UPDATE -- Fairweather, Delta and High North Property Option Agreements Assigned to Tudor Gold Corp.
Teuton Resources Corp. (“Teuton”)
pleased to announce that three property option agreements made in
the past year with a private company have been assigned to Tudor
Gold Corp. (TSX-V:TUD) (“Tudor Gold”).
The three properties are the Fairweather, Delta
and High North, all located south of the KSM property of Seabridge
Gold and the Brucejack property of Pretium Resources. This
area is currently the most active portion of British Columbia’s
Golden Triangle. Seabridge Gold will drill 10,000m in 2016 to
delineate the Deep Kerr copper-gold deposit, which currently has an
inferred resource of more than one billion tonnes grading 0.53 per
cent copper and 0.35 gram per tonne gold (11.3 million ounces of
gold and 11.8 billion pounds of copper). Pretium Resources is
busy constructing mine facilities for their $1billion CDN Valley of
the Kings gold project scheduled for production in 2017.
A property map for the area can be found here:
Teuton will receive $1 million over five years
for the High North property, plus a 2.5% NSR without any
buyback. Of this amount, $100,000 has already been
For the Delta property, Teuton will receive
$1,000,000 over five years, with NSRs varying from 1.5 to 2.5%
without any buy back. Teuton has received $100,000 from this
agreement to date.
For the Fairweather property, Teuton will
receive $350,000 over 5 years and 700,000 shares of Tudor Gold,
plus NSRs varying from 1 to 2% without any buyback. To date
it has received $30,000 and will receive an initial payment of
250,000 shares of Tudor Gold on TSX-V acceptance of the agreement
(the shares will be subject to a four month hold period).
Dino Cremonese, P.Eng., President of Teuton
commented as follows: “We are very pleased to follow up our joint
venture with Tudor Gold on the Treaty Creek property with three
option agreements on Teuton properties located south of the KSM and
Brucejack properties. Tudor Gold is headed by Walter Storm, a
mining entrepreneur whose most recent success was with Osisko
Detailed plans for 2016 exploration of Teuton’s
many properties lying further south of the Fairweather, Delta and
High North properties, are currently being drawn up and will
be announced when ready. These include the Pearson, Tennyson,
Eskay Rift, Orion and Big Gold properties, the latter property the
subject of a new discovery of gold-bearing sericite schists in
2015. Preliminary plans call for a first phase of
prospecting and rock geochem, followed by drilling of select
Teuton owns interests in more than thirty
properties in the prolific “Golden Triangle” area of northwestern
British Columbia and was one of the first companies to adopt what
has since become known as the “prospect generator” model.
Shareholders and other interested parties can access information
about Teuton at the Company’s website, www.teuton.com.
The Qualified Person for this news release is D.
Cremonese, P.Eng., who, as President and CEO, is not
independent of the Company.
“Dino Cremonese, P.Eng.”
President, Teuton Resources
If you would like to be added to Teuton’s news
distribution list, please send your email address
This news release includes certain
forward-looking statements concerning the future performance of our
business, its operations and its financial performance and
condition, as well as management’s objectives, strategies, beliefs
and intentions. Forward-looking statements are frequently
identified by such words as “may”, “will”, “plan”, “expect”,
“anticipate”, “estimate”, “intend” and similar words referring to
future events and results. Forward-looking statements are based on
the current opinions and expectations of management. All
forward-looking information is inherently uncertain and subject to
a variety of assumptions, risks and uncertainties, including the
speculative nature of mineral exploration and development,
fluctuating commodity prices, competitive risks and the
availability of financing, as described in more detail in our
recent securities filings available at www.sedar.com. Actual events
or results may differ materially from those projected in the
forward looking-statements and we caution against placing undue
reliance thereon. Teuton Resources Corp. does have an ongoing
obligation to disclose material information, as it becomes
The TSX Venture Exchange has neither approved nor
disapproved the information contained herein.
TEUTON RESOURCES CORP.
2130 Crescent Road
Victoria, BC V8S 2H3
Phone: (604) 778-430-5680 Fax: 778-430-5681
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