TEUTON RESOURCES ANNOUNCES ACQUISITION OF INTEREST IN BUFFALO HEAD
CRATON, ALBERTA
VANCOUVER, B.C.--
Teuton Resources Corp. ("Teuton") has signed a letter of intent
regarding an option to earn a 100% interest in 9 townships located
within the Buffalo Head Craton in north central Alberta. Ashton
Mining of Canada Inc., Alberta Energy Corporation and Pure Gold
Resources Inc. recently announced a significant diamond discovery
on a portion of their holdings within the Buffalo Head Craton.
Under the terms of the agreement Teuton will pay to the optionor an
aggegate $150,000, payable in installments over a three year period
with the first payment of $15,000 due upon receipt of approval of
the transaction by the Vancouver Stock Exchange ("VSE"). In
addition, Teuton is to issue an aggregate of 200,000 common shares
to the optionor, payable in installments over a three year period
with the first block of 50,000 due upon receipt of VSE approval.
The optionor will retain a 1.5% Gross Overriding Royalty ("GORR")
on any diamond production and a 1.5% Net Smelter Royalty ("NSR") on
any mineral production from the property. Teuton has the right to
purchase one-half of either or both of the GORR and NSR for $500,00
apiece.
The property is located in the Swan Hills area near the south end
of the Buffalo Hills Craton and is surrounded by claims owned by
Ashton Mining, Alberta Energy and Pure Gold.
ON BEHALF OF THE BOARD
"D. Cremonese"
Dino Cremonese, P.Eng.
President
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this
news release.
TEUTON RESOURCES CORP.
509 - 675 WEST HASTINGS STREET
VANCOUVER, BC V6B 1N2
Phone: (604) 682-3690 Fax: 682-3992
Toll Free: 1-800-879-2333
Web site: www.teuton.com |
