Calgary, AB / ACCESSWIRE / May 23, 2014 / Teras Resources Inc. ("Teras" or the "Company") (TRA.V): is pleased to announce the appointment of Mr. Michael Attaway to its Board of Directors and Mr. Patrick Fahey as technical Advisor to its Board of Directors.
Peter Leger, President and CEO for Teras comments "We are very pleased to have Mr. Attaway and Mr. Fahey join the Teras team. Mr. Attaway brings years of mining experience to the company as well as years of direct mining experience with a similar project in California known as the McLaughlin mine. Mr. Fahey also brings years of experience using advanced tools and techniques to identify, expand and develop projects such as Cahuilla. We look forward to moving Cahuilla to the next stage with the additions to our team"
Mike Attaway, PE, has over 35 years' experience in developing and operating mines; including senior management, engineering, environmental permitting and compliance, mine evaluation and government relations. He has participated in the construction and start-up of six mines. Three of those mines were gold mines in California: the McLaughlin Mine, the Colosseum Mine and the Castle Mountain Mine. His mining experience in California totals 17 years. Mr. Attaway also has successfully operated a heap leach gold mine near the Arctic Circle. As well, Mike has helped develop Pulp Agglomeration in the gold industry increasing recovery and eliminating the need for a tailing pond. He has also received numerous safety and environmental awards.
Mike has worked in the western US, Mexico, the Yukon Territory and Chile. He is currently the COO of Lincoln Mining Company. Mike is a registered professional mining engineer. He has a BS in Mining Engineering from the University of Arizona and an MBA in Management from Golden Gate University.
Patrick Louis Fahey, P. Geo, M.Sc. has over 30 years of international exploration experience in gold and base metals ranging from grass roots through development stage. 2005 to 2011, Pat served as Vice President, Exploration and Chief Geologist for Quadra Mining Ltd. and Quadra FNX Mining Ltd (now KGHM International). Under Pat's lead, the Quadra exploration team discovered and drilled out the major new Sierra Gorda porphyry copper deposit in Chile, expected to come on stream in mid-2014. His team also added major new reserves extending the mine life of Quadra's Robinson mine near Ely, Nevada. In the 1990's, Pat was Manager of Southwest Exploration for Magma Copper and then Principal Geologist for BHP Minerals leading a major porphyry copper generative program in Arizona and Sonora. He has authored and co-authored a number of papers and abstracts on geology and ore deposits; and he is a Member of the Geological Society of America, and a Fellow of the Society of Economic Geologists.
Teras continues to focus on delivering shareholder value by developing its Cahuilla project in Imperial County, California. As of May 21st, 2014 the company received confirmation from Inspectorate Lab in Reno Nevada that the results from the last diamond core drill program should be completed within the next few days. The results will then be reviewed by our technical team and released shortly thereafter.
Teras 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 Teras believes that the Cahuilla project has the potential to develop into a 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 1.0 million ounces of gold and 11.9 million ounces of silver on its Cahuilla project (70 million tons at an average grade of 0.015 ounces per ton gold and 0.17 ounces per ton silver with a cut-off of 0.008 ounces per ton gold) and inferred class of 10 million tons grading 0.011 opt gold and 0.10 opt silver. Gold equivalent ounces are 1.2 million ounces in indicated class and 130,000 ounces in inferred class using a ratio of 55 silver ounces to 1 gold ounce.
Dale A Vitone P. Eng., registered with the Association of Professional Engineers of Ontario, Alberta and Northwest Territories and a director 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. Vitone has reviewed and verified the mining scientific and technical information contained in this news release.
For further project and corporate information, contact:
Teras Resources Inc.
Peter Leger, President
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 contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "goals", " expects" or "does not expect", "proposed", "potential", "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 diamond drilling program being conducted by the Company and the timing of results of such program; the potential of the Company's Cahuilla project to develop into a mining operation; and the Company's goals for the Cahuilla project. 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 availability of third parties to conduct and evaluate the results of the diamond drilling program; the actual results of exploration projects and current exploration programs 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. A description of other assumptions used to develop such forward-looking information and a description of other risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. 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.
SOURCE: Teras Resources Inc.