Teuton Resources Corp.: Remaining Interest in Tennyson Property Sold to Brigade for $7 Million
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 10, 2013) - Teuton Resources Corp. ("Teuton") (TSX VENTURE:TUO)(FRANKFURT:TFE)(OTCBB:TEUTF) is pleased to announce the sale of its remaining interest in the Tennyson property to Brigade Holdings Ltd. ("Brigade") for $7 million, being $500,000 plus $6.5 million in subscription receipt units (shares and warrants) of Brigade. The agreement closed yesterday, September 9, 2013, and both cash and subscription rights have been received.
Brigade will own 100% of the Tennyson property plus the neighbouring Tide property. Teuton will have a 29% interest in Brigade, being the largest of several shareholdings in the company.
The Tennyson property, located 40km north of Stewart, BC in the Golden Triangle, is currently the subject of an up to $4 million drill program aimed at testing zones of porphyry copper-gold mineralization. Two drills have done about 3,500 metres to date and are currently on the ninth hole of the program.
"Brigade is pleased to have acquired 100% of the Tennyson property, which we believe holds significant potential to host an important, bulk tonnage-style copper-gold deposit", said Brigade Chairman Bob Dickinson. "Limited historical drilling has intersected broad intervals of copper gold mineralization," Dickinson said. "Brigade's exploration program at Tennyson will be focused on determining the full extent and geometry of the copper gold mineralization."
Dino Cremonese, P.Eng., President commented as follows: "This deal ensures that Teuton will retain a substantial interest in the Tennyson property through its share in Brigade. The standard alternative, participating in a joint venture 50/50 with Brigade, carried a substantial risk of heavy dilution of the Company's equity in these uncertain capital markets. Considering that Brigade is a Hunter Dickinson company, and that Hunter Dickinson is a leader in the development of porphyry copper-gold deposits world-wide, we are satisfied that the Tennyson property has found a good home." |
