Vancouver, Canada - TheNewswire - August 6, 2019 - Teuton Resources Corp. ("Teuton" or "the Company") (TSXV:TUO) ("TUC"- Frankfurt) corrects the update to its earlier news release of today regarding the status of several of its option agreements on its properties in the Golden Triangle, northwestern British Columbia. There was a mistake in the total of shares of Tudor Gold that would accrue to Teuton if the four option agreements proceeded to full term. Corrected amounts are included below:
Tudor Gold Option Agreements
Tudor Gold Corp. ("Tudor") and the Company have agreed to further amend the terms of four option purchase agreements on the Orion, Fairweather, Delta and High North properties, situated south of the KSM property of Seabridge Gold and west of the Brucejack-Snowfield property of Pretium Resources.
The Company and Teuton have entered into amending agreements (collectively, the "Amending Agreements") to revise terms covering cash and share payments that were due as well as, in two of the property option agreements, future payments. Share and cash payment schedules are amended as follows, subject to the approval of the TSX Venture Exchange ("TSX-V").
Orion Property: 175,000 shares to be issued within five business days of Tudor receiving TSX-V approval of the Amending Agreement; all other provisions of the Orion Agreement shall remain unchanged
Fairweather Property: 200,000 shares to be issued within five business days of Tudor receiving TSX-V approval of the Amending Agreement; all other provisions of the Fairweather Agreement shall remain unchanged.
Delta Property: 200,000 shares to be issued within five business days of Tudor receiving TSX-V approval of the Amending Agreement; $100,000 to be paid on or before March 1, 2020; $200,000 to be paid on or before March 1, 2021; and $300,000 to be paid on or before March 1, 2022.
High North Property: 200,000 shares to be issued within five business days of Tudor receiving TSX-V approval of the Amending Agreement; $100,000 to be paid on or before March 1, 2020; $200,000 to be paid on or before March 1, 2021; and $300,000 to be paid on or before March 1, 2022.
Under the terms of the Amending Agreements, Tudor, in order to exercise the four property option agreements, must pay an additional aggregate sum of $1,890,000 (the final payment is in 2022) and issue an additional aggregate of 600,000 common shares.
Dino Cremonese, P.Eng, President of Teuton commented: "The 775,000 shares we will receive upon regulatory approval brings our present holdings of Tudor Gold to 2,975,000 shares. If the four option agreements go to the full term, this will increase to 3,575,000 shares. As Tudor Gold owns 60% of the Treaty Creek property, our Tudor shareholdings represent a welcome indirect interest in this exciting gold property which complements our present 20% carried interest (fully carried until a production decision is made) and 0.98% Net Smelter Royalty in the core portion of Treaty Creek."
Pretium Resources Option Agreements
In July of 2019, Pretium made the final payment of $400,000 of the $1,800,000 total purchase price earning a 100% interest in the King Tut, Tuck and Silver Crown west properties, situated south of Pretium's Valley of the Kings gold mine. Teuton retains a 2% NSR in the properties, no part of which can be bought back by Pretium.
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. Eight of these properties are currently under option to third parties. Optioned properties and properties where optionees have already earned their interest, have generated cash proceeds of a little under $2.4 million since 2015, not including the value of shares received from the optioning companies
Teuton was the original staker of the Treaty Creek property assembling the core land position in 1985. It presently holds a 20% carried interest in Treaty Creek (carried until such time as a production decision is made) as well as a 0.98% NSR in the claims covering the Goldstorm zone. A 0.49% NSR is owned in the peripheral claims.
Shareholders and other interested parties can access information about Teuton at the Company's website, www.teuton.com.
"Dino Cremonese, P.Eng."
Dino Cremonese, P.Eng.,
President and Chief Executive Officer
For further information, please visit the Company's website at www.teuton.com or contact:
Director Corporate Development and Communications
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements regarding Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.
All statements relating to future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.