CALGARY, ALBERTA--(Marketwire -08/28/12)- Teras Resources Inc. ("Teras" or the "Company") (TRA.V) (TRARF): is pleased to announce drill program assay results from its Cahuilla gold-silver project in Imperial County, California. Drilling continued along the margins of the known precious metal mineralization and has again significantly expanded gold-silver mineralization into untested areas. Exploration drilling was also initiated in areas where little to no drill data exists to search for new mineralization where drilling can be focused in the future to further enhance existing precious metal mineralization.
The Company is pleased to report the following drill results:
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Thickness - m Gold - g/t
Hole # From To TD (ft) (oz/ton)
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CAH-216 24.4 44.2 167.6 19.8 (45) 0.38 (0.011)
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64.0 65.5 1.5 (5) 1.64 (0.048)
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73.2 80.8 7.6 (25) 0.41 (0.012)
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91.4 94.5 3.1 (10) 0.89 (0.026)
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112.8 114.3 1.5 (5) 0.96 (0.028)
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CAH-217 48.7 51.8 182.9 3.1 (10) 1.03 (0.030)
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76.2 88.4 12.2 (40) 2.12 (0.062)
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Including 85.3 86.8 1.5 (5) 11.31 (0.330)
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103.6 108.2 4.6 (15) 2.05 (0.060)
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Including 106.7 108.2 1.5 (5) 4.09 (0.119)
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143.2 150.9 7.7 (25) 0.51 (0.015)
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CAH-218 12.2 22.9 196.6 10.7 (35) 0.61 (0.018)
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51.8 71.6 19.8 (65) 0.48 (0.014)
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120.4 189.0 68.6 (225) 1.51 (0.044)
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Including 131.1 132.6 1.5 (5) 6.17 (0.180)
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Including 179.8 181.3 1.5 (5) 7.13 (0.208)
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CAH-219 9.1 10.6 176.8 1.5 (5) 1.16 (0.035)
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24.4 111.3 86.9 (285) 0.45 (0.013)
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138.7 150.9 12.2 (40) 0.82 (0.024)
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CAH-220 22.9 53.4 182.9 30.5 (100) 0.41 (0.012)
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CAH-230 12.2 68.6 182.9 56.4 (185) 0.72 (0.021)
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83.8 85.2 1.5 (5) 1.84 (0.054)
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CAH-238 32.0 85.3 189.9 53.3 (175) 0.65 (0.019)
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CAH-242 19.8 61.0 61.0 41.2 (135)0.38 (0.011)TD
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CAH-243 18.3 83.8 182.9 65.5 (215) 0.68 (0.020)
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CAH-244 to 259 Assays pending
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(i)CAH-260 9.1 77.1 213.4 68.6 (225) 0.34 (0.010)
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100.6 102.1 1.5 (5) 0.75 (0.022)
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131.1 132.6 3.1 (10) 0.58 (0.017)
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(i)CAH-261 4.6 83.8 213.4 79.2 (260) 0.51 (0.015)
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109.7 114.3 4.6 (15) 1.27 (0.037)
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129.5 135.6 6.1 (20) 0.79 (0.023)
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(i)CAH-262 12.2 105.2 213.4 93.0 (305) 0.58 (0.017)
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139.6 141.1 1.5 (5) 0.82 (0.024)
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(ii)CAH-263 30.5 56.4 213.4 25.9 (85) 0.45 (0.013)
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73.2 128.0 54.8 (180) 0.51 (0.015)
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(i)CAH-264 13.7 19.8 213.4 6.1 (20) 0.34 (0.010)
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30.5 83.8 53.3 (175) 0.68 (0.020)
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92.9 97.5 4.6 (15) 0.38 (0.011)
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CAH-265 4.6 89.9 213.4 85.3 (280) 0.55 (0.016)
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(i)CAH holes intersected silver values of greater than 100 grams (2.92 oz/t) in one or more 1.5m sample intervals.
(ii)CAH-263 intersected 25.9m of 123.0 grams silver (3.59 oz/t) from 102.1 to 128.0m with a high of 484.6 (14.15 oz/t) over 1.5m from 102.1 to 103.6m.
As reported in our previous news releases, assays continue to be very favorable and demonstrate the existence of many high grade gold/silver veins which are commonly associated with moderate to lower grade, broadly mineralized zones. These high grade precious metal assay results are being encountered throughout all areas presently being drill tested at the Cahuilla project. This is exemplified in CAH-217 and 218 by the high grade gold veins that were intersected and in CAH-260 through 264, and especially CAH-263, where high grade silver has been encountered in numerous sample intervals.
Assaying of the reverse circulation samples was conducted by Inspectorate Laboratory in Reno, Nevada. Drill samples were collected by Mr. Paul Stubble (project geologist), split on site, placed in sample bags and delivered to Inspectorate Laboratory in Reno, Nevada for analysis. In addition, blanks and certified standards have been inserted into the sample stream at random intervals for quality control purposes.
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.
Dale A Vitone P. Eng., registered with the Association of Professional Engineers of Ontario, Alberta and North West Territories and a Director for 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 technical information contained in this news release.
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 host rocks with numerous sheeted high grade quartz veins. Grades of the host rock are equivalent to grades of gold reserves at New Gold's Mesquite Mine, also in Imperial County, California (0.56 g/t; Mineral Reserves and Resources Summary as of December 31, 2011; New Gold website). Teras will continue drilling at Cahuilla to define a gold resource complaint to the standards required for a new NI 43-101 resource report and continue developing a gold resource for future extraction.
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 reverse circulation drill program. 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.
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.
