Calgary, AB / ACCESSWIRE / June 27 2014 / Teras Resources Inc. ("Teras" or the "Company") (TRA.V): is pleased to announce the appointment of Mr. Gorden Glenn to its Board of Directors. Mr. Jim Hutch has resigned as a Director of the company. We are pleased Mr. Hutch has joined our Advisory board remaining a valuable asset to the company.
Peter Leger, President and CEO for Teras comments, "We are very pleased and would like to welcome Mr. Gorden Glenn to the Teras team and its Board of Directors. Mr. Glenn brings years of mining, exploration and capital market experience to the company. Mr. Glenn resides in Toronto which will assist Teras in providing direct company presence in the capital markets moving forward."
Mr. Glenn has over 25 years of mining, exploration and capital markets experience. Mr. Glenn received his BScH in Geological Sciences from Queen's University in 1988. Following that he spent 9 years in industry as a project geologist with Inmet Mining and Kennecott Canada Inc. where he developed and managed grassroots and advanced exploration programs, completed resource estimates and contributed to feasibility studies. Between 1997 and 2004 Mr. Glenn was a mining equity analyst at various financial institutions including GMP Securities and RBC Capital Markets covering small and large capitalization precious and base metal mining companies.
In 2005 Mr. Glenn joined TD Securities Investment Banking team where he was instrumental in re-establishing the mining investment banking team as Vice-President & Director. Between August 2010 and December 2011, Mr. Glenn was the Managing Director of Mining Investment Banking for Desjardins Securities. Following a successful career in investment banking advising North American and International mining and metals companies on debt and equity financing, mergers and acquisitions and corporate strategy and restructurings. Mr. Glenn returned to industry as a corporate director, consultant and senior executive to build companies and create shareholder value.
He is currently Chairman, President & CEO of Minnova Corp. (formerly Aurgica Gold Corp.) where he successfully restructured and re-organized the company to preserve and enhance shareholder value. Mr. Glenn currently sits on the boards of Entree Gold Inc., Geodex Minerals Ltd., Source Exploration Corp. and Aurora Gold Corp.
Subject to regulatory approval, the Company granted to Mr. Glenn 300,000 options to purchase common shares of the Company under the Company's stock option plan. The options have an exercise price of $0.16 per share and will vest over an 18 month period releasing as to 1/6 every 3 months. The expiry date of the options will be 5 years from the date of issuance, being June 27, 2019.
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 reviews mining scientific and technical information contained in our news releases.
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.