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Teras Receives Additional Drill Results From Cahuilla Including 1.5m of 15.03 g/t Gold and 524.4 g/t Silver From Its Deepest Hole to Date of 298.7 Meters (980 ft)
Published : November 21, 2012
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Keywords :   Gold | Market | Precious Metals | Silver |

CALGARY, ALBERTA--(Marketwire - Nov. 21, 2012) - Teras Resources Inc. ("Teras" or the "Company") (News - Market indicators)(OTCQX:TRARF) is pleased to announce assay results from its reverse circulation drill program at the Cahuilla gold-silver project in Imperial County, California. The majority of drilling continued along the margins of the known precious metal mineralization in the far west, south and east portions of the project area where few historic drill holes occur as illustrated on the map below. 

The company is very pleased with the results from the first deeper hole, CAH-297, drilled on the property to date. CAH-297 was drilled within the main mineralized area to initiate testing of the deep-rooted gold/silver potential at Cahuilla. The purpose of the deeper drilling is twofold. Firstly, to continue delineation and definition of the high grade veins and secondly, to test for deeper feeder zones that the Company believes are the source of precious metals and manifest as near surface disseminated gold/silver mineralization and multiple high grade veins.

The seven recently completed drill holes are shown in purple on the following map of the project:

To view the figure associated with this press release, please visit the following link:

Some of the previous significant drill intercepts are also shown on the map. The yellow holes represent historic drilling while the red holes were completed by Teras in the past year. Results of the seven new holes are reported in the table below:

Hole # From   To   TD   Thickness - m (ft)     Gold - g/t (oz/ton)  
CAH-289 3.1   82.3   182.9   79.2 (260 )   0.58 (0.017 )
CAH-290 4.6   12.2   213.4   7.6 (25 )   0.31 (0.009 )
CAH-291 47.2   103.6   213.4   56.4 (185 )   1.03 (0.030 )
  114.3   115.8       1.5 (5 )   0.79 (0.023 )
CAH-292 45.7   56.4   213.4   10.7 (35 )   0.45 (0.013 )
  129.5   134.1       4.6 (15 )   0.62 (0.018 )
  147.8   150.9       3.1 (10 )   0.58 (0.017 )
CAH-293 1.5   4.6   182.9   3.1 (10 )   0.41 (0.012 )
  27.4   32.0       4.6 (15 )   0.55 (0.016 )
  54.9   71.6       7.6 (25 )   1.23 (0.036 )
  68.6   71.7       3.1 (10 )   0.41 (0.012 )
  85.3   88.4       3.1 (10 )   0.96 (0.028 )
CAH-294 45.7   47.0   182.9   1.5 (5 )   0.89 (0.026 )
  56.4   83.8       27.4 (90 )   1.03 (0.030 )
CAH-295                   Assays Pending  
CAH-296                   Assays Pending  
*CAH-297 24.4   39.6   298.7   15.2 (50 )   0.55 (0.016 )
  57.9   79.2       21.3 (70 )   0.48 (0.014 )
  124.9   128.0       3.1 (10 )   0.82 (0.024 )
  170.7   192.0       21.3 (70 )   2.26 (0.066 )
Including 170.7   172.2       1.5 (5 )   15.03 (0.438 )

CAH-297 intersected silver values as high as 524.4 g/t silver (15.31 oz/t), which is in the same 1.5m drill sample that hosted 15.03 g/t gold. CAH-297 was also drilled to a depth of 298.7 meters (980 feet), and aside from intersecting high grade gold and silver values, the hole exhibited anomalous gold mineralization to depth. Precious metal mineralization has not been tested at depths greater than 250 meters and the Company strongly feels that data obtained from the Teras drilling in the past year justifies the search for high grade feeder structures along with mineralizing volcanic and/or intrusive events. As a result, the Company is currently preparing a comprehensive exploration program to identify targets for locating high grade feeder zones that potentially represent the source of shallower, widespread disseminated and high grade vein mineralization.

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.

Watseca Project update: Teras has entered into a purchase and sale agreement with a private USA Company whereby Teras plans to sell its Watseca property for the sum of $3 Million Dollars US. The payment terms include a lump sum payment with quarterly payments thereafter over a 2 year period equalling the purchase price of $3 Million Dollars. The company will use the funds to advance its Cahuilla project. 

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 Cahuilla gold/silver mineralization are similar to grades of the host rocks 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.

Teras Resources Inc.
Peter Leger
(403) 262-8411 or (403) 852-0644
Companies Mentionned : Imperial | Metals X | New Gold | Reliance | Teras Resources |
Data and Statistics for these countries :
Gold and Silver Prices for these countries :

Teras Resources Inc.

ISIN : CA8808411018
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Teras Resources is a gold development stage company based in Canada.

Teras Resources holds various exploration projects in USA.

Its main exploration properties are GOLDEN JUBILEE and CAHUILLA GOLD in USA.

Teras Resources is listed in Canada and in United States of America. Its market capitalisation is CA$ 20.8 millions as of today (US$ 15.9 millions, € 14.1 millions).

Its stock quote reached its lowest recent point on December 22, 2006 at CA$ 0.01, and its highest recent level on March 16, 2012 at CA$ 1.80.

Teras Resources has 143 550 000 shares outstanding.

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Financings of Teras Resources Inc.
6/5/2013Announces Closing of Private Placement Financing
Nominations of Teras Resources Inc.
6/26/2013Announces the Appointment of Dr. William C. Bagby as Advisor...
6/26/2013Announces the Appointment of Dr. William C. Bagby as Advisor...
4/13/2011Appoints New Corporate Secretary and Grant of Options
Project news of Teras Resources Inc.
10/9/2013(Cahuilla Gold)Provides Drill Program Update and Expects Assay Results in t...
10/1/2013(Cahuilla Gold)Deep Diamond Drill Core From the Cahuilla Gold/Silver Projec...
9/17/2013(Cahuilla Gold)Achieves Excellent Progress With Its Current Core Drilling P...
8/28/2013(Cahuilla Gold)Initiates Mobilization of National Drilling to Continue Deve...
4/23/2013(Cahuilla Gold)Receives Positive Geochemical Sample Results at the Cahuilla...
9/27/2012(Cahuilla Gold)Receives Additional Assay Results From Its Cahuilla Gold/Sil...
2/16/2011(Cahuilla Gold)Moves Forward to Earn in on the Cahuilla Gold Project and Is...
12/8/2010(Cahuilla Gold)Reports Drill Results at the Cahuilla Project
Corporate news of Teras Resources Inc.
2/2/2016Teras Corrects New Announcement of February 2, 2016
2/2/2016Teras Announces $400,000 Private Placement
1/20/2016Teras Provides Corporate Update to Its Shareholders
11/10/2015Teras Terminates Consulting Agreement with Director of Finan...
11/10/2015Teras Receives Permits To Drill Up To 2000 Additional Holes ...
11/6/2015Teras Terminates Consulting Agreement with Director of Finan...
11/5/2015Teras Receives Permits to Drill up to 2000 Additional Holes ...
7/3/2015Teras Receives Results From Core Drill Program
7/2/2015Teras Receives Results from Core Drill Program
4/14/2015Teras Completes its Drilling Program at Cahuilla and Recieve...
3/13/2015Teras Commences Core Drilling Program At Cahuilla
3/12/2015Teras Commences Core Drilling Program at Cahuilla
1/30/2015Teras Closes $1,425,940 Offering of Common Shares
1/30/2015Teras Closes $1,425,940 Offering of Common Shares
1/24/2015Teras Increases Financing to $1,425,000
1/22/2015Teras Increases Financing to $1,425,000
12/16/2014Teras Completes an Independent Review of Cahuilla's Recent D...
10/2/2014Teras Announces Resignation of Mr. Gorden Glenn as a Directo...
9/12/2014Teras Provides Corporate Update
6/27/2014Teras Appoints Mr. Gordon Glenn to its Board of Directors
6/10/2014Teras Announces its Intention to Re-file its Statements
6/6/2014Teras Announces Adoption of Advance Notice By-Law
6/5/2014Teras Issues Final Tranches of Shares to Consolidated Pursua...
6/5/2014Teras Receives Results from its Core Drill Program including...
6/4/2014Teras Appoints Dr. James G. Clark as Technical Advisor to th...
5/23/2014Teras Appoints Mr. Michael Attaway to its Board of Directors...
4/25/2014Teras Provides Corporate Update
3/19/2014Teras Corporate Update
10/17/2013Receives Over $2.6 Million Dollars in Exercised Warrants
10/17/2013Receives Over $2.6 Million Dollars in Exercised Warrants
9/24/2013Completes First Deep Core Hole and Discovers Strongly Altere...
5/23/2013Announces $1.5 Million Dollar Financing
5/9/2013Provides Corporate Update and Announces the Cahuilla Technic...
3/28/2013Receives Gravity Geophysical Results and Provides Corporate ...
2/28/2013Receives Historical Geophysics Results and Delineates Large ...
2/19/2013Receives Positive Geochemical Sample Results Substantially I...
1/24/2013Receives Positive Metallurgical Test Results for Its Cahuill...
1/11/2013Files Technical Report and Provides Corporate Update
12/11/2012Provides Corporate Update
11/30/2012Technical Report to Be Released That Presents First Mineral ...
11/21/2012Receives Additional Drill Results From Cahuilla Including 1....
11/6/2012(Cahuilla Gold)Receives Additional Assay Results from Its Cahuilla Gold/Sil...
10/18/2012Receives Drill Results Including 128.0m of 1.26 g/t Gold fro...
10/2/2012Provides Cahuilla Project Update
5/5/2011Initiates 2nd Phase Drill Program
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