March 21, 2016, Vancouver, BC: Teuton Resources Corp. (“Teuton”) (“TUO”-TSX-V) (“TFE”-Frankfurt) (“TEUTF”—OTCBB) announces that Millrock Resources Inc. has assumed an option agreement on the Company’s Lord Nelson Tenures (“LNT Property”) from Geofine Exploration Consultants (“GFX”). The mineral tenures are owned by Teuton and were originally optioned to GFX in October of 2010.
The LNT Property consists of five tenures covering approximately 2,450 hectares, located 30 km east of the Town of Stewart, within the Golden Triangle region of northwestern British Columbia. An AeroTEM electromagnetic survey flown in 2005 disclosed an anomaly extending to the north from Teuton’s adjacent Del Norte property into the LNT. This anomaly has never been drill tested on the LNT Property.
The property is underlain by favourable Middle to Lower Jurassic-aged Hazelton Group rocks. Rapidly receding glaciers have exposed new mineral showings and alteration zones in recent years. Systematic geochemical sampling and geological mapping will be needed prior to selecting targets for drill testing.
By assuming the option, Millrock now has the right to earn a 100% interest in the LNT Property by incurring exploration expenditures of $898,405 and providing option payments of $120,000 over four years. The next option payment of $15,000 is due in November, 2016. The exploration expenditures may be completed any time prior to November, 2019. Teuton retains a 2% NSR royalty with a $50,000 advance royalty starting in 2020.
About Teuton
Teuton owns interests in more than thirty properties in the prolific “Golden Triangle” area of northwestern British Columbia and was one of the first companies to adopt what has since become known as the “prospect generator” model. It first began acquiring properties in the Golden Triangle in 1983 and has been publically listed since 1985.
One of Teuton’s core holdings comprises ground staked in the mid-1980’s along extensions of favourable geology to the north and south of the KSM property (owned by Seabridge Gold) and the Brucejack-Snowfield property (owned by Pretium Resources). Teuton’s King Tut and Tuck properties, located south of Pretium’s Brucejack property, were optioned in 2015 to Pretium in a $1.8 million deal. Shareholders and other interested parties can access information about Teuton at the Company’s website, www.teuton.com.
The Qualified Person for this news release is D. Cremonese, P.Eng., who, as President and CEO, is not independent of the Company.
Respectfully:
“Dino Cremonese, P.Eng.”
President, Teuton Resources Corp.
If you would like to be added to Teuton’s news distribution list, please send your email address to dino@teuton.com
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.
