June 18, 2003, Vancouver, BC: Teuton Resources Corp. (“TUO”) (“Teuton”) and Minvita Enterprises Ltd. (“MVE”) (“Minvita”) announce that they have entered into an option agreement with Lateegra Resources Corp. (LEG – TSX Venture) whereby Lateegra may acquire a 50% interest in Teuton and Minvita’s jointly-owned Clone gold property, situated in the Stewart Mining Camp of northwestern British Columbia.
The Clone property is located 12 miles southwest of Stewart, British Columbia, within the highly mineralized Stewart Complex of volcanic and sedimentary rocks. Famous mines within this Complex include the currently producing Eskay Creek Mine, one of the highest grade gold-silver mines in North America, and the formerly producing Premier gold mine. The Red Mountain Gold deposit of Seabridge Gold Inc., located 10 miles north of the Clone Property, is presently the subject of a pre-feasibility study.
In 1995, Teuton-Minvita prospectors discovered a series of sub-parallel shears on the Clone property, exposed over strike lengths up to 1,600 feet. Subsequent trenching of the H-1 shear returned values of 3.59 oz/ton gold across 18 feet. Additional trenching of the S-2 shear returned values of 2.08 oz/ton gold across 14.8 feet. Drilling in 1995-97 tested all of the shears within the 1,000 foot long Main Zone. Many well-mineralized intercepts were obtained from the 1995-97 program as indicated by the following selected results:
|Drill Hole||Interval (ft)||Gold (oz/ton)|
In 1998, a detailed structural study of the Main Zone area was completed by SRK Consulting Engineers of Vancouver B.C. at the request of Teuton Resources Corp. The study defined a gentle, northerly plunging orientation to gold-bearing shoots within the shears providing a better understanding of the structural controls for the gold mineralization. The historical exploration data may not be compliant with National Instrument 43-101.
Lateegra believes that by utilizing the information from the structural study, there exists strong potential to find down dip extensions of the gold-bearing shoots within the Main Zone. Lateegra will also investigate untested mineralized zones on the 4,200 acre Clone property by spending $200,000 during the 2003 exploration season to test this theory.
The Letter Agreement provides that, in order to earn its 50% interest in the Clone property, Lateegra will make staged cash payments totaling $130,000, issue 100,000 shares, and undertake exploration expenditures of $1,500,000 over a four year period. Option cash and share payments will be divided equally between Teuton and Minvita.
ON BEHALF OF THE BOARD OF DIRECTORS LATEEGRA RESOURCES CORP.
“ Dino Cremonese, P.Eng.”
Dino Cremonese, P.Eng.
Teuton Resources Corp.
Minvita Enterprises Ltd.
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