Calgary, Alberta--(Newsfile Corp. - May 30, 2018) - Teras Resources Inc. ("Teras" or the "Company") (TSXV: TRA): announces the appointment of Mr. Thomas K. Mancuso as Vice President of the Company and a seat on the Board of Directors and Mr. Lawrence J. O'Connor as Vice President Project Development effectively immediately. This is part of the recently implemented and ongoing growth strategy Teras announced on April 24th, 2018.
Peter Leger, President and CEO of Teras remarked, "We would like to formally welcome Mr. Mancuso and Mr. O'Connor to the Teras management team. Our new, highly experienced team will focus on advancing Cahuilla as well as our other projects to an entirely new level in a very timely manner. We now have the full-time expertise to evaluate, acquire, model and develop projects from exploration to mine production. Expanding the team to this degree will shorten the path to successfully increasing the value of Teras for our shareholders."
Mr. Thomas K. (Toby) Mancuso is a well-respected mine development geologist with more than 40 years of experience in exploration, operations and management of various mining companies. Mr. Mancuso previously held the position of President and CEO of Western Goldfields Inc. (now New Gold Inc.) and is credited with purchasing the operating Mesquite Mine in southern California from Newmont. Mr. Mancuso was also Senior Geologist for Freeport Gold Company and Chief Geologist for Kennecott Corporation where he specialized in advancing projects from exploration to production. At Kennecott, he began managing the Cahuilla project in 1993 and has been involved with the property to date. Mr. Mancuso is presently Managing Director for NexGen Mining, Inc. and operates his own company, Mancuso Resource Development Services, LLC. He received his M.S. Geology at the University of Idaho School of Mines and B.SC. Geology from Bowling Green State University.
Mr. Lawrence J. O'Connor has worked for 35 years in the natural resource business and is highly experienced in exploration, development and mine operations. Mr. O'Connor was Vice President of Operations for Western Goldfields, Inc. tasked with reinitiating mine operations at Mesquite Mine in southern California. He also held the positions of CEO and Director of Sonoran Gold, Ltd., President of TerraBor Inc. and Nevada Colca Gold Inc. He was a key operational participant in the start-up of Bema Gold and Eldorado Gold Corporations. Mr. O'Connor has diverse operational experience in open pit and underground mining including exploration, ore control, mine engineering, process management, reclamation closure and operations general management. He holds a B.Sc. Geology, is a "Qualified Person" in accordance with the Canadian National Instrument 43-101.
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 host rocks with numerous high-grade sheeted quartz veins. Teras filed a NI 43-101 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 resource 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 ounces silver to 1 ounce of gold.
Dr. Dennis LaPoint, a qualified person under National Instrument 43-101 "Standards of Disclosure for Mineral Projects," 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. Dr. LaPoint has reviewed and verified the mining, scientific and technical information contained in this news release. Dr. LaPoint is a registered geologist with the Society of Mining Engineers.
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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 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 Cahuilla project, the development and advancement of the Cahuilla project, the development of the geologic model in respect of the Cahuilla project, the development of further drill plans in relation to the Cahuilla project and the potential of the Cahuilla project to develop into a mining operation; and the completed core drilling programs including further analysis of the core and its impact on the Company's existing NI 43-101 technical report. 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, future costs and expenses being based on historical costs and expenses, adjusted for inflation, the ability of the Company to obtain acceptable financing, market acceptance of its exploration programs and projects; consistent and favorable commodity prices; and regulatory acceptance of the Company's geologic models . 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.