Vancouver, British Columbia – Minvita Enterprises Ltd. (“Minvita”) and Teuton Resources Corp. (“Teuton”) announce that negotiations are continuing with regard to a swap of various half interests owned in jointly held mineral properties in the Stewart region. It is proposed that Minvita transfer its 50% interest in the Clone gold property in return for the 50% interest held by Teuton in nine silver properties. Upon completion of the transaction Teuton would own a 100% interest in the Clone gold property (currently under option to Lateegra Resources Corp.); Minvita would own a 100% interest in the Konkin Silver, Joker, Bud, Ram, Silver Mtn. , Silver Bell , Bay Silver, Silver Cloud and Silver Crown properties.
An independent committee is to be formed to assess methods by which such a transfer of property assets can be effected in a manner which is fair to shareholders of both companies. The transaction will be subject to regulatory and shareholder approval. In addition, a name change from Minvita Enterprises Ltd. to Silver Grail Resources Ltd. is proposed to reflect Minvita’s singular emphasis on silver exploration, subject to regulatory and shareholder approval. No name change is planned for Teuton.
When the transaction is finalized, the Tonga property located west of the upper Kitsault River area will be the only property that is still jointly owned between Minvita and Teuton.. This property covers several streams within which silt geochemical sampling has previously identified multiple high silver anomalies. The Tonga was originally contemplated to be part of the gold-for-silver asset swap between the two companies, however the discovery of a significant molybdenum geochemical anomaly in 2004 changed the focus of interest. In the circumstances, it was considered prudent to retain joint ownership until the importance of the molybdenum anomaly could be established by further work.
ON BEHALF OF THE BOARD OF DIRECTORS
Dino Cremonese, P.Eng.
President and Director
Teuton Resources Corp,
Minvita Enterprises Ltd.
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