Teuton Resources Corp.: Tennyson Optioned to Brigade
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/11/12 -- Teuton Resources Corp. ("Teuton") (TSX VENTURE: TUO)(OTCBB: TEUTF)(FRANKFURT: TFE) reports that Hunter Dickinson Inc. ("HDI") has elected to proceed with the second option in respect of the Tennyson property. Accordingly, Brigade Holdings (Canada) Ltd. (a new HDI company, "Brigade") will earn an initial 50% interest in the Tennyson Project by incurring $6 million in exploration expenditures over a four year term, with $1,000,000 required in the first year. Cash payments to Teuton amount to $300,000 over the term of the option. Once Brigade has completed the 50% earn-in, it can elect to acquire or Teuton can elect to sell Teuton's 50% remaining interest in the project to Brigade in exchange for shares in Brigade. The agreement is subject to regulatory approval.
A management committee has been formed with two representatives selected from each of Teuton and Brigade. The first meeting is scheduled for July 13, at which time the program details for 2012 will be worked out.
Also, Teuton wishes to report that it has consented to Seabridge Gold's plan to drill certain geotechnical holes on the Treaty Creek property in 2012. These holes will be drilled along the route of the tunnels, proposed to connect Seabridge's KSM property to its Seabee claims. In return, Seabridge has graciously offered use of its KSM field camp to Teuton personnel. This is expected to materially reduce costs associated with the drilling of the High claims scheduled for later in the season.
Clarification on Warrant Extensions
The warrant extensions announced June 26, 2012 have now been approved by the TSX Venture Exchange. However, as the $0.50 warrant exercise prices of the original warrants expired a year ago, it is only the $0.65 warrant exercise prices (originally in the second year) which are now extended.
The Qualified Person for the purposes of this news release is D. Cremonese, P.Eng.
Respectfully:
Dino Cremonese, P.Eng., President
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This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Teuton Resources Corp. does have an ongoing obligation to disclose material information, as it becomes available.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
Contacts:
Teuton Resources Corp.
Dino Cremonese, P.Eng.
President
(604) 682-3680 or Toll Free: 1-800-879-2333
682-3992 (FAX) (FAX)
www.teuton.com
