Teras Provides Corporate Update
Calgary, AB / TNW-ACCESSWIRE / 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 | |
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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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