(TheNewswire)
Victoria, BC - TheNewswire - April 28, 2021 - Teuton Resources Corp. (“Teuton” or“the Company”) (TSXV: TUO ) (OTC:TEUTF) (Frankfurt: TFE ) has entered into a private placement withits joint venture partner, Tudor Gold Corp., subscribing for 1,000,000flow-through common shares (the “ FT Shares ”) at aprice of $3.60 per FT Share and 2,000,000 non-flow-through commonshares (the “ NFTShares ”) at a price of $3.00 per NFT Share. Total investment is $9.6 million dollars. Netproceeds of the Private Placement will be used to advance explorationof the Treaty Creek Project as well as for general working capitalpurposes.
All securities issued pursuant to the Private Placementare subject to a statutory four-month hold period. No finder's feeswere paid in connection with the Private Placement. The PrivatePlacement is subject to receipt of final approval of the TSX VentureExchange.
Dino Cremonese,President and CEO of Teuton Resources , commentedas follows: “Thanks to Eric Sprott financing Teuton, we were ableto make this very large investment into Walter Storm’s Tudor Gold,helping to get the 2021 program at Treaty Creek off to an early start. Ken Konkin, Vice President of Exploration at Tudor Gold, has done asuperb job at Treaty Creek since taking the reins two years ago. During his tenure, nearly every hole in the Goldstorm zone hasintersected lengthy grades of gold mineralization, some up to 1,000metres. Moreover, Ken figures to have discovered nearly one troyounce for every dollar spent on exploration, a remarkable result. With the recent successful completion of the maiden resourceestimate showing 19.4 million ounces of gold, measured and indicated(815.7 million tonnes of 0.74 gold Eq g/t), Ken also was provencorrect in his early prediction that Goldstorm would be one day in thesame class as the neighbouring Snowfield deposit of Seabridge Gold. Ken has ambitious plans for 2021: convert as much of the inferredresource at Goldstorm to measured and indicated, define the limits ofGoldstorm, check out Eureka for readily accessible, near surfaceounces, and search elsewhere along the Sulphurets Thrust Fault foradditional mega-tonnage gold or gold-copper deposits (such as at thePS2 zone and in and around the Orpiment zone). The early years atTreaty Creek were not all smooth sailing--I think back to the day in1984 when I first staked the ground now covering the Goldstorm zonefor Teuton Resources, following that up later in the year with aninitial prospecting program in which I took a large, 5 kg streamsediment sample from the run-off below the foot of Treaty Glacier. It ran 510 ppb gold, suggesting a mineralized source furtherup-glacier. Like many other well-known prospects in the GoldenTriangle (such as Eskay Creek which took almost sixty years todiscovery), it has been a long while to get where we are today. Butas Ken has said, we may be only on the first page of a very promisingbook. Here’s hoping he’s right.”
Walter Storm,President and CEO of Tudor Gold, stated: "This significant equity investment by Teuton, our 20% partner inTreaty Creek, is a very strong endorsement of both Tudor Gold and theTreaty Creek project. We are pleased that our partner Teuton and theirPresident and CEO Dino Cremonese have so much confidence in the TreatyCreek project and in Tudor Gold as the operator of the Treaty Creekproject. This is a very exciting time for Tudor Gold and itsshareholders, as Tudor Gold prepares to aggressively advance theTreaty Creek project. Tudor Gold is very eager to begin this year`sexploration program at Treaty Creek and will provide shareholders withregular updates as exploration at the Project develops."
Dino Cremonese, P.Eng, is the Qualified Person for thepurposes of this news release. As President of Teuton, he is notindependent of the Company.
About Teuton
Teuton owns interests in more than thirty properties inthe prolific “Golden Triangle” area of northwest British Columbiaand was one of the first companies to adopt what has since becomeknown as the “prospect generator” model. Ten of these propertiesare currently under option to third parties. Over $2 million inoption cash payments (not including appreciable payments made inshares) has been generated from these properties since 2015, includingproperties where optionees have already earned their interest.
Teuton was the original staker of the Treaty Creekproperty assembling the core land position in 1984-85; It presentlyholds a 20% carried interest in Treaty Creek (carried until such timeas a production decision is made). Interested parties can accessinformation about Teuton at the Company’s website, www.teuton.com .
Respectfully submitted,
"Dino Cremonese, P.Eng."
Dino Cremonese, P. Eng.,
President and Chief ExecutiveOfficer
For further information, please visit the Company'swebsite at www.teuton.com or contact:
Barry Holmes
Director Corporate Development andCommunications
Tel. 778-430-5680
Email: barry@teuton.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
CautionaryStatements regarding Forward-Looking information
Certain statementscontained in this press release constitute forward-lookinginformation. These statements relate to future events or futureperformance. The use of any of the words "could","intend", "expect", "believe","will", "projected", "estimated" andsimilar expressions and statements relating to matters that are nothistorical facts are intended to identify forward-looking informationand are based on the Company's current belief or assumptions as to theoutcome and timing of such future events. Actual future results maydiffer materially.
All statementsrelating to future plans, objectives or expectations of the Companyare forward-looking statements that involve various risks anduncertainties. There can be no assurance that such statements willprove to be accurate and actual results and future events could differmaterially from those anticipated in such statements. Importantfactors that could cause actual results to differ materially from theCompany's plans or expectations include risks relating to the actualresults of current exploration activities, fluctuating gold prices,possibility of equipment breakdowns and delays, exploration costoverruns, availability of capital and financing, general economic,market or business conditions, regulatory changes, timeliness ofgovernment or regulatory approvals and other risks detailed herein andfrom time to time in the filings made by the Company with securitiesregulators. The Company expressly disclaims any intention orobligation to update or revise any forward-looking statements whetheras a result of new information, future events or otherwise except asotherwise required by applicable securities legislation.
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