March 03 - TUO.VSE - TEUTON- MINVITA OPTION OUT FOURTH CLAIM BLOCK IN WESTERN COPPER DISCOVERY REGION
From Silicon Investor Daily News: Subject 17869
Teuton Resources Corp. ("Teuton") and Minvita Enterprises Ltd. ("Minvita")
are pleased to announce that their jointly owned "La Esmeralda" concession
located near the Western Copper San Nicolas massive sulfide discovery in the
state of Zacatecas, Mexico, has been optioned to International Comstock
Exploration Ltd. ("Comstock"). Under the terms of the letter of intent,
Comstock can earn a 50% interest in the property by incurring $2,500,000 in
exploration expenditures on the property over a 30 months period. Comstock
is also obligated to issue a total of 200,000 shares of its capital in stages
over the term of the option. Comstock has paid $25,000 on signing of the
letter of intent, and must pay, a further $25,000 within 30 days, $25,000
upon VSE approval, $50,000 180 days from signing of the formal option
agreement, $50,000 upon the first anniversary of the agreement, and
$125,000 on the second anniversary of the agreement-a total aggregate cash
payment of $300,000. Upon exercise of the option, further work would proceed
as a joint venture between the parties. The opinion agreement is subjected
to the approval of the Vancouver Stock Exchange.
The La Esmeralda concession covers 20,000 hectares (nominal) and is located
approximately 40km southeast of the San Nicolas discovery within a similar
structural environment.
To date, Teuton and Minivita have optioned out four of twenty-one properties
(1.7 million acres in total) around the San Nicolas discovery in the state of
Zacatecas and San Luis Potosi. Further agreements are anticipated.
ON BEHALF OF THE BOARD
"Dino Cremonese"
D. Cremonese, P. Eng.
President, Teuton Resources Corp.
President, Minvita Enterprises Ltd.
509-675 WEST HASTINGS STREET
VANCOUVER, B.C. V6B 1N2
TEL: (604) 682-3680 FAX: (604) 682-3992
TOLL FREE: 1-800-879-2333
E-MAIL: teuton@istar.ca
WEBSITES: www.teuton.com - www.minvita.com
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
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