Teuton Resources Corp.: Exploration Update/Private Placement Completed
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 17, 2011) - Teuton Resources Corp. ("Teuton") (TSX VENTURE:TUO)(FRANKFURT:TFE) is pleased to announce that drilling at the Tennyson property is proceeding well with over six thousand feet drilled to date. In previous years' holes, chalcopyrite mineralization was noted contained within a sericite altered schist running up to 100 metres in length. This year, especially from the second pad, holes have encountered broad widths of chloritic altered intrusive. The zones containing chloritic alteration appear to contain more chalcopyrite than observed in last year's holes, and certain of the holes drilled this year contain much longer intervals of chalcopyrite mineralization than seen in previous years.
Core from the program is presently being logged and will be sent out for diamond sawing beginning today. Assays are expected within three to four weeks.
Due to the encouraging results to date, the Tennyson drill program has been extended. The Company plans to move a second drill into the High property, situated approximately five miles to the north of the Tennyson claims.
The Company has completed the private placement announced June 21, 2011, as amended on July 8 and July 13, 2011. Altogether $1,545,000 was raised consisting of 3,090,000 units at $0.50 per unit, with each unit consisting of one common share of the Company plus one warrant entitling the subscriber to purchase a common share at $0.55 for a one year period, or alternatively for $0.70 for a two year period.
Dino Cremonese, P.Eng., President
Teuton Resources Corp.
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