Teras Resources Inc. ("Teras" or the "Company") (TRA.V): On February 21, 2014, the Alberta Securities Commission (the "ASC") released a copy of the settlement agreement it has entered into with Kris Sundell. The investigation itself was into Mr. Sundell and Strategic Capital International Inc. ("Strategic") and revolved around the trading of Teras shares in an account that was wholly-owned by Strategic and controlled by Mr. Sundell. Mr. Sundell was the sole director, shareholder and representative of Strategic. Mr. Sundell and Strategic were consultants to Teras at the time of the trading. Teras and its President and CEO, Peter Leger, fully cooperated with the ASC in its investigation of Mr. Sundell and Strategic, and, despite some untrue statements obviously made by Mr. Sundell to the ASC, neither Teras nor Mr. Leger were ever aware of the trading that was taking place, nor did Mr. Leger influence or direct such trading in any manner.
Teras continues to focus on delivering shareholder value by developing its Cahuilla project in Imperial County, California. The first diamond drill core hole was completed to depth of 500 feet on Thursday February 20, 2014 and the second hole is expected to be completed by February 24, 2014. The results of the drilling will be released in due course.
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 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 cut-off of 0.008 ounces per ton gold). The Company has a goal to increase the grade and tonnage of the resource and develop the project for future mining operations.
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| |
|(403) 262-8411 (403) | |
|852-0644 Email: | |
[email protected] | |
|Website: www.teras.ca | |
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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.