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Gold/Mining/Energy : Minvita Enterprises Ltd. - MVE.v
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To: Darryl Kadonaga who wrote (17)1/14/1997 2:58:00 PM
From: nammir chucri   of 56
 
Teuton Resources Corporation - News Release

Private BC company options Treaty Creek and Del Norte properties

Teuton Resources Corporation TUO
Shares issued 9,871,050 Jan 13 close $0.82
Tue 14 Jan 97 News Release
Mr Andrew Bowering reports
Memoranda of understanding have been signed with a private BC company
(optionee) regarding farm-outs of the company's wholly owned Treaty Creek
and Del Norte properties. Under the terms of the first agreement the
optionee can earn a 50% interest in the Treaty Creek property by incurring
$1.2 million in exploration of the property over a four year period.
Further requirements include cash payments totalling $100,000 and share
payments totalling 200,000 shares payable to Teuton over the term of the
option. The Treaty Creek property is in the Stewart mining district of
northwestern BC, approximately 10 miltes east of the producing Eskay Creek
mine. The property has multiple zones of gold-silver mineralization and has
had a little over $2 million spent on it to date.
Under the terms of the second agreement, the optionee can earn a 50%
interest in the Del Norte property by incurring $900,000 in exploration of
the property over a four year period. Further requirements include cash
payments totalling $70,000 and share payments totalling 200,000 shares
payable to Teuton over the term of the option. The Del Norte property is in
the Stewart mining district, approximately six miles east of Royal Oak's
Red Mountain gold deposit. The property hosts multiple zones of gold-silver
mineralization and base metal mineralization along a six mile contact zone.
Finalization of the memoranda of understanding is subject to a due
diligence review, completion of a formal agreement and VSE approval.
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