CALGARY, ALBERTA--(Marketwire - March 15, 2012) - Teras Resources Inc.("Teras" or the "Company") (TSX VENTURE:TRA):Teras is pleased to announce to its shareholders the following updates regarding the recent advancements of the Company and its projects:
The Company has recently engaged Mine Development Associates of Reno, Nevada to complete a NI 43-101 resource report on its Cahuilla gold-silver project in Imperial County, California. The Cahuilla project is a large epithermal, paleo-hot springs system hosting multiple high 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.
In 1996, Mine Development Associates completed a gold resource report on the Cahuilla project from historic drilling conducted from 1988 to 1996. The historical report is non-NI 43-101 compliant and was estimated with gold prices at that time. The Company anticipates that updating the historical resource using NI 43-101 guidelines along with the company's new drilling activity, including the high grade veins, will significantly improve the mineral model and provide a more accurate estimate of the precious metals at Cahuilla.
Harris Drilling Company of Escondido, California continues reverse circulation drilling on the Cahuilla project with two drill rigs. The Company's primary objective for the drill program is to prepare a new NI 43-101 compliant resource report, which is anticipated to be complete in the third quarter of 2012. Assay results from the latest drill campaign are currently being received and are anticipated to be reported in a press release next week. In addition, approximately 700 samples were delivered to Inspectorate Laboratories in Reno, Nevada on March 14th and results should be available next month.
Teras is also pleased to be pursuing a listing on the OTCQX in the United States. The projects currently owned and controlled by the Company are all based in the United States. The OTCQX is fully electronic and provides U.S. investors access through all major online and full-service brokerage firms including Schwab, E*TRADE, Scottrade, TD Ameritrade and Fidelity. Trades are settled and cleared similar to any NASDAQ or NYSE stock transactions and trade reports are disseminated through Yahoo, Bloomberg, Reuters, and most other financial data providers. Management feels this will provide broader coverage for shareholders, financial institutions and private individuals and potentially attract new investors as a result of the increased public transparency in the U.S.
About Teras
Teras' vision is to acquire and advance properties with established technical merit. The Company's exploration work will be focused on conducting detailed drilling programs with the goal of proving resources with a NI 43-101 compliant resource report.