Calgary, AB / ACCESSWIRE / April 25, 2014 /
Teras Resources Inc. ("Teras" or the "Company") (TRA.V): is providing
its shareholders with corrections to its disclosure about mineral
resources on its Cahuilla project. The company's press releases
during 2013 and 2014 disclosed a quantity of gross contained gold
ounces in indicated resources that exceeded the quantity in its
technical report by approximately 20%. The company retracts the
excess indicated class gold ounce quantity.
The company's press release dated
November 30, 2012 and its annual MD&A dated November 30, 2013
added the inferred resource to the indicated resource contrary to
NI 43-101.
The Company retracts the
combined indicated and inferred quantities and restates its current
resource as follow:
INDICATED AND
INFERRED GOLD AND SILVER RESOURCES
-----------------------------------------------------------
|All Indicated |
|---------------------------------------------------------|
|Cutoff| | | | | |
|---------------------------------------------------------|
|oz |Tons |oz |oz |oz Au |oz Ag |
|Au/T | |Au/T |Ag/T| | |
|---------------------------------------------------------|
|0.005 | |0.012|0.14| | 15,331,000|
| | 108,733,000| | |1,250,000 | |
|---------------------------------------------------------|
|0.007 | |0.013|0.16| | 13,217,000|
| | 83,125,000 | | |1,106,000 | |
|---------------------------------------------------------|
|0.008 | |0.015|0.17| | 11,855,000|
| | 70,148,000 | | |1,017,000 | |
|---------------------------------------------------------|
|0.009 | |0.016|0.18| | 10,564,000|
| | 58,689,000 | | |921,000 | |
|---------------------------------------------------------|
|0.010 | |0.017|0.19| | |
| | 49,184,000 | | |836,000 | 9,394,000 |
|---------------------------------------------------------|
|0.011 | |0.018|0.20| | |
| | 41,383,000 | | |757,000 | 8,318,000 |
|---------------------------------------------------------|
|0.012 | |0.020|0.21| | |
| | 34,874,000 | | |687,000 | 7,393,000 |
|---------------------------------------------------------|
|0.013 | |0.021|0.22| | |
| | 29,342,000 | | |619,000 | 6,543,000 |
|---------------------------------------------------------|
|0.015 | |0.024|0.25| | |
| | 20,939,000 | | |507,000 | 5,172,000 |
|---------------------------------------------------------|
|0.020 | |0.033|0.31| | |
| | 10,080,000 | | |328,000 | 3,084,000 |
|---------------------------------------------------------|
|0.025 | |0.040|0.35| | |
| | | | |234,000 | 2,052,000 |
| | 5,797,000 | | | | |
|---------------------------------------------------------|
|0.030 | |0.048|0.39| | |
| | | | |179,000 | 1,459,000 |
| | 3,732,000 | | | | |
|---------------------------------------------------------|
|0.050 | |0.074|0.49| | |
| | | | | | |
| | 1,118,000 | | | 83,000 |547,000 |
-----------------------------------------------------------
--------------------------------------------------------------------
| | | | | | |
|------------------------------------------------------------------|
|All Inferred |
|------------------------------------------------------------------|
|Cutoff| | | | | |
|------------------------------------------------------------------|
|oz |Tons |oz |oz |oz Au |oz Ag |
|Au/T | |Au/T |Ag/T| | |
|------------------------------------------------------------------|
|0.005 | 21,685,000|0.008|0.08| | 1,691,000|
| | | | |180,000 | |
|------------------------------------------------------------------|
|0.007 | 13,147,000|0.010|0.09| | 1,183,000|
| | | | |134,000 | |
|------------------------------------------------------------------|
|0.008 | |0.011|0.10| | |
| | 9,733,000 | | |110,000 |954,000 |
|------------------------------------------------------------------|
|0.009 | |0.013|0.10| | |
| | 6,753,000 | | |86,000 |689,000 |
|------------------------------------------------------------------|
|0.010 | |0.014|0.10| | |
| | 4,975,000 | | |71,000 |512,000 |
|------------------------------------------------------------------|
|0.011 | |0.015|0.10| | |
| | 3,848,000 | | |59,000 |400,000 |
|------------------------------------------------------------------|
|0.012 | |0.017|0.11| | |
| | 2,914,000 | | |49,000 |306,000 |
|------------------------------------------------------------------|
|0.013 | |0.018|0.10| | |
| | 2,374,000 | | |42,000 |235,000 |
|------------------------------------------------------------------|
|0.015 | |0.021|0.09| | |
| | 1,562,000 | | |32,000 |137,000 |
|------------------------------------------------------------------|
|0.020 | |0.026|0.08| | |
| | 606,000 | | |16,000 | 48,000 |
|------------------------------------------------------------------|
|0.025 | |0.035|0.08| | |
| | 230,000 | | | | 18,000 |
| | | | | | |
| | | | |8,000 | |
|------------------------------------------------------------------|
|0.030 | |0.042|0.09| | |
| | 118,000 | | | | 11,000 |
| | | | | | |
| | | | |5,000 | |
|------------------------------------------------------------------|
|0.050 | |0.067|0.13| | |
| | | | | | |
| | | | | | 2,000 |
| | 15,000 | | |1,000 | |
--------------------------------------------------------------------
Note that all grades are in Imperial units rather than metric or
both as that is the current
format of report.
A PowerPoint
presentation on the Teras website prior to April
4th, 2014 stated: Golden Jubilee -
located in Granite County, Montana. Demonstrates historical high
grade gold mineralization and made mention of a historical
resource. This statement is not correct and is retracted and the
reference removed from website. There is no NI 43-101 compliant
resource at the Golden Jubilee. The company used a source report
that does not comply with NI 43-101 standards.
Teras continues to focus on
delivering shareholder value by developing its Cahuilla project in
Imperial County, California. As of March
28th, 2014 the Company completed the
planned 7 diamond core holes of its current angled drill program
with respective depths of 500, 650, 600, 500, 600, 428 and 528 feet
respectably. Core has been shipped and will continue to be shipped
to Inspectorate Lab in Reno Nevada. The results of the drilling
will be released once received.
About Teras
Teras is focused on developing
its Cahuilla project located in Imperial County, California. The
project encompasses an area of at least 3 km by 1.5 km and Teras
believes that the Cahuilla project has the potential to develop
into a mining operation consisting of altered and mineralized
sedimentary and volcanic host rocks with numerous sheeted
high-grade quartz veins. Teras filed a NI 43-101 compliant
technical report with an indicated resource of 1.0 million ounces
of gold and 11.9 million ounces of silver on its Cahuilla project
(70 million tons at an average grade of 0.015 ounces per ton gold
and 0.17 ounces per ton silver with a cut-off of 0.008 ounces per
ton gold) and inferred class of 10 million tons grading 0.011 opt
gold and 0.10 opt silver. Gold equivalent ounces are 1.2 million
ounces in indicated class and 130,000 ounces in inferred class
using a ratio of 55 silver ounces to 1 gold ounce.
Dale A Vitone P. Eng., registered
with the Association of Professional Engineers of Ontario, Alberta
and Northwest Territories and a director of Teras, 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. Vitone has reviewed and verified the
mining scientific and technical information contained in this news
release.
For further
project and corporate information, contact:
--------------------------
|Teras Resources Inc. | |
|Peter Leger, President| |
|(403) 262-8411 | |
|(403) 852-0644 | |
|Email: pleger@teras.ca| |
|Website: www.teras.ca | |
| | |
--------------------------
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.
This press release contains
"forward-looking information" within the meaning of applicable
Canadian securities legislation. All statements, other than
statements of historical fact, included herein are forward-looking
information. Generally, forward-looking information may be
identified by the use of forward-looking terminology such as
"plans", "goals", " expects" or "does not expect", "proposed",
"potential", "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. In
particular, this press release contains forward-looking information
regarding the diamond drilling program being conducted by the
Company and the timing of results of such program; the potential of
the Company's Cahuilla project to develop into a mining operation;
and the Company's goals for the Cahuilla project. 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 availability of
third parties to conduct and evaluate the results of the diamond
drilling program; the actual results of exploration projects and
current exploration programs 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. A description of other assumptions used to
develop such forward-looking information and a description of other
risk factors that may cause actual results to differ materially
from forward-looking information can be found in the Company's
disclosure documents on the SEDAR website at www.sedar.com. 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.
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