Silver Grail Resources Ltd. (“Silver Grail”) and Teuton Resources Corp. (“Teuton”) have identified a large, attractive silver target on their jointly owned Tonga property by integrating results from a recently completed, Aeroquest EM and Magnetometer survey with all prior work completed on the project. This 40 square kilometer property is located in the southern portion of the prolific Stewart-Eskay Creek silver-gold camp, just west of the Kitsault River silver mining district.
Anomalous geophysical responses obtained during the survey have outlined a primary target area measuring 800 by 1,800 meters. This area overlaps and extends a previously defined target marked by soil, stream and talus fine geochemical samples, many of which were highly anomalous in silver. The source of the anomalous geochemical and geophysical responses remains unknown, but based on data in hand may arise from mineralized sedimentary exhalative horizons underlying the target area.
Approximately 1 km to the south, two strong, discrete EM anomalies were also detected.These anomalies are parallel to, and lie within, a magnetic low trending at right angles to the strike of geological units on the property.
Company geologists, in collaboration with Aeroquest’s geophysicists, will be selecting priority targets for drilling on the Tonga in 2006.
Dino Cremonese, P.Eng., president and CEO of Silver Grail and Teuton, stated: “The Aeroquest geophysical survey has materially enhanced our understanding of the Tonga property and its potential for hosting mineral deposits. We look forward to drill testing these exciting targets in the summer months”.
Silver Grail and Teuton have also recently completed Aeroquest surveys on their Silver Bell, Bay Silver, Silver Crown, Silver Cloud, Bud and Ram properties, all situated within the Stewart-Eskay camp. Also complete is a survey over the Clone gold property, currently under option to Canasia Industries Ltd. Results from these surveys are expected within the forthcoming weeks.
K. Mastalerz, Ph.D., is the Qualified Person in charge of the 2006 program on the Tonga property.
On Feb. 24, 2006 , the TSX Venture Exchange approved a name change from Minvita Enterprises Ltd. to Silver Grail Resources Ltd. The company began trading under its new name on Feb. 27, 2006 .
ON BEHALF OF THE BOARD OF DIRECTORS
“D. Cremonese, P.Eng.”
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
The foregoing securities have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation or sale would be unlawful.
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 Resources Ltd. and Teuton Resources Corp. do have an ongoing obligation to disclose material information as it becomes available.