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Teras Resources (TSXV:TRA,OTCQX:TRARF) announced the receipt of US$500,000 as partial payment pursuant for the sale of the Watseca property in Montana, as well as exploration and development plans for the Cahuilla project.
As quoted in the press release:
Pursuant to the Purchase Agreement, Teras is selling its Watseca property for a cash price of US$3,000,000 (the “Purchase Price”) with the following payment terms: (i) a non-refundable payment of US$500,000 has been paid; (ii) a payment of US$250,000 will be paid on the day that is 6 months after closing; and (iii) payments of US$250,000 will be paid on the first day of each calendar quarter commencing after the payment made in (ii) above until Teras has received the full Purchase Price.
Cahuilla
Drilling is scheduled to begin in the first quarter 2013 with purpose of expanding the current NI 43-101 resource model and further identify high grade precious metal veins. Initial drilling will focus on the northeast and southeast portions of the project area outside of the current resource as illustrated on the map below where wide-spaced historical drilling has returned anomalous to ore grade gold values.
Click here to read the Teras Resources (TSXV:TRA,OTCQX:TRARF) press release
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