Telson Resources Inc. Closes 1st Tranche of Non-Brokered Private Placement
VANCOUVER, Feb. 13, 2013 /CNW/ - Telson Resources Inc. (TSX Venture - TSN) ("Telson" or the "Company") has closed a 1st tranche of its non-brokered private placement for gross proceeds of $480,000 (the "Private Placement") by issuance of 4,800,000 units (each a "Unit") of the Company, at a price of $0.10 per Unit. Each Unit consists of one common share (a "Share") of the Company and one half of one share purchase warrant (each whole warrant a "Warrant"). Each Warrant is exercisable into one additional Share for a period of two years, expiring on January 30, 2015, at a price of $0.10 per Share.
The Company is using the proceeds of the Private Placement to fund its Mexican operations supporting its flagship Tahuehueto Project in Durango, Mexico and for general working capital.
About Telson Resources Inc.
Telson Resources Inc. is an exploration and development company strategically focused on gold, silver and base metals in the prolific Sierra Madre Belt of Mexico. The Company holds 99.4% of the outstanding shares of its Mexican subsidiary company that maintains 100% ownership in 9,081 hectare Tahuehueto Property, an advanced stage gold and base metal exploration and development project where the Company delivered a robust Preliminary Economic Assessment ("PEA") on October 4, 2010. Key findings from the report included:
| Summary of PEA Estimates | |
| Net cash flow | $US 184.2 million |
| Net Present Value (NPV) 5% discount | $US 109.6 million |
| Internal rate of return % | 31% |
| Payback period | 27 months |
| Mine life | 11 years |
| Maximum processing rate | 1,000,000 tonnes/annum |
| Capital and start-up costs | $US 89.1 million |
| Note: Calculations based on a 3 year rolling average of metal prices at the end of August 2010. Currency US$ Gold: 965.81, Silver: 15.38, Copper: 2.92, Lead: 0.95, Zinc: 0.88 | |
Telson also holds an option to purchase 100% interest in the 4,332 hectare Jocuixtita Silver Project where the company has recently conducted a first stage exploration drilling program.
ON BEHALF OF THE BOARD OF DIRECTORS
(signed) "Ralph Shearing"
Ralph Shearing, President/CEO
"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 or accuracy of this release."
WARNING: The Company relies upon litigation protection for "forward-looking" statements. This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of up-coming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Telson Resources Inc.
Glen Sandwell
Email: ir@telsonresources.com
Tel: 1-800-685-0576
www.telsonresources.com
