Victoria, BC –– Teuton Resources Corp. (“Teuton” or “the Company”) (“TUO”-TSX-V) (“TFE”- Frankfurt) has entered into a private placement with its joint venture partner, Tudor Gold Corp., subscribing for 1,000,000 flow-through common shares (the “FT Shares”) at a price of $3.60 per FT Share and 2,000,000 non-flow-through common shares (the “NFT Shares”) at a price of $3.00 per NFT Share. Total investment is $9.6 million dollars. Net proceeds of the Private Placement will be used to advance exploration of the Treaty Creek Project as well as for general working capital purposes.
All securities issued pursuant to the Private Placement are subject to a statutory four-month hold period. No finder’s fees were paid in connection with the Private Placement. The Private Placement is subject to receipt of final approval of the TSX Venture Exchange.
Dino Cremonese, President and CEO of Teuton Resources, commented as follows: “Thanks to Eric Sprott financing Teuton, we were able to 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 a superb job at Treaty Creek since taking the reins two years ago. During his tenure, nearly every hole in the Goldstorm zone has intersected lengthy grades of gold mineralization, some up to 1,000 metres. Moreover, Ken figures to have discovered nearly one troy ounce for every dollar spent on exploration, a remarkable result. With the recent successful completion of the maiden resource estimate showing 19.4 million ounces of gold, measured and indicated (815.7 million tonnes of 0.74 gold Eq g/t), Ken also was proven correct in his early prediction that Goldstorm would be one day in the same class as the neighbouring Snowfield deposit of Seabridge Gold. Ken has ambitious plans for 2021: convert as much of the inferred resource at Goldstorm to measured and indicated, define the limits of Goldstorm, check out Eureka for readily accessible, near surface ounces, and search elsewhere along the Sulphurets Thrust Fault for additional mega-tonnage gold or gold-copper deposits (such as at the PS2 zone and in and around the Orpiment zone). The early years at Treaty Creek were not all smooth sailing–I think back to the day in 1984 when I first staked the ground now covering the Goldstorm zone for Teuton Resources, following that up later in the year with an initial prospecting program in which I took a large, 5 kg stream sediment sample from the run-off below the foot of Treaty Glacier. It ran 510 ppb gold, suggesting a mineralized source further up-glacier. Like many other well-known prospects in the Golden Triangle (such as Eskay Creek which took almost sixty years to discovery), it has been a long while to get where we are today. But as Ken has said, we may be only on the first page of a very promising book. Here’s hoping he’s right.”
Walter Storm, President and CEO of Tudor Gold, stated: “This significant equity investment by Teuton, our 20% partner in Treaty Creek, is a very strong endorsement of both Tudor Gold and the Treaty Creek project. We are pleased that our partner Teuton and their President and CEO Dino Cremonese have so much confidence in the Treaty Creek project and in Tudor Gold as the operator of the Treaty Creek project. This is a very exciting time for Tudor Gold and its shareholders, as Tudor Gold prepares to aggressively advance the Treaty Creek project. Tudor Gold is very eager to begin this year`s exploration program at Treaty Creek and will provide shareholders with regular updates as exploration at the Project develops.”
Dino Cremonese, P.Eng, is the Qualified Person for the purposes of this news release. As President of Teuton, he is not independent of the Company.
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. Ten of these properties are currently under option to third parties. Over $2 million in option cash payments (not including appreciable payments made in shares) has been generated from these properties since 2015, including properties where optionees have already earned their interest.
Teuton was the original staker of the Treaty Creek property assembling the core land position in 1984-85; It presently holds a 20% carried interest in Treaty Creek (carried until such time as a production decision is made). Interested parties can access information about Teuton at the Company’s website, www.teuton.com