Teras Receives Gravity Geophysical Results, Provides Corporate Update
Teras Resources Inc. (TRA.V) today provided a corporate update and report new gravity results from recent geophysical surveys for the Cahuilla gold/silver project in Imperial County, California. The gravity surveys have recognized multiple apparent new structural targets including possible deep high grade feeder zones and additional shallower anomalies beneath gravel cover throughout the project area.
Corporate Update. Teras currently has $1.3 million in cash and a receivable of $2.5 million from the sale of its Watseca project in Montana. In addition, it have $2.7 million in outstanding warrants to be exercised at $0.55. "We feel the funds will be adequate to advance the Cahuilla project and reach our targeted goals and the Company is very fortunate to be in a positive cash position in this very difficult market. We have been very careful with our funds and ensure they are used efficiently and effectively in advancing Cahuilla. Given our past drill results and experience on the project, we are confident we will have adequate funding to complete a new drill program and substantially expand our NI 43-101 gold/silver resource."
Teras' immediate objective for Cahuilla is to compile a detailed technical data room in the second quarter of 2013. Given the shortage of large projects in North America, we feel once we have compiled all technical data on the project, there will be interested parties interested in evaluating our project for potential transaction purposes or to develop a mutually beneficial working relationship.
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