Teuton Resources Corp. (“Teuton”) (“TUO”) is pleased to announce that it has completed the private placement announced July 19, 2010. Altogether $450,000 was raised from the sale of 1,000,000 units at $0.45. The private placement remains subject to regulatory approval.
The 2010 work program on the Tennyson claims is scheduled for completion today after drilling of 10 holes. Drilling is scheduled to start on the Clone gold property within a matter of days. A lingering snowpack precluded an earlier start. Bulk sampling of the high-grade zone on the property should begin September 1.
Drilling is set to begin August 28, 2010 on the Company’s wholly owned Bonsai property. Optionee Copper Creek Ventures is the operator and will drill a number of holes testing a long geophysical anomaly. The axis of the anomaly is coincident with a copper-zinc geochemical anomaly, with discrete gold-silver geochemical anomalies along its course. Although the option agreement with Copper Creek calls for only a $300,000 expenditure in the first year, Copper Creek has stated they intend to spend upward of $1.25 million on the property in the present campaign.
Ground follow-up of a linear magnetic anomaly is scheduled for the Company’s Stamp claims, now under option to Decade Resources. The anomaly is interpreted as defining the upper member of an exhalative body, similar to the situation at the nearby BA property. Mineralized float has been found downhill from the trace of the anomaly.
A large diamond drilling program has commenced on the Granduc copper property of Bell Copper and Castle Resources. Teuton owns royalty interests in a large group of claims surrounding the core Granduc claims. Previous work has established that the Granduc copper system trends onto the Teuton claims.
Assays are awaited from the gossan discovered during the surface program on the Company’s High claim. Company personnel have also discovered a train of massive sulfide boulders (up to 1.5 feet in diameter and containing pyrite and galena) on the wholly owned Harry property. Assays are awaited.
D. Cremonese, P.Eng., is the Qualified Person for the purposes of this news release.
“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. has an ongoing obligation to disclose material information, as it becomes available.
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