Geologist 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. Teras' exploration work will be focused on exploration 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. 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. 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

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