Teuton Resources Corp. (“Teuton”) (“TUO”–TSX.V; “TFE”-Frankfurt) and Silver Grail Resources Ltd. (“Silver Grail”) (“SVG”–TSX.V; “KD7”–Frankfurt) are pleased to announce that drilling is set to begin on their jointly-owned Clone property, located 20km southeast of Stewart, BC. Drill pads have been constructed and the drill is scheduled to move into the property on Aug. 22. Elite Diamond Drilling of Revelstoke, BC, is the contractor.
The drill program will target three areas. The first is a very recently discovered vein, located about 600m south of the main Clone workings. Featuring abundant local chalcopyrite and hematite, this vein averages 2m in width and has been exposed for about 300m before disappearing under a snowfield. The second target is the S-2B zone, near a 1995 trench that ran 2.1 oz/ton gold over 4.5m (14.8 ft). Finally, the third target is the H-1 zone, east of a 1995 trench that ran 3.6 oz/ton gold over 5.5m (18.0 ft).
Approximately $3.5 million has been spent on the Clone property since first discovery in 1995. It is currently under option to Canasia Industries Inc. (“CAJ”:TSX-V) under terms whereby Canasia can earn a 50% interest over 5 years by spending a total of $1.8 million. Teuton and Silver Grail are the operators of the program.
D. Cremonese, P.Eng. is the Qualified Person for both Silver Grail and Teuton in regard to technical information contained in this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
SILVER GRAIL RESOURCES LTD.
TEUTON RESOURCES CORP.
“Dino Cremonese, P.Eng.”
Dino Cremonese, P.Eng.
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. Silver Grail Resource Ltd. And Teuton Resources Corp. do 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.