Teras Announces its Intention to Re-file its Statements
June 10 2014 - 3:59PM
Access Wire
Calgary, AB / ACCESSWIRE / June
10, 2014 / Teras Resources
Inc. ("Teras" or the "Company") (TSXV: TRA): announces
the intention to re-file its interim financial statements for the
three and nine month periods ended February 28, 2014 and 2013 and
for the years ended May 31, 2013 and 2012 to adjust the value
assigned to the shares due to Consolidated Goldfields Corporation
("CDGF") pursuant to the first earn-in agreement in place for the
acquisition of the Cahuilla property.
The value of shares was recorded in reference to the February
10, 2012 trading price of $0.80 per common share, representing the
deadline the shares had to be issued by, unless deferred. The
shares now have been recorded in reference to the September 14,
2011 trading price of $0.58 per common share, representing the date
the second earn-in agreement was signed
The adjustment resulted in a decrease in the book value of each
of exploration and evaluation assets, total assets, shares to be
issued and total equity of $1,166,000 as of February 28, 2014, May
31, 2013, February 28, 2013 and May 31, 2012. Other than the
aforementioned, there was no other impact on the statements of
financial position, statements of operations, cash flow and equity,
as at and for the periods and years then ended.
The interim and annual financial statements mentioned above will
be re-filed on SEDAR on or before June 20, 2014.
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) 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 transfer, and the time of the transfer of
Consolidated's legal interest in the Cahuilla project to Teras; the
potential of the Company's Cahuilla project to develop into a
mining operation; and Teras' 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, Teras' understanding
of the transfer process for the transfer of Consolidated's legal
interest in the Cahuilla project; 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.
SOURCE: Teras Resources Inc.
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