Vancouver - Teuton Resources Corp.
("Teuton" or "the Company") (TSV:TUO) (Frankfurt:TFE) has received the following statement from its Joint Venture Partner, Tudor Gold Corp.
: "It is with great sadness that we announce the passing of the Company Founder and Chairman Mr. Walter Storm at the age of 91. On behalf of our Board of Directors, our leadership team and our employees, we extend our sympathies to Walter's family and friends."
In 2015, Walter Storm purchased various promising mining claims near Stewart, B.C. - within an area known as the "Golden Triangle" due to its significant gold deposits. In the following year he closed a qualifying transaction with a public company, which was later renamed Tudor Gold Corp. Under his supervision he advanced Tudor Gold's gold exploration and development efforts. After several successful drill programs completed by the Company, in March 2021 Tudor Gold published an initial mineral resource estimate for its flagship project Treaty Creek, which confrimed the Goldstorm Deposit as one of the largest gold discoveries of the last 30 years [see Teuton Resources press release dated March 9, 2021].
Walter held the position as CEO of Tudor Gold until December 2021 and continued to serve the Company as Chairman of Tudor's Board of Directors until his passing. Mr. Storm was a successful entrepreneur with several decades of experience in Africa, Europe, the Middle East, and North America. Throughout his career, Mr. Storm was successfully active across multiple industries, including the forest industry in Canada, mining industry in West Africa and Canada, as well as oil production and road transportation from Europe to Central Asia and Russia.
Mr. Storm left his mark in Canada by providing startup financing to Osisko Mining for Canadian Malartic, a large gold mine in the province of Quebec, through a German holding company (Eurasia) in which he held a majority ownership and acted as Chairman of the Supervisory Board. During Mr. Storm's tenure, Eurasia not only funded the startup of Osisko Mining in 2004, but also helped the company reach market capitalization of CAD$4.50 Billion before being sold in 2014.
Ken Konkin, President and CEO of Tudor Gold Corp. Ken commented: "The loss of Walter is felt profoundly, not only by his family, his friends and me, but also by Tudor's employees and colleagues who had the privilege of knowing him during his over 60 years of devotion to his various business endeavours. Walter will be remembered as a generous, highly ethical and visionary leader who had a keen business sense and had sucessfully built companies in different industries. He embodied the spirit of our company with his deep sense of loyalty, his humor and his strong moral compass. Walter's expansive business knowledge allowed him to steer many successful companies in a variety of industries. He was always willing to consider something new, and if he became involved, Walter was determined to leave it better than he found it. He will be missed."
Dino Cremonese, P. Eng., President and CEO of Teuton Resources said: "Walter was honourable and fair in all of his dealings with Teuton. That meant much to me and I will miss him, especially his genial sense of humour. I offer my sincerest condolences to his family.
"Walter had the foresight to recognize the potential of the Treaty Creek property at a relatively early stage. He had already enjoyed tremendous success at Osisko Mining in 2014 and I believe he thought he could replicate that with Treaty Creek. Although he did not live to see Treaty Creek become a producing mine, he did leave the project in good hands and with a substantial resource. Eight drills are currently turning at Treaty, searching for more gold. I am confident that Ken Konkin, CEO of Tudor Gold, will continue to advance the project and in so doing help burnish Walter's reputation as one of Canada's leading mining entrepreneurs."
Teuton owns interests in more than thirty properties in the prolific "Golden Triangle" area of northwest British Columbia and was one of the first companies to adopt what has since become known as the "prospect generator" model. It has earned substantial income from option payments in the past 6 years.
Teuton was the original staker of the Treaty Creek property, host to the large Goldstorm deposit, assembling the core land position in 1985. It presently holds a 20% carried interest in Treaty Creek (carried until such time as a production decision is made) and a 0.98% NSR in the Goldstorm deposit area. Interested parties can access information about Teuton at the Company's website, www.teuton.com.
On Behalf of the Board of Directors of Teuton Resources:
"Dino Cremonese, P.Eng."
Dino Cremonese, P. Eng.,
President and Chief Executive Officer
For further information, please visit the Company's website at www.teuton.com or contact:
Director Corporate Development and Communications
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements regarding Forward-Looking information
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.
All statements relating to future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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