CALGARY, ALBERTA--(Marketwired - June 5, 2013) - Teras Resources Inc. (" Teras " or the " Company ") (TSX VENTURE:TRA) (OTCQX:TRARF) Teras announced that it has completed a closing on its previously announced private placement of common shares for gross proceeds of $640,000. The Company issued 1,280,000 common shares at a price of $0.50 per share.
The common shares issued in connection with the offering will be subject to a four month and 1 day hold period that expires on October 1, 2013. Finders acting in connection with the offering received fees of $33,600. The net proceeds of the offering will be used to advance the Company's Cahuilla project including further drilling with the intention of increasing the current gold/silver resources and locating deeper high grade feeder veins. An additional tranche of the private placement is expected to occur shortly.
Peter Leger, President and CEO of Teras stated "On behalf of Teras, I would like to thank our existing shareholders and the new shareholders for their support of the Company. We will provide further details on our upcoming drill program in the near future."
About Teras
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 on January 11, 2013 on SEDAR at www.sedar.com with an indicated resource of 1 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. Dale Vitone, P. Eng., registered with the Association of Professional Engineers of Ontario, Alberta and North West Territories, and a director of Teras, is the Company's nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects , and has reviewed and approved the scientific and technical mining information disclosed in 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; the potential for finding high grade deposits; and a potential second tranche of the financing. 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 .
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.
