Teuton Resources Corp. (“TUO”) (“Teuton”) is pleased to announce that it has optioned its Leduc Silver claims to Bell Resources Corporation (“BL”) (“Bell’). Under the terms of the option agreement, Bell can earn a 60% interest in the property by incurring exploration expenditures of $1.5 million over the five year term of the option. Additionally, Bell will issue Teuton 100,000 shares and make total cash payments to Teuton of $85,000 over the term of the option. After Bell vests its interest, further work will proceed by way of a joint venture between Bell and Teuton.
The Leduc Silver property consists of 13 claims totaling approximately 6,800 hectares, located 40 km northwest of Stewart, British Columbia. The claims surround the Granduc property which includes the formerly producing Granduc Copper Mine. Purchase of a 100% interest in this property by Bell was recently approved by the TSX Venture Exchange.
Bell recently received results from an AEROTEM airborne electromagnetic survey flown both over the core Granduc property and the surrounding Leduc Silver claims. The survey was designed to detect VMS type mineralization such as the syngenetic copper rich massive sulphides previously mined at Granduc. This survey delineated several anomalies on the core Granduc property, certain of which Bell intends to test by diamond drilling. Other anomalies deserving of follow-up were detected on the surrounding Leduc Silver claims. The option agreement with Bell was purposefully designed with modest initial work commitments to allow Bell to concentrate on the core Granduc property, with escalating commitments from 2006 and beyond so that outlying anomalies on the Silver Leduc claims can be properly evaluated.
Recent record high copper prices have re-awakened the potential of the Granduc deposit and its nearby exploration targets.
ON BEHALF OF THE BOARD OF DIRECTORS
Dino Cremonese, P.Eng.
President and Director
Teuton Resources Corp
Minvita Enterprises Ltd.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.