CALGARY, ALBERTA, Apr 26, 2007 (CCNMatthews via COMTEX News Network) --
Teras Resources Inc. ("Teras") (TSX VENTURE:TRA): Peter Leger, President and Chief Executive Officer of Teras is pleased to announce the addition of two (2) more Nevada properties (the "Properties") to the Corporation's portfolio. Teras finalized a Ten Year Exploration and Option to Purchase Agreement (the "Agreement") with Amigo, Inc., Garry J. Carlson, and Richard E. Zehner (collectively, the "Optionor") dated April 19th, 2007.
The Properties are two non-contiguous 16 and 28 unpatented lode claim blocks on land owned by the Nevada Bureau of Land Management (BLM) in Mineral County, NV. The claim blocks are located in a large zone of hydrothermal alteration composed of porphyry and epithermal style alteration. The Corporation is not releasing the exact location of the claim blocks at this time, due to its desire to continue staking in the area.
Mineralization at Property A appears to consist of disseminated Mo-Cu mineralization hosted in a potassic-quartz sericite-kaolinite alteration rock. This Property appears to lie at the center of a porphyry-style alteration zone extending for several kilometers into pre-Cretaceous rocks. At Property B, Au mineralization appears to occur in sheeted quartz veins in otherwise unaltered granodiorite. The area surrounding the claim blocks has undergone a strong degree of structural preparation and at least two alteration/mineralization episodes. Rocks in the area are highly faulted, fractured, and sheared; the rock types suggest potential for sediment-hosted and shear-zone hosted epithermal gold mineralization.
Pursuant to the Agreement, the Optionor received US$29,600 upon signing. Upon approval from the TSX Venture Exchange Inc. of the Agreement, the Optionor will receive 150,000 common shares of Teras. In addition, a minimum US$25,000 work commitment is required to be spent in the first 12 months of the Option, increasing by US$25,000 each year until year 5, when the work commitment reaches US$125,000 per year for all remaining years thereafter. Teras may exercise the Option at any time during the ten year option period by giving written notice to the Optionor and paying aggregate exploration expenditures in the sum of US$1,000,000 less the amount of any exploration expenditures already paid prior to the date of the notice. On exercise of the Option, the Optionor will receive a 4% Net Smelter Returns Royalty, with Teras having the option to purchase up to 3% of the Royalty for US$1,000,000 for each one percent (1%) of the Net Smelter Returns.
The above information on the Properties was taken from a report by Rick Zehner and Garry Carlson entitled "Geology and Mineralization of the Tuco and Tombstone Claim Blocks and Surrounding Area, Mineral County, Nevada" dated 2007, however, Teras has not verified this information. Teras' plan is to initiate an NI 43-101 compliant report on at least one of the Properties within the next 7 - 10 days.
Teras' vision is to acquire properties with established technical merit that are at or near to the pre-feasibility stage. The company's exploration work will be focused on detailed diamond drilling programs and proving resources with an NI 43-101 compliant resource report.
Dale A. Vitone, B.Sc., P.Eng., 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.
Teras will continue to update shareholders on the progress of future corporate news, financings, and project developments.
Stock Symbol TRA on the TSX Venture Exchange Inc.
All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange Inc., the Alberta Securities Commission, the British Columbia Securities Commission and maintained on www.sedar.com.
SOURCE: Teras Resources Inc.
Teras Resources Inc. Peter Leger President (403) 852-0644 Copyright (C) 2007 CCNMatthews. All rights reserved.