Teuton Resources Corp. (“Teuton”) (“TUO”-TSX-V) (“TFE”-Frankfurt) is pleased to announce that it has farmed out its Lord Nelson 1-5 claims, located in the Stewart region of northwestern British Columbia, to Geofine Exploration Consultants Ltd. (“GFX”).
The Lord Nelson claims lie between the Poly property of GFX (under option to Frontline Gold Inc.) and the large Del Norte property of Sabina Gold & Silver Corp. and Teuton Resources. Very little work has been done on the claims to date but they are considered prospective for VMS style mineralization and vein-type gold-silver mineralization as indicated on the Del Norte property.
GFX can earn a 100% interest in the Lord Nelson claims by paying $210,000 (or $185,000 and a share issuance with a cash value of $25,000) over the five year term of the option. It must also perform $1,200,000 of exploration work over this period. Teuton retains a net smelter royalty of 2%, half of which can be purchased for $1,000,000. An advance royalty of $50,000 per year,indexed to inflation, is also payable to Teuton beginning in 2016.
The deal represents the 5th farm-out completed by Teuton in the last twelve months. The other four properties farmed out are the Bonsai, Silver Leduc, Stamp and Four J’s.
Teuton retains interests in numerous other properties in the Golden Triangle, certain of which are likely to be farmed out within the next year. With silver now at plus $23 an ounce, the Companies many silver properties are expected to come into play. These include the Konkin Silver, Silver Crown, Silver Mountain, Silver Bell, Silver Cloud, Bay Silver, Ram and Tonga properties.
“Dino Cremonese, P.Eng.”
Teuton Resources Corp.
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. Teuton Resources Corp. does have an ongoing obligation to disclose material information, as it becomes available.
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information contained herein.