Teuton Resources Corp. (“TUO”) (“Teuton”) announces that St. Andrew Goldfields Ltd. (“SAS”) (“St.Andrew”) will not be proceeding with its options on the Company’s Treaty Creek and Bonsai properties, located east and west, respectively, of the Eskay Creek goldsilver mine in northwestern British Columbia.
The properties were originally optioned to Glenfred Holdings in 2002, a private company which was subsequently acquired by Heritage Explorations Ltd. On Jan. 1, 2006 , Heritage Explorations amalgamated with St. Andrew.
St. Andrew reports that no work was conducted on the Treaty Creek option in 2005. On the Bonsai option, four holes were drilled, two testing a geophysical anomaly and two testing the extensions of anomalous gold-silver mineralization outlined by previous drilling in an area to the east of the anomaly. None of these holes intersected significant mineralization. A report summarizing this work is in preparation and will be given to Teuton upon completion.
The properties have been returned to Teuton in good standing until 2012 and beyond. In addition, a large number of perimeter claims surrounding the Treaty Creek property have also been transferred to Teuton, subject to a 2% Net Smelter Royalty in favour of St. Andrew (one-half of which may be purchased for $1 million). Teuton wishes to thank St. Andrew for its efforts during the four years the properties were under option.
ON BEHALF OF THE BOARD
D. Cremonese, P.Eng.
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