July 10, 2014, Vancouver, BC: Teuton Resources Corp. (“Teuton”) (“TUO”-TSX-V) (“TFE”-Frankfurt) (“TEUTF”—OTCBB) announces that it has reached an agreement with Sabina Gold & Silver Corp. (“Sabina”) to purchase Sabina’s 50% interest in the Del Norte-Midas property, located 20 miles east of Stewart, BC. Teuton currently owns a 50% interest in the Del Norte portion of the property, and a 25% interest in the Midas portion (Silver Grail Resources owns the other 25% of the Midas property). Sabina originally earned its interest in the Del Norte property by taking an assignment from Lateegra Resources Corp. (now Lateegra Gold Corp.–“Lateegra”) of the latter company’s option to earn a 50% interest in the Del Norte property from Teuton. Sabina earned its interest in 2007.
Teuton will issue 500,000 shares of its common stock to Sabina and has agreed to grant Sabina a 1% NSR in the property, one-half of which can be repurchased for $1 million. The buy-back on the NSR is limited to any time prior to completion of a feasibility study. Teuton has also agreed to compensate Lateegra which had retained some rights under the original assignment from Lateegra to Sabina. Teuton has granted Lateegra a 1% NSR in the Del Norte property, one-half of which can be repurchased for $500,000. Lateegra and Silver Grail have both given their consent to the purchase from Sabina.
The agreement is subject to signing of certain closing documents and TSX-V approval. An announcement will be made when the agreement closes. After closing, Teuton will own a 100% interest in the Del Norte property and a 75% interest in the Midas property, subject to the NSRs as described above.
Respectfully:
“Dino Cremonese, P.Eng.”
President,
Teuton Resources Corp.
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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.
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
