VANCOUVER, British Columbia, May 26, 2016 (GLOBE NEWSWIRE) -- Teuton Resources Corp. (“Teuton”) (TSX-V:TUO) (Frankfurt:TFE) (OTCBB:TEUTF) is 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: http://teuton.com/wp-content/uploads/2016/05/Assignment-Map.pdf.
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 paid.
For the Delta property, Teuton will receive $100,000 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 Mining Corporation.”
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 targets.
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 Corp.
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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 available.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
TEUTON RESOURCES CORP. 202-2187 Oak Bay Avenue Victoria, BC V8R 1G1 Phone: (604) 682-3680 Fax: 682-3992 Toll Free: 1-800-879-2333 Website: www.teuton.com