Teuton Resources Corp.: Exploration Update/Private Placement Completed
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/17/11 -- Teuton Resources Corp. ('Teuton') (TSX VENTURE: TUO)(FRANKFURT: TFE) is pleased to announce that drilling at the Tennyson property is proceeding well with over six thousand feet drilled to date. In previous years' holes, chalcopyrite mineralization was noted contained within a sericite altered schist running up to 100 metres in length. This year, especially from the second pad, holes have encountered broad widths of chloritic altered intrusive. The zones containing chloritic alteration appear to contain more chalcopyrite than observed in last year's holes, and certain of the holes drilled this year contain much longer intervals of chalcopyrite mineralization than seen in previous years.
Core from the program is presently being logged and will be sent out for diamond sawing beginning today. Assays are expected within three to four weeks.
Due to the encouraging results to date, the Tennyson drill program has been extended. The Company plans to move a second drill into the High property, situated approximately five miles to the north of the Tennyson claims.
The Company has completed the private placement announced June 21, 2011, as amended on July 8 and July 13, 2011. Altogether $1,545,000 was raised consisting of 3,090,000 units at $0.50 per unit, with each unit consisting of one common share of the Company plus one warrant entitling the subscriber to purchase a common share at $0.55 for a one year period, or alternatively for $0.70 for a two year period.
Dino Cremonese, P.Eng., President
Teuton Resources Corp.
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This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as 'may', 'will', 'plan', 'expect', 'anticipate', 'estimate', 'intend' and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Teuton Resources Corp. does have an ongoing obligation to disclose material information, as it becomes available.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
Contacts:
Teuton Resources Corp.
Dino Cremonese, P.Eng.
President
(604) 682-3680 / Toll Free: 1-800-879-2333
(604) 682-3992 (FAX)
www.teuton.com
