Teras Resources Inc. Initiates 2nd Phase Drill Program
05 Mayo 2011 - 7:30AM
Marketwired Canada
Teras Resources Inc. ("Teras" or the "Company") (TSX VENTURE:TRA) is pleased to
announce that the Company has initiated its Phase 2 diamond drill program at the
Cahuilla gold-silver project in Imperial County, California. The Cahuilla
Project is a large epithermal, paleo-hot springs system hosting multiple
bonanza-grade veins that occur within an extensive body of disseminated
gold-silver mineralization. For further information on the Cahuilla project
refer to the NI 43-101 technical report entitled "Cahuilla Property 43-101
Technical Report," dated October 25, 2007 prepared by Todd Wakefield, MAusIMM of
AMEC E&C Services filed on Sedar on November 15, 2007.
The Company has engaged Sierra Madre Exploration Drilling Company who has
recently commenced a core hole program to drill approximately 1,500 feet (500
meters). The purpose of these drill holes will focus on delineating the surface
dimensions of the outcropping sheeted quartz vein on High Grade Hill and down
dip extensions with a series of fenced angled core holes to develop continuity
and increase the precious metal mineralization for a new NI 43-101 report, which
is currently in progress. This program is expanding upon the portable drill
program performed in January 2011 (reference our press release dated March 1st,
2011 for the results).
Core from the current drill program will be cut in half as each hole is
completed and samples will be delivered to Inspectorate Laboratory in Reno,
Nevada with assay results to follow. In addition to the currently approved and
permitted 200 drill holes (reference our press release dated April 7th, 2011),
the Company has recently finalized and submitted a permit expansion plan to
authorize an additional 200 holes at Cahuilla. The Company anticipates that
approval of the additional 200 drill holes will be obtained in the second half
of 2011 and as a result, 400 total holes will be drill-ready for 2011 and 2012.
Teras is also planning to initiate a substantial reverse circulation and core
drill program later this year that will test many other high-grade veins that
have been intersected throughout the project area. In addition, reverse
circulation drilling will focus on the development and expansion of disseminated
mineralization that was defined by historic drilling to enhance the existing
mineralization as reported by Mine Development Associates of Reno, Nevada for
Kennecott Corporation in 1996.
The primary objective of the Company is to expand the historical mineral model
to substantially increase high grade gold-silver mineralization.
Thomas E. Callicrate B.Sc., Professional Geologist, Vice-President of
Exploration 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. Callicrate has reviewed and verified the technical
information contained in this news release through his continuing work and
experience on the Cahuilla Project.
About Teras
Teras' vision is to acquire and advance properties with established technical
merit. Teras' exploration work will be focused on detailed diamond drilling
programs with the goal of proving resources with an NI 43-101 compliant resource
report.
This press release may contain "forward-looking information" within the meaning
of applicable Canadian securities legislation. All statements, other than
statements of historical fact, included herein may be forward-looking
information. Generally, forward-looking information may be identified by the use
of forward-looking terminology such as "plans", "expects" or "does not expect",
"proposed", "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. 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 actual results of exploration projects 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. 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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