CALGARY, ALBERTA -- (Marketwired) -- 06/26/13 -- Teras Resources Inc. ("Teras" or the "Company") (TSX VENTURE: TRA)(OTCQX: TRARF) -
Teras is pleased to report that Dr. William C. Bagby has been appointed as Technical Advisor to the Board of Directors effective June 24, 2013. Dr. Bagby, California PG 7396, AIPG CPG-11457, was engaged by the Company in February of this year to lead a highly professional technical team to conduct a comprehensive review of the recent and historical data generated for the Cahuilla project. Dr. Bagby's accomplishments to date have been instrumental in advancing Teras' technical understanding of Cahuilla and he will be playing a critical role in planning Teras' upcoming exploration program focused on the search for deeper high grade feeder zones.
Dr. Bagby has more than 35 years' experience in the minerals business and is currently the Principal of WC Bagby Economic Geology, which specializes in mineral deposit evaluation, appraisal and mineral resource assessment. Prior to operating his own company, Dr. Bagby served as a research and economic geologist for the United States Geological Survey for ten years including Branch Chief, Western Mineral Resources at Menlo Park, California. Dr. Bagby has also held the position of economic geologist with Chevron Resources and Homestake Mining Company (now Barrick Gold Corp.). He received his B.A. in Biology at the University of California, San Diego in 1971 and Ph.D. in Earth Science at the University of California, Santa Cruz in 1979.
Peter Leger, President and CEO of Teras Resources, remarked, "Dr. Bagby has undoubtedly played an integral role in the advancement of Cahuilla and I am delighted he has joined our management team as an advisor to the board. Bill brings a wealth of technical geologic and precious metal knowledge to Teras and will prove to be an extremely valuable asset for developing Cahuilla as well as all other projects the Company controls."
Mr. Leger added, "As of today, Dr. Bagby's exceptional work and recommendations have significantly improved our understanding of Cahuilla by enhancing the technical database; and as a result, we can more confidently design future drill programs focused primarily on defining high grade precious metal targets. Having a well-respected and highly qualified professional such as Bill involved with our Cahuilla project significantly increases our confidence regarding the development of Cahuilla into a substantial economic gold/silver asset which will inevitably increase the value of Teras for our shareholders."
Subject to regulatory approval, the Company will grant to Dr. William C. Bagby, under the terms of its stock option plan, options to purchase up to 100,000 common shares at a price of $.47 per share. The options will vest over an 18 month period and have an expiry date of June 26th, 2018.
The Company 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 demonstrates the potential for a large-scale, bulk 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 1.2 million plus ounces of gold and 11 million plus ounces of silver on its Cahuilla project (70.148 million tons at an average grade of 0.015 ounces per ton gold and 0.17 ounces per ton silver with a cutoff of 0.008 ounces per ton gold). The Company has an aggressive plan to increase the resource and develop the project for future mining operations.
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 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. In particular, this press release contains forward-looking information regarding: the potential of the Cahuilla Project; the potential of geophysical programs on the Cahuilla Project; the potential to expand the resource, to identify new targets and to identify high grade zones and structures; the timing of and potential of drilling and exploration programs, surveys, studies and developments; and the potential for finding high grade deposits. 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; future costs and expenses being based on historical costs and expenses, adjusted for inflation; continued success in drilling and exploration programs and geological and geophysical studies at the Cahuilla project; successful studies in mining techniques and metallurgy; commodity prices continuing at today's prices or rising; obtaining the necessary funding to carry out recommended work programs, exploration and studies; and continued success in obtaining permits. Additional assumptions can be found in the Company's disclosure documents on the SEDAR website. 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.
Teras Resources Inc.
(403) 262-8411 or (403) 852-0644
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